IB, S&T or ER... which to choose (for 2026 London Internship / SA)

I've been having coffee chats across London the past year and have been encouraged to apply for roles for 2026 positions (at e.g. GS, MS, JPM, Barclays, MUFG, Evercore, Rothschild etc. through their Autumn 2024 / March 2025 insight events). The people I've been speaking to are from AS1 to VP and a few "Co-Head of X" across IB, S&T and ER (if applicable). However, it's clear that I can only do one of these divisions for an internship. 

My background is that I did an internship in Merchant Banking so I have a good understanding of Consumer Retail and Real Estate IB, followed now by an internship in Capital Markets (with S&T exposure) that I'm doing this summer. 

However, I'm not sure about the current trajectory of the divisions IB, S&T and ER going forward into my career. For lack of a better word, I've been very broke throughout my life so I am valuing job security at the same time since I don't want to go back to the life I used to live growing up, although I find all types of work meaningfully interesting. 

My understanding of the situation across these divisions is the following:

• IB is still strong, albeit it hires less than S&T for summer position with a higher % conversion offer. ChatGPT can do some of the automation and screening but someone still exists. Hours are brutal though and there are more boutiques / independents coming into the scene. Deal flow affected by market conditions (excl. Restructuring)
• S&T is still continuously active but automation is getting faster. Hours are better and comp is not an issue for me but job security is at risk, unless I'm working with esotetic products.
• ER is similar to IB and interfaces with S&T in the middle. Due to MIFID regulations however, it's being packaged with S&T sales so it is harder for it to make money for the bank. Lifestyle is easier than IB in that weekend hours are protected aside from earning season but fewer seats. 

So my question is simple: what would you recommend a 20 year old UK student now in terms of career path based on my previous background / interests and industry trajectory?

Many thanks!