Morgan Stanley paid half wage for overtime
I was talking to a previous intern at MS in s&t and they said they got paid 1/2 wage for their overtime hours. How is this legal and is this the industry norm?
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Can confirm this is true at MS. It is also true at another top BB… not sure if it holds for the rest of the industry. Then again, we’re only interns no?
Was at another bank, never got any OT while working 60ish hours a week. Internships are more for the experience, as long as the pay keeps your bills paid I wouldn't worry about it.
It’s just strange cause investment banking teams will pay interns pro rated so they don’t have to worry about hours, but how is it even legal to pay half for overtime
Well I was at another bank, and it's also 1/2 wage. Whether that's legal Idk (I mean it's still 26 dollar), but it's never a problem BCS we almost never have to do overtime.
In banking you gotta pay pro-rated for overtime because you almost ALWAYS have to do overtime.
Was at another BB where I also got 0.5x the wage for overtime but surprisingly during my second internship I got 1.5x. I don’t really know how it works but I think it has something to do with which state you live in as some interns got 1.5x when I got 0.5x.
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