2020 SA Still a go? Anyone hear back from the companies?

Anyone hear from the company if the Summer internship Program will go as usual? I'm worried the program will get cancelled because of the pandemic.

Comments (221)

Mar 16, 2020 - 2:35pm

Reached out to HR of the bank I will be doing 2020 SA (Chicago) at and they said the following,

"At this time, we don't anticipate any impact to the internship program and we will continue to monitor the situation closely to ensure the health and safety of all current, and future employees."

Obiviously, situation is fluid and changing fast so take that with a grain of salt but just thought I would provide this to help quell some anxiety we're all feeling...

Mar 12, 2020 - 9:10am

My bank (BB) just emailed the other day about SA 2020. Things are still in place, but expect rescheduling or maybe wfh. They are taking survey so they are probably up to something. As long as the bank holds tight then we shall be fine.

Mar 12, 2020 - 10:05am

I think we'll be working at the same bank, given that that situation sounds exactly like mine. I definitely feel a bit more relieved now.

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  • Intern in IB-M&A
Mar 13, 2020 - 8:06am

baml?

just got the email as well with a bunch of questions - sounds like they may possibly be skipping training and sending us straight to the desk

but encouraging that the program is still going through

Funniest
  • Intern in IB - Gen
Mar 12, 2020 - 10:00am

Barclays will have an internship even if someone dumps anthrax and weaponized smallpox in their air vents.

  • Intern in S&T - Other
Mar 12, 2020 - 10:35pm

got an email that things are still going as planned (no change to start date) and prior to that they gave us a travel survey

  • Intern in 
Mar 12, 2020 - 10:56pm

My BB sent info about group placement with no mention whatsoever of the virus or any delays just as if everything was normal so I highly doubt SA programs will be affected by June. I do think universities will definitely remain closed through the rest of the semester. The humid and hot weather in the summer should begin to mitigate the harm.

Mar 15, 2020 - 4:40pm
Intern in :

The humid and hot weather in the summer should begin to mitigate the harm.

Sorry, but what are you basing things on? The consensus opinion from the medical community is that no one actually knows. Sure, there are fewer cases in the southern hemisphere, but only 10-11% of the population is in the southern hemisphere. South America, Africa, Southeast Asia, Australia, SoCal, Florida, Louisiana, etc all have outbreaks so suggesting that this will be curbed by warm/humid weather is not accurate.

I happen to agree that internships will probably go on, but because we are working to "flatten the curve" now, not because it will just go away when things warm up.

Mar 13, 2020 - 12:57pm

GS in APEJ still going on, seems from the email that was sent that if something changes it would be the start date. They have also been collecting info about travel plans before the starting date.

  • Intern in IB - Cov
Mar 17, 2020 - 7:50pm

A friend told me that PJT sent out an email today saying that as of right now they're planning on moving forward as planned and will be in touch if anything changes, but noted that they originally said they'd send out information with regard to onboarding at some point in late February/early March, whereas the email today said that will be coming out at the beginning of April.

  • Prospect in IB-M&A
Mar 13, 2020 - 8:08pm

Yeah if anyone has any insight into the EBs or industry specific boutiques that would be helpful.

Can confirm my friend is an incoming analyst at BAML. HR called about logistical stuff prior to starting, and they asked about any changes. Confirmed they aren't anticipating any changes for FT as of now but will keep everyone updated as they monitor

  • Prospect in IB - Gen
Mar 14, 2020 - 1:23am

I got an email about training flights, etc 2 days ago so it seems like no changes so far -- my question was do you think they'd hire smaller analyst classes / give less return offers based on the current state of the market

  • Prospect in Other
Mar 15, 2020 - 4:44pm

The email they send basically said nothing tho. Made me half comforted, half concerned. Unlike other BBs, they said zero about honoring hires and/or doing the program as WFH

  • Intern in IB - Cov
Mar 16, 2020 - 7:10pm

The junior interns should be fine, they need analysts each year so most of them should be getting returns. Would be worried if I were a soph though. They could let go a few just to cut down on lower fees they are going to get this summer.

Mar 14, 2020 - 7:44pm

Too early to know if anything changes, not yet sure if I'll WFH monday or not - kinda tells you the visibility we currently have...

Just don't sweat it, everyone is in the same basket for a hell of a ride, if you guys are good, the bank will keep you on their mind.

Most Helpful
Mar 15, 2020 - 11:29am

Realistically no one knows what is going to happen, things are changing extremely rapidly. Do not trust any memo from HR at this point - it's not that they are being misleading but they just don't know. Of course they are going to give lip service at this point, technically at this exact moment based on what they know the programs are still on. However, IB is about to get hit extremely hard, no deals are getting done at these collapsed valuations and no leveraged financing is going to get announced in the near term. Ideally things are shut down for a few weeks and this is a blip on the radar.

To give you an example of how fluid things are, as of last Wednesday most people were still in the office. On Thursday for example, my friend at Guggenheim said they were going to be splitting the bank into two teams with one alternating working from home every other week. By Saturday (less than 48 hours later), this plan was completely nixed and now it is mandatory work from home.

Mar 15, 2020 - 10:25pm
Quaneaser:

However, IB is about to get hit extremely hard, no deals are getting done at these collapsed valuations and no leveraged financing is going to get announced in the near term.

Separate topic: how does coronavirus and a potential recession in 2020 affect IB and PE? Doesn't a recession prompt heavy M&A activity?

Reading this Twitter thread, PE appears quite optimistic:

  • Buddy who works in PE consulting said that things have gotten super busy; I quote: "PE funds are circling like vultures for buying opportunities.

  • PE needed this. Values were absurd and $$ over supplied. Some smaller shops will choke violently on what they swallowed during the buffet. Although, lender structures have grown weak, so few covenants to force change, so it's about cash. ABL shops were trolling me for deals today

  • Trillions of dry power, multiples down, rates almost zero - pretty obvious no?

On the other hand:

  • PE guy here. We're getting f*cked.
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  • 3
Mar 17, 2020 - 9:59am

i attribute a 0% chance you're at anything bigger than a lower-middle market PE shop. What you said is not wrong, but also not right. 0% rates means also means debt investors have 0% appetite to be lending their capital at such low rates of return. I really doubt their costs of capital have changed, and having a near-zero return target would make no sense. If you're a credit fund, you hold off, and without that money, there's no lending thus no LBOs.

Mar 15, 2020 - 6:56pm

For all of you complaining about potentially having remote internships, it is a little bit pathetic.

All of Wall Street is remote right now. Literally every bank and buyside firm. We are all still getting our shit done. Get over it and just accept that the world has changed.

Your internship will not be canceled, but it may be remote - stop complaining and get in the same boat as the rest of us! Trust me, we will still be able to evaluate who is good and who is not...

  • Intern in 
Mar 15, 2020 - 7:31pm

This may be a separate thread at some point, but many SA including myself have already paid for our housing. How should we go about dealing with getting money back or refunds if we are to stay in our hometowns for the internship process?

Mar 16, 2020 - 2:32pm

Reached out to HR of the bank I will be doing 2020 SA (Chicago) at and they said the following,

"At this time, we don't anticipate any impact to the internship program and we will continue to monitor the situation closely to ensure the health and safety of all current, and future employees."

Obiviously, situation is fluid and changing fast so take that with a grain of salt but just thought I would provide this to help quell some anxiety we're all feeling...

  • Prospect in IB-M&A
Mar 17, 2020 - 12:09pm

bb in Toronto basically said that offers are not in jeopardy at all and that they are monitoring the situation and that the internship may look different than what was originally proposed. could mean remote or just a shortened internship . haven't booked a place to stay yet cuz I'm not going down that potential nightmare

  • Intern in IB-M&A
Mar 17, 2020 - 12:14pm

BAML sent out an email saying that they are "evaluating all options to ensure your safety while still providing a robust and quality experience." Seems like the internship will be delayed or remote at worst, which is a relief

  • Intern in IB-M&A
Mar 17, 2020 - 1:09pm

saw this on overheardrecruiting as well - not sure if fake news but i searched the recruiter who sent the email on linkedin and she works in the uk - kinda makes sense that they cancelled there but question is 1) is it fake news 2) why would they preemptively cancel so early

Mar 17, 2020 - 1:26pm

These are the "Spring Internships" -- they only exist in europe and they're not actual internships they're one week long basically networking/insight events that are in March/April

Mar 17, 2020 - 1:10pm

Update on Toronto FT For a BB: All is set to start in May currently. For anyone wondering, my buddy also got an email from a Big4 saying May start dates are still on.

I think Toronto internships and fulltime are going to be fine. U.S will likely be impacted. Especially NY which is supposed to see peak cases in May.

Controversial
Mar 17, 2020 - 1:13pm

Lol you guys have to realize HR is just toeing the party line as of now. This is massively bleeding into 2Q, if they think in a month that it'll go well into 3Q, you're most likely screwed. Sucks for you IB hardos but I don't feel any sympathy about it. One less banker in the world is a good thing as they're instead actually doing something productive otherwise

Damn, it feels good to have graduated 3yrs ago and working at a 50+y AM that has never instituted layoffs, including during GFS. Bring on the MS, the more your hardos downvote the funnier it is

Mar 18, 2020 - 10:57pm

Given most of our funds are beating their respective benchmarks by 600+bps (and the ones that aren't are at least 400+bps), yeah I'd say we're doing well. And how is AM productive? Because we grow assets for pension funds so that people can retire well, we grow assets for hospitals so they can fund treatments for diseases, we grow assets for college endowment funds so that they can offer scholarships.

All of this we know because the allocators who give us capital send us letters every year stating what the capital we grew was used for. So yes, AM is doing something very productive, esp. if geared towards institutional capital. Compared to IB M&A, where studies have proven that 2/3 of M&A fail in their intended purpose, yes, AM is adding value while IB is destroying value. No need to get defensive because your job is a net negative to society.

One would think making 60 slide powerpoint decks all day every day and editing them a couple dozen times would make you realize that just maybe, the job is pointless, but maybe not lol

  • Analyst 1 in Other
Mar 17, 2020 - 5:26pm

Curious how work from home would/could work. That would involve using a personal computer right? Which would be super dangerous for client confidentiality and so its against company policy?

Would they have to mail everyone a compuer then?

  • Analyst 1 in IB - Gen
Mar 17, 2020 - 5:39pm

Baml has sent ALL its employees home in EMEA, at best SA will be remote if things keep going this way. Team head in UK has told us that he expects between 2-3 months until all goes normal. And at that point, people would be divided in 2 teams, office and WFH.

  • Prospect in IB-M&A
Mar 17, 2020 - 9:10pm

alternatives as in remote , change in dates or potentially guaranteed full time return offers ? :)

  • Intern in PE - Other
Mar 18, 2020 - 11:39am

heard visas were cancelled from some UWO guys I know going to nyc

  • Intern in IB - Gen
Mar 18, 2020 - 10:33pm

The border is closed as of now, so if you are in Canada and looking to get into the US- good luck

Mar 18, 2020 - 3:01am

Our 2nd year analysts are all leaving for PE... of course we plan to make FT hires of our summer analysts, are you kidding? This year's summers = next year's 1st years = 2022's second years. Pretty sure the world will need Analysts in 2021-2022

Be excellent to each other, and party on, dudes.
  • 4
  • Intern in 
Mar 18, 2020 - 11:08am

Thank you for pointing this simple fact out. Too many seem to missing the point and really think incoming SA's would be left with nothing or that direct conversions to FT are impossible despite nearly every BB/EB converting 80%+ of their entire class in the US for the last decade.

  • Prospect in IB - Restr
Mar 18, 2020 - 9:59am

HL sent out emails saying everything is going forward as planned for SA, but they are looking at "alternate plans" if situations change.

  • Prospect in CorpDev
Mar 18, 2020 - 8:47pm

Just saw you had said you were SA. Not sure if identical outreach as full-time starts. I'll PM you email to confirm if it was the same.

  • Prospect in IB-M&A
Mar 18, 2020 - 5:25pm

My bank reached out today saying FT and SA offers all still stand and everything is going on as planned for now. Said if things change, they will be doing everything possible to ensure we still have a good experience with SA and a good start for FT.

Everyone stop posting what you "heard". helps absolutely no one and is almost always not accurate.

Mar 19, 2020 - 1:51pm

Same here. My bank also started doing visas; the thinking here could be that if the banks weren't expecting summer internships to happen, they wouldn't bother with the whole visa process and the costs/troubles that come with it.

Mar 22, 2020 - 11:08am

Does anyone know if any departments would be completely safe from FT and SA cancelation? For example, I would imagine restructuring and commercial banking might be safe, given the increase in business due to the recession.

On the other side, will banks cancel FT and SA across the company regardless of department?

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  • Analyst 1 in Other
Mar 22, 2020 - 12:50pm

If internships are cancelled by banks, there's a good chance that it won't be because of the financial situation but rather the physical limitations due to things like needing to work from home. Physical limitations exist for all departments, so I don't think any would be safe in that case. Hoping it does not come to that though.

  • Intern in ER
Mar 22, 2020 - 12:18pm

It took China a bit over 1.5 month from day 1 of the outbreak to 0 new cases. As long as the government steps up on strict virus containment, we will be fine by June. I know the situation seems horrible right now, but it will get better I guess.

  • Intern in IB - DCM
Mar 22, 2020 - 12:49pm

I wouldn't take that as an example cuz 1. You can't trust China where the government tried to hide and manipulate the outbreak for 2 months at the beginning. 2. China and South Korea's approach was far away from the democracy, they forced people to stay home and they pulled out those with symptoms and put them in a separate place from the others. I don't think this is the case in Europe or in the US. In the meantime the kids are still having fun out there without realizing that it's a big problem...https://twitter.com/CBSEveningNews/status/1240354656494268419?s=20

  • Intern in IB - Cov
Mar 22, 2020 - 12:22pm

My MM bank reached out and said internship is planned to still be a go, starting with in person training. Said they'll update us if situation evolves.

  • Prospect in IB-M&A
Mar 22, 2020 - 3:56pm

Anyone concerned about housing? NYU just shut down their dorms so they can potentially make them into makeshift hospital rooms. I can't imagine moving in there in a little over two months from now at all when someone with the virus was living in my room a month before...

Mar 22, 2020 - 6:09pm

In the exact situation with a housing deposit at NYU lol -- seems like they're still a go as of rn according to their coronavirus update. we have until may 1st to pull our depsit with only a $125 loss so i'm gonna wait until then and the situation will hopefully be clearer

  • Prospect in AM - Other
Mar 22, 2020 - 10:27pm

If they cancel internships are you SOL when it comes to full time? Or do you think they would make an exception due to the circumstances?

  • Intern in ER
Mar 22, 2020 - 10:58pm

My BB said they will make sure interns complete our internship (even if they need to conduct the internship in an alternative way).

Let's just say if 2020 summer internship got cancelled (highly unlikely), I believe banks would still come up with something else (off-cycle internship, fast track FT interviews etc.)

Mar 22, 2020 - 11:27pm

Could see some type of modified internship taking place over winter break.

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  • 1
Mar 25, 2020 - 1:46pm
Intern in ER:

My BB said they will make sure interns complete our internship (even if they need to conduct the internship in an alternative way).

Let's just say if 2020 summer internship got cancelled (highly unlikely), I believe banks would still come up with something else (off-cycle internship, fast track FT interviews etc.)

Which BB is this?

Mar 23, 2020 - 12:15am

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  • Summer Associate in IB - Gen
Mar 25, 2020 - 4:08pm

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  • Intern in ER
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  • Intern in IB-M&A
Mar 23, 2020 - 10:18am

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  • Intern in ER
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