All Citi Summer Analysts 2020 receive full time offer

Hopelesslyhopeful's picture
Rank: Baboon | 153

All Citi Summer analysts to receive full time offer upon completion of internship program. Across all business groups in NY, London, Tokyo, Singapore and HK

Duration shortened but full 10 weeks salary to be paid.

Comments (280)

  • Intern in S&T - Equities
Apr 8, 2020

Source?

    • 3
Apr 8, 2020

Email sent to all offer holders I think

    • 3
  • Prospect in IB - Gen
Apr 8, 2020

no way

  • Intern in IB - Ind
Apr 8, 2020

This is uncomfirmed as of now....but very possible to be true stay tuned...

Apr 8, 2020

Heard from a colleague; saw the email - confirmed! Congrats Citi interns!

    • 6
Apr 8, 2020

so there wasn't a formal email sent out?

Apr 8, 2020

If you have an offer you'll receive one!

Apr 8, 2020

there was!

  • Intern in IB-M&A
Apr 8, 2020

I AAMMMM SO HAPPPYYY

    • 3
Apr 8, 2020

Do you know what they mean by minimum requirements?

    • 1
Apr 9, 2020

I asked the HR regarding "minimum requirements of the abbreviated program," and she has informed me that it means "graduate successfully as planned and within the timeframe required as per Citi requirements or satisfactory performance during your internship this summer." My question here now is: then does mean that a return for full time is just the same as it was in previous years (based on performance)? I am not understanding this minimum requirement thing.

    • 2
  • Associate 2 in IB-M&A
Apr 12, 2020

You need to chill out fam

Apr 11, 2020

PRINCESS DIANA WAS MURDERED.

Array

Apr 8, 2020

I am an incoming IB SA and they said that we will "receive a full-time offer" as long as "minimum requirements of the abbreviated program" is met.

They also mentioned that they will push the internship back to July 6 while giving out 10 weeks' pay.

They are "carefully considering" a remote program as well and will be giving out future updates in the next week or so.

This also only applies to interns in the New York, London, Hong Kong, Singapore, and Tokyo programs.

SF, Houston, and Chicago are eligible for full time offers from what I read on this post but not sure

    • 2
  • Intern in IB - Gen
Apr 8, 2020

Congrats dude. Enjoy rest of your college life! And stay safe.

    • 4
Most Helpful
Apr 8, 2020

I'm a girl but thank you

    • 199
    • 6
Apr 8, 2020

Are regional offices (SF,CHI,HOU) included in the automatic FT offers?

Apr 8, 2020

unfortunately no :/

this only applies to the New York, London, Hong Kong, Singapore, and Tokyo programs

  • Associate 1 in IB - Ind
Apr 8, 2020

SF confirmed FT offers for all SAs.

    • 1
Jun 15, 2020

HOU did.

  • Summer Associate in IB - Ind
Apr 9, 2020

Do you know if they're doing this with summer associates?

Apr 8, 2020

confirmed... two friends at citi (they are at a target)

Apr 8, 2020

yep, it's happening. few friends at citi

    • 1
Apr 8, 2020

Is this for both analysts and associates?

Array

    • 1
  • Intern in HF - Other
Apr 8, 2020

Is this for all S&T, IB, ER?

Apr 8, 2020

Friends in IB, and even Consumer Banking received the email so I guess it's groupwide.

  • Prospect in S&T - FI
Apr 8, 2020

can confirm for HK S&T

Apr 8, 2020

Hi, do you happen to know if this applies to the whole division? Meaning all divisions under the Markets and Securities Services?

  • Intern in S&T - Equities
Apr 8, 2020

Can confirm for a friend who is Tokyo Tech. I'm thinking this is groupwide

  • Intern in IB - Ind
Apr 8, 2020

CONFIRMED, wow! I said this yesterday already on the Moelis thread, but shame on all those butt-hurt analysts fear mongering the interns and telling them to start getting their grad school applications ready and the such....this is a BIG move coming from a BB especially from one that is not necessarily one of a small class size. Just yesterday we were debating if even another EB would follow along!

    • 21
  • Prospect in IB-M&A
Apr 8, 2020

@Pussy galore" I remember you fearmongering and telling the interns they would be fucked, thoughts?

    • 53
    • 1
  • Intern in IB - Ind
Apr 8, 2020

Also paging @Goldmonkey Sachs"

    • 6
  • Prospect in IB-M&A
Apr 8, 2020

Lmaooo

"And last thing: out of all the dumb shit people are making up about what is going to happen, the dumbest is "automatic return offer." If you think banks need you that badly, you better check urself. Just because y'all want that to happen really badly, it doesn't mean it's even an option. No idea who was the delusional junior who made that up, but I would erase that option of ur mind ASAP, cuz it ain't happening. Could bet my now non-existent bonus on it." - Goldmonkey Sachs

So can I PM you my Venmo @Goldmonkey Sachs"

    • 26
  • Prospect in IB - Gen
Apr 8, 2020

Is this only for the locations mentioned above or applies to other locations such as Houston, Toronto, Calgary etc. as well?

    • 1
Apr 8, 2020

E-mail only mentions offices as above

Apr 8, 2020

Summer Analyst in Toronto. Email said "As consistent in years past, you will have the opportunity to be considered for a full-time role upon completion of the program" :( this kinda sucks but congrats to everyone else!!!!!

Apr 8, 2020

that sucks man but at least they're is an option. Are you in the IB stream?

  • Prospect in IB - Gen
Apr 8, 2020

Never mind yeh just saw the same email lol. Think thats locations like that have smaller class sizes i.e. ~50% offer rates.

    • 1
  • Prospect in IB-M&A
Apr 8, 2020

I think CB and IB is about 50% ft offer rate considering teams are smaller in Toronto ! just grind it out , but I'm sure impressing in a shortened period could maybe give everyone an offer. or the deal flow is so weak that no one gets it , I have no idea

Apr 8, 2020

Is it likely that other BBs will follow suit?

    • 3
    • 1
Apr 8, 2020

Let's hope lol

    • 1
  • Prospect in IB - Gen
Apr 8, 2020

Probably not the GS/JPM/MS cuz they have much larger classes but you never know. Sounds like interns at the regional offices of these banks are probably fucked by the sounds of the comment above who didn't get guaranteed return in Toronto

Apr 8, 2020

JP said they'd reach out mid-April with the next update so hopefully the news about Citi will cause a few dominoes to fall too

    • 3
Apr 8, 2020

How much bigger are the GS/JPM/MS class sizes in comparison to Citi?

    • 1
  • Analyst 1 in IB - Gen
Apr 8, 2020

Citi has over 300 interns across BCMA and S&T in NYC alone, would be surprised if GS/JP/MS have "much larger" classes, if they are at all larger. Maybe JP.

    • 1
  • Intern in IB - Ind
Apr 8, 2020

I am working at one of those three and know we do not have much larger class sizes, in IB in NYC at least, than citi. Also covg group i worked in had 92% return offer rate so wouldn't be shcoked if they all followed

  • Prospect in IB-M&A
Apr 8, 2020

toronto breaks my heart

  • Summer Associate in Other
Apr 8, 2020

If GS/JPM/MS/BofA dont extend full time offers as well it will reflect very poorly on their culture. Would be shocked if all BB's don't follow suit

    • 8
Apr 8, 2020

On the same boat looking for further updates from one of above mentioned banks. There might be a chance my bank would follow Citi, but I'm prepared if it's not the case. Well. Unprecedented.

    • 2
  • Intern in IB-M&A
Apr 8, 2020

really hope baml follows as well

    • 2
Apr 9, 2020

Praying BofA does the same

  • Prospect in IB - Gen
Apr 8, 2020

Anyone know what might happen for Houston/Calgary offices (O&G groups only)? Could oil price crash impact these offices even worse and potentially no real return offers?

    • 2
  • Prospect in IB - Ind
Apr 8, 2020

Congrats everyone! These are unprecedented times, I hope other banks follow suit. People have more to worry about that if they'll still be able to get an offer with everything being virtual.

  • Intern in IB - DCM
Apr 8, 2020

Are regional offices (SF,CHI,HOU) included in this?

  • Prospect in IB - Gen
Apr 8, 2020

No

    • 1
    • 1
Apr 8, 2020

So it's only guaranteed FT offers for the major offices (London, NYC, HKG)??

Apr 8, 2020

stop saying blatantly wrong things like"No" if you are not an SF intern at Citi - clearly based on comments below they are included; don't spread obviously incorrect info man!

    • 2
  • Intern in IB-M&A
Apr 8, 2020

Yes, at least SF and Houston are included. (Incoming SA)

    • 1
Apr 8, 2020

True for SF as well. All offers

    • 3
  • Analyst 1 in IB - Ind
Apr 8, 2020

How much smaller are analyst classes for Citi compared to other BB such as BAML/MS/JP/GS

    • 1
Apr 8, 2020

Would also like to know; also was wondering if anyone knows Citi's traditional return offer rate as compared to GS/JP/MS?

Regardless, huge news for Citi interns and am genuinely so happy for them! Congrats and stay safe everyone

    • 1
  • Prospect in IB - Gen
Apr 8, 2020

The problem is both GS and JP were the first ones to shorten the internship with full pay (Citi followed). If 100% FT offers were possible, they would've included that. Thats probably why they most likely wont follow suit

  • Associate 2 in IB - Gen
Apr 8, 2020

Citi return rate is typically 85-90%+

    • 1
  • Analyst 1 in IB - Gen
Apr 8, 2020

Citi had 361 SAs in NYC in 2019 across IB, CMO, CB, S&T, ER, SLP. Offer rate around 80%.

    • 2
  • Analyst 1 in IB - Ind
Apr 8, 2020

Gotcha do you know world wide?

Apr 9, 2020

It's not the most accurate, but I did a LinkedIn search for incoming IBD SA at Citi and JPM, and JPM had 89 while Citi had 88...

"Markets can stay irrational longer than you can stay solvent."

Apr 9, 2020

/s

Array

  • Intern in IB - Ind
Apr 9, 2020

The number for Citi may be accurate not sure, but there are definitely more than 90 SA for JPM...typically closer to 120.

  • Intern in S&T - Other
Apr 9, 2020

Not everyone is a hardo and puts up an incoming SA post.

    • 6
  • Intern in IB - Gen
Apr 10, 2020

JPM has ~120 incoming SA, including Product, coverage, ECM DCM & corporate financial advisory, regional investment banking

  • Prospect in IB - Gen
Apr 8, 2020

Shot in the dark but anyone have info on Calgary IB 2020 SAs?

Apr 8, 2020

Any SAs not gotten an email yet?

Apr 8, 2020

Saw the email and looks like it went out to NY, London, Hong Kong, Singapore, and Tokyo interns

Apr 8, 2020

Im in NY still haven't got it

    • 1
Apr 8, 2020

Can someone with HR experience or experience on a recruiting team explain the incentives for Citi/Moelis to give full time offers to all of the interns?

It seems like it can lead to some silly outcomes (interns not actually putting in the amount of effort required, kids shopping around their FT offer right now, etc). Even if it were to be a virtual program, I'm sure there would be at least a small minority of people who can be weeded out with confidence

  • Prospect in IB - Gen
Apr 8, 2020

Probably what will happen as email states 'offer contingent on completion of program'. Assuming they'll find some loopholes to weed out some summers.

  • Prospect in IB - DCM
Apr 8, 2020

Think Moelis's email said the same thing...guess we'll wait and see if it's really 100%

Apr 8, 2020

hi it's not really a guaranteed ft offer. they said that minimum requirements have to be met for the abbreviated program.

Apr 8, 2020

Well, surely something seems material about the decision here, as it only includes certain offices. It seems silly to include in the email if this wasn't pretty close to a formality about getting a FT offer.

For PWC, I believe the minimum requirements for the offer were promulgated as simply the completion of the two week virtual training.

    • 1
Apr 8, 2020

I know citi takes on only as many SAs as they would be willing to take on FT, so not a huge surprise. Seeing this will probably happen it other banks, FT recruiting will probably be nearly impossible this fall.

    • 1
  • Prospect in IB-M&A
Apr 8, 2020

Citi Toronto has same situation but not a guaranteed full time offer . small teams in IB and CB . I think they give out 50% returns historically so just a bit unlucky

  • Prospect in IB - Gen
Apr 8, 2020

Hey man any idea on Citi Calgary? They're worse off due to oil price crash?

  • Prospect in IB-M&A
Apr 8, 2020

haven't heard about Calgary SA if they got the email or not, but I'm guessing they did if every city did. I'm thinking same scenario as Toronto where the possibility of getting a ft return is possible. I think with the current oil market, I think Citi will still take on a couple full time due to needing a pipeline to replace exiting bankers. expect a conversion rate similar to Toronto of like 50% , then again most groups have at most like 2 interns so it's not like they are cutting crazy amounts. it's possible they extend full time to all interns especially to having like 5 weeks to prove themselves which isn't much, especially if it's virtual , so idk

Apr 8, 2020

I would imagine that all other BB banks in the same "tier" as Citi (BAML, BarCap, CS), and same "tier" as Moelis (Evercore, PWP, PJT, Centerview, Lazard) will follow suit. To my knowledge, all these firms take on summers with enough spots for them to all come back if they perform well enough. This would assume that firms do not anticipate a full-time decrease in class size.

Array

    • 9
Apr 8, 2020

with this do you get the sign-on bonus still?

  • Prospect in IB - Gen
Apr 8, 2020

Lmao u worried about the wrong stuff bro go cop that emergency check

    • 13
    • 1
Apr 8, 2020

Has anyone emailed Citi to ask for clarification on the minimum requirements? What does it mean in your opinion?

Apr 8, 2020

What about GS/MS? You guys really think it's unrealistic for them?

Array

  • Prospect in IB - Gen
Apr 8, 2020

Incoming SA at GS TMT - practically impossible for 100% return offers for that lmao

    • 7
  • Intern in IB - Ind
Apr 8, 2020

Why would it be impossible for the group with arguably the best deal flow on wall street? Also, I'm working in a different coverage group at GS that had 92% returns last summer so not sure whu you think it's impossible at all.

  • Intern in IB-M&A
  •  Apr 8, 2020

I am pretty sure GS TMT has like 90%+ return offer rate. Source: previous SA class

    • 1
Apr 8, 2020

To my knowledge, GS/JPM/MS take on more summers than there are FT spots available - but I could be wrong.

Array

  • Intern in IB - Ind
Apr 8, 2020

GS definitely does they are known for having the lowest offer rates out of all three.

    • 2
  • Intern in IB - Ind
Apr 8, 2020

Just toally false. My group there in IBD classic gave everyone but one person a return offer last summer.

  • Prospect in Other
Apr 9, 2020

MS tends to hire less

  • Prospect in IB-M&A
Apr 8, 2020

looks like chicago, toronto, houston and calgary are the only ones to not get direct full time conversions ... way to break my heart :(

anyone can comfirm??

  • Summer Associate in IB-M&A
Apr 8, 2020

what about SF ?

  • Intern in IB-M&A
Apr 9, 2020

Chicago is "counted" under NY, per a friend in Chicago office. They did receive full-time offer.

    • 1
Controversial
Apr 8, 2020

End of the day you're still working at citi...

    • 14
    • 29
Apr 8, 2020

must be horrible working at a BB making more than 99% of the population immediately after graduating college

    • 1
    • 1
Apr 8, 2020
sixshooter69:

exactly. some dumbass even thought getting "full pay" if the internship was cancelled was an option. there are plenty of companies already cutting their interns / cancelling their programs - just check LinkedIn. There hasn't been one company I've seen yet that is OfFerInG AuToMaTiC ReTuRn OfFErs

Now might be a good time to mention your terrible take^

As for your main point, ya if that is the mentality at Citi i guess thats fine...personally, however, don't think of the 99% as a relevant comp

    • 1
    • 1
Apr 11, 2020

Gosh....I must be lucky that I am about to start my career at a large firm on the buy side rather than on the sell side.

Array

Apr 12, 2020

Congrats

    • 2
  • Prospect in IB - Gen
Apr 8, 2020

Damn kinda feel bad for the people going for FT 2021 recruiting. Practically no spots left potentially?

    • 3
Apr 8, 2020

Only spots will be from kids who don't take the offer, which there will probably be a few of.

  • Intern in IB - Ind
Apr 8, 2020

How will this work for S&T - have you all even gone through desk placement yet?

Asking as an incoming SA at another BB.

    • 2
  • Intern in S&T - Other
Apr 8, 2020

No, haven't gone through desk placement. It's rotational for the internship. Have also heard it's rotational full time, but I don't know if that's still true (don't think so).

Apr 9, 2020

Yes Citi still does the 2yr rotational FT analyst program

  • Prospect in IB - Gen
Apr 8, 2020

Congrats fellas. Only thing I was worried about tbh and now its resolved. Time to get back to some good old pipe-laying and celebrate

    • 1
Apr 8, 2020

Can confirm for IB london. Genuinely shocked

Apr 8, 2020

Do you have any ideas on what they mean by minimum requirements? I am also an incoming intern in the London office

  • Intern in IB - CB
Apr 8, 2020

Does this have impact on SA 21 recruiting/conversion?

  • Intern in S&T - Other
Apr 8, 2020

Why would it lol

  • Intern in IB - Gen
Apr 8, 2020

if anything this should be reassuring that banks plan to keep hiring

  • Intern in IB - CB
Apr 8, 2020

Why do you think banks don't ever convert 100% of their summer analyst class? 1. Some may not be as productive as others (they get axed). 2. Banks simply don't have enough room to bring on 100% of their summer analyst class for every single group. It costs a lot of money to pay every single one as FT employees.

So, it's a good question when asked about summer 2021. Banks are already to the max with analysts, so their is a chance conversion next year will be much lower. My take

    • 3
  • Prospect in S&T - Equities
Apr 8, 2020

The impending recession will have a greater effect on SA 21 class sizes than this

Apr 8, 2020

So does anyone know if SF/Chicago got an email, and what it said? Kind of strange that those two cities were excluded... it's not like they're small towns.

    • 1
Apr 9, 2020

Email says we are "eligible" for a return despite not being in NY. Not really sure what this means.

Apr 8, 2020

Can anyone that has an offer explain what they mean by as long as you meet the minimum requirements of the abbreviated program? Also, How does this work do they give you a start date for your Full-Time position that corresponds to your graduation date?

  • Intern in Other
Apr 8, 2020

Can anyone shed some light on how virtual internships will look for S&T? Any color on the situation would be much appreciated.

    • 2
  • Intern in Other
Apr 10, 2020
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  • Intern in IB - CB
Apr 8, 2020
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