Comments (221)

  • Intern in IB - Gen
Mar 12, 2020

Worried student following.

    • 5
Mar 16, 2020

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...

    • 4
Mar 12, 2020

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.

    • 6
Mar 12, 2020

A later start date would be nice.

    • 1
Mar 12, 2020

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.

Array

  • Intern in IB - Gen
Mar 12, 2020

Im assuming this is JPM?

    • 1
  • Prospect in IB-M&A
Mar 12, 2020

which bb if you are able to say ?

  • Intern in IB-M&A
Mar 13, 2020

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

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    • 2
Mar 13, 2020

following for baml news

  • Intern in IB - Ind
Mar 15, 2020

Wait you're saying you got this for BAML?

  • Intern in IB - Ind
Mar 17, 2020

I'm a SA 2020 for IBD. BAML just emailed me saying that they are aware of the situation, but gave no indication of how they are going to be proceeding.

Funniest
  • Intern in IB - Gen
Mar 12, 2020

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

    • 36
Mar 12, 2020

lol

Mar 31, 2020

Barclays power would run the internship through a nuclear apocalypse

    • 1
  • Intern in IB - Ind
Mar 12, 2020

bump

  • Intern in S&T - Other
Mar 12, 2020

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

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  • Intern in IB-M&A
  •  Mar 12, 2020

GS SF/NY told us to expect SA 2020; however, they will let us know if something changes.

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  • Intern in 
Mar 12, 2020

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.

    • 1
Mar 15, 2020

Guys summer internships will be remote. Mentally prepare for this.

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  • Intern in IB - Gen
Mar 15, 2020

lol, source?

Mar 15, 2020
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.

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  • Intern in IB-M&A
Mar 16, 2020

Northern hemisphere gang

    • 2
Mar 12, 2020

my BB sent out an email and made no mention of any changes to the summer associate program. seems business as usual as of now

    • 2
Mar 13, 2020

My MM mentioned that they do not expect coronavirus to be a problem in the summer, but are monitoring the situation in case things turn for the worse

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  • Intern in IB - Ind
Mar 15, 2020

can you say which mm

  • Intern in IB - Ind
Mar 15, 2020

not OP but i can confirm this is Blair's position

    • 1
Mar 13, 2020

My BB just moved placement day to a virtual format yesterday

    • 1
Mar 13, 2020

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.

    • 1
Mar 13, 2020

.

Array

  • Intern in IB - Ind
Mar 17, 2020

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 19, 2020

Same case for PJT in London

  • Prospect in IB-M&A
Mar 13, 2020

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

    • 2
Mar 14, 2020

Ask someone from 2008 how it worked out for them. Probably the best indicator as of now

    • 6
Mar 15, 2020

People hate to think about bad things happening so they always underestimate their likelihood

    • 7
Mar 17, 2020

the big short?

Array

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  • Prospect in IB - Gen
Mar 14, 2020

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

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    • 1
Mar 14, 2020

Market condition can totally change between now and the end of the summer. Current situation is too far away from the financial crisis.

  • Intern in IB - Ind
Mar 14, 2020

MS NY said the same, nothing changed yet

    • 1
  • Prospect in Other
Mar 15, 2020

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

    • 1
  • Intern in IB - Ind
Mar 16, 2020

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.

  • Intern in IB - Ind
Mar 14, 2020

anyone hear anything or reach out to barclays about this?

  • Intern in IB - Gen
Mar 14, 2020

barclays is forcing people to work with multiple confirmed cases in the nyc office

  • Works at Barclays Capital
Mar 18, 2020

This is no longer accurate, we are fully WFH

  • Incoming Analyst in IB-M&A
Mar 18, 2020

FT confirmed to be going ahead

Mar 25, 2020

Can you confirm your source on this? Haven't received any communication confirming this, just a few cryptic e-mails...

Mar 14, 2020

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.

    • 1
Most Helpful
Mar 15, 2020

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.

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Mar 15, 2020
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.

Array

    • 1
Mar 17, 2020

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.

    • 3
Mar 15, 2020

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...

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  • Intern in 
Mar 15, 2020

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?

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  • Analyst 1 in IB - Ind
Mar 15, 2020

By being a normal human being and reaching out to them? Yanno by asking?

    • 1
Mar 15, 2020

If I were you I would Do everything I could to get my money back ASAP. longer you wait the harder it will be.

Mar 15, 2020

Hope it will be better.

Mar 15, 2020

I recieved word that Boston based internship is still a go. No changes

    • 1
Mar 16, 2020

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...

    • 1
Mar 16, 2020

My EB recently sent an email stating summer internships and FT programs are still on as planned for now.

    • 1
Mar 17, 2020
1827P:

My EB recently sent an email stating summer internships and FT programs are still on as planned for now.

"As of now" doesn't sound too convincing

Mar 16, 2020

My MM bank (NYC) reached out to me about the timeline of group placement with no mentions of the virus. I reached out to the HR and they said that there are no changes at this point. But yeah, everything changes quickly, so I expect any outcome now.

    • 1
  • Prospect in IB-M&A
Mar 16, 2020

Can I PM you?

  • Intern in PE - Other
Mar 17, 2020

Any word from Toronto?

  • Prospect in IB-M&A
Mar 17, 2020

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

    • 3
  • Intern in IB-M&A
Mar 17, 2020

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

    • 3
Mar 17, 2020

weird

  • Teller in Other
Mar 17, 2020

Saw JPM cancelled an internship, anyone have any idea which one? Screenshot looked like MMBSI.

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

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

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

  • Intern in IB-M&A
Mar 17, 2020

it wasn't the spring internship - it specifically stated summer internship

Mar 17, 2020

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.

    • 1
  • Prospect in IB-M&A
Mar 17, 2020

how about BB in TO that have training in ny ??

Controversial
Mar 17, 2020

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

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  • Intern in IB-M&A
Mar 17, 2020

Can you jerk yourself off somewhere else? Thx

    • 9
    • 1
Mar 17, 2020

I got my moment of gloating so sure, time to sit back and enjoy the show

    • 1
    • 1
Mar 17, 2020

Absolutely no need for this toxicity

    • 3
Mar 17, 2020

What a weird thing to post lol

    • 1
Mar 18, 2020

Bet you guys are doing pretty well in this market! And how is AM doing something "productive" while IB isn't? Not much logic there

    • 4
Mar 18, 2020

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

    • 4
    • 2
Mar 25, 2020

Its funny bc someone can only be this salty about IB if he didnt get an offer from one.

    • 2
    • 1
Mar 25, 2020

Wow, you must be a real piece of shit!

    • 1
Mar 25, 2020

Dude, things changes. What if u have a similar situation in the future? Be nice.

    • 1
  • Prospect in Other
Mar 17, 2020

Reached out to Barclays and they said they aren't anticipating any changes

    • 4
  • Analyst 1 in IB - Ind
Mar 17, 2020

are you located in NY

  • Prospect in Other
Mar 19, 2020

Yes

    • 1
Mar 19, 2020

Hi, are you a incoming intern or FT? have you received any communication regarding onboarding yet?

  • Prospect in Other
Mar 19, 2020

Intern. Haven't received any news regarding on-boarding, but HR reached out today with a coronavirus update.

  • Analyst 1 in Other
Mar 17, 2020

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?

Mar 18, 2020

VPNs get around this issue. You definitely would not have any sensitive information saved locally

  • Analyst 1 in IB - Gen
Mar 17, 2020

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.

    • 1
  • Prospect in 
Mar 17, 2020

Evercore still on for summer with "alternative" plans for internship if things are still bad by June.

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  • Prospect in IB-M&A
Mar 17, 2020

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

  • Analyst 1 in IB - Gen
Mar 18, 2020

Its funny to hear interns about guaranteed full time offers, no serious bank will do that. Best case you get another chance Next summer or another internship when everything is gone

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Mar 18, 2020

Any Canadians know if sponsorship for visas is going to get messed up cause of COVID-19?

Array

  • Intern in PE - Other
Mar 18, 2020

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

  • Intern in IB - Gen
Mar 18, 2020

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

  • Prospect in IB - Gen
Mar 18, 2020

Even if the Summer continues, at the current pace, there won't be any conversion anyways.

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  • Intern in IB - Gen
Mar 18, 2020

no bank is going to risk not having 1st yr analysts unless it's already drowning like DB or UBS

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  • Intern in IB-M&A
Mar 18, 2020

second this

  • Intern in ER
Mar 18, 2020

incoming UBS and DB SAs will freak out by this

    • 4
Mar 18, 2020

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

    • 3
  • Prospect in IB-M&A
Mar 18, 2020

Whats the normal ratio for analyst to associates banks aim for?

  • Intern in 
Mar 18, 2020

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.

    • 1
  • Prospect in IB - Restr
Mar 18, 2020

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

"Alternate plans" was pertaining to in-person training in New York

    • 1
Mar 31, 2020

no idea how these kids landed SA but can't read an email

Mar 18, 2020

Emailed HL HR about what our "alternate plans" would be and if our offer could be in jeapordy, and they said they'll get back to me.

    • 1
  • Prospect in CorpDev
Mar 18, 2020

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 Other
Mar 25, 2020

Have you heard back after that?

  • Prospect in IB-M&A
Mar 18, 2020

Have heard that Yelp and Jane Street cancelled internships so far ...

Mar 18, 2020

source?

  • Intern in ER
Mar 18, 2020

I heard Jane promised FT offers and summer internship salary

    • 1
Mar 18, 2020

I also heard this

    • 1
Mar 18, 2020

But Jane definitely has smaller SA class and normally higher return rate.

  • Junior Trader in S&T - Comm
Mar 19, 2020

yes Yelp actually did.

  • Prospect in IB-M&A
Mar 18, 2020

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.

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  • Intern in IB-M&A
Mar 18, 2020

My MM bank, has said they are unsure as of now.

Mar 18, 2020

Would you mind PMing me about which bank this is?

Mar 18, 2020

Got you.

Mar 20, 2020

could you pm me too please?

Mar 20, 2020

pm me too plz

Mar 27, 2020

Could you PM me too? Thanks!

Apr 1, 2020

.

  • Junior Trader in S&T - Comm
Mar 19, 2020

My BB in London says they expect the SA2020 program to be as usual and are doing visa for foreigners but will update us in case. let s hope everything turns out well

Mar 19, 2020

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 19, 2020

same. mine keeps asking me to fill out necessary background screening info. no updates on the virus so i guess SA is still happening

Mar 19, 2020

does anyone know how a virtual placement process is?

Mar 22, 2020

Saw on LinkedIn that Lloyd's canceled their SA?
Not my bank and know it isn't IB but what do people think? Does that bode badly for other programmes (i.e. will other banks follow suit)?

    • 1
Mar 22, 2020

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?

Array

Mar 22, 2020

The ones you said, and audit and tax.

  • Analyst 1 in Other
Mar 22, 2020

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.

    • 1
Mar 23, 2020

What specifically would make commercial banking safe? I thought a recession would hit the middle market clients of commercial banks particularly hard compared to larger firms served by IB/DCM/ECM groups

Mar 25, 2020

Fixed income / Equity research should be safe. Am I correct?

Array

  • Intern in ER
Mar 22, 2020

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

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...

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  • Intern in IB - Ind
Mar 22, 2020

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

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...

    • 1
Mar 22, 2020

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

  • Analyst 1 in IB-M&A
Mar 23, 2020

Would not want to stay there after they've been used as makeshift hospital rooms

  • Intern in Consulting
Mar 22, 2020

Santander & RBS cancelled their IB internships for the summer.

  • Prospect in IB-M&A
Mar 22, 2020

This was for London right ?

  • Intern in IB-M&A
Mar 22, 2020

Not the OP, but pretty sure both those banks only take IB interns in London, so yes.

  • Intern in ER
Mar 22, 2020

In U.K.

  • Prospect in AM - Other
Mar 22, 2020

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

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

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

Array

    • 1
Mar 25, 2020
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?

  • Intern in 
Mar 22, 2020

SA programs won't be cancelled.

Mar 23, 2020
Comment
  • Summer Associate in IB - Gen
Mar 25, 2020
  • Intern in ER
Mar 23, 2020
  • Intern in IB-M&A
Mar 23, 2020
  • Intern in ER
Mar 23, 2020
  • Intern in IB-M&A
Mar 23, 2020
Mar 23, 2020
  • Intern in IB-M&A
Mar 23, 2020