Guys,
Completed IBD summer internship couple of weeks ago at Lazard/Rothschild, disliked IBD and looking to start in sales or trading now, can anyone shed some light on the current hiring situation for s&t full time in london and how easy it is to start in s&t coming from IBD non BB internship background?
Thank you
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I interned at Lazard and then moved into trading at a BB in London. Making the move isn't hard. If you had the resume to get an internship at Lazard/Rothschild, you should also have the resume to get into S&T at one of the BBs in London.
When they ask why you want to do S&T, make the case that you have tried IBD, and did not like it. Say that when you were interning, you learned the difference between S&T and IBD, and that before your internship, you really didn't have a clue. Now that you know, you're set on S&T because you want to be more directly involved in the markets, you want to take risk (only if you want to be a trader), and you want a faster-paced job.
In any case, it's definitely doable, and the transition is more natural than you think. You're no more than 20 or 21. It's easy at your age to say that since you had no experience going into your internship, you didn't really know what you were getting into, and you now know a bit better.
You're welcome.
thanks thats rly helpful, on the current situation aspect, whats the hiring trend right now for s&t?
JPM filled all full time s&t and IBD with their summer class. For IBD I know that firms did alot of overhiring previous year expecting m&a to pick up, which did not happen and many bbs are considering layoffs or atleast are not keen on hiring. Is there a similar trend happening in s&t or is just JPM tradition to fill up most fulltime slots with interns?
Well, the summer was a slow time for all banks across pretty much all product areas. Clients weren't really putting on too many positions, which is not good for trading desks. My impression was that firms were doing as much hiring as they could from their SA classes, but that's not to say it will be impossible.
For London
GS - all the good desks recruited from SA or fast track. Few desks left in prime brokerage and the odd desk in Securities MS - no idea. Will become clear this week. A lot of trading desks filled their requirements from SA though JPM - no trading headcount across the floor. Few sales desks may still be recruiting but it'll be done on a referral basis Citi - will recruit a number of people in full time recruiting. Probably your best shot as they're looking to pick up around 20-25 more people DB - few spaces left for the 2011 grad program. Will pick up a few people in FT recruiting (around 15-20 more people) BarCap - most trading desks recruited through SA. Few still looking to recruit though. No idea for Sales. BAML - had a really low conversion for SAs so I imagine they don't have many spaces left to fill up for the 2011 grad program. Nomura - no idea CS - few desks still recruiting UBS - few desks recruiting in both Equities and FICC but will likely be done very soon RBS - looking to pick up a good number in FT recruiting
In terms of where to focus your apps on (places with headcount), I'd start with Citi, DB, RBS, and CS. Send them off as soon as you can, then apply to the rest up there.
Good luck.
thanks thats rly rly helpful, so seems like a pretty bad time to break in, could you please put those numbers into perspective? is 20-25 at citi alot, a little average?
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