Are banking offers down this year? A friend of mine mentioned it to me but I'm not sure.

Associate 3 in RE - Other

Hey guys, just wondering if it's true that banks are giving out less offers this year than they did in previous years?

Comments (25)

Jan 10, 2020

can't speak for the states, but london has been a bloodbath this year. a majority of the banks have either fully converted their intern class (no external hires) or have drastically reduced headcount for new analyst classes. have also heard of banks allowing headcount to fall from natural churn (ie no new hiring).

fucking brexit, my guy.

Thank you for your interest in the 2020 Investment Banking Full-time Analyst Programme (London) at JPMorgan Chase. After a thorough review of your application, we regret to inform you that we are unable to move forward with your candidacy at this time.

  • Incoming Analyst in IB - Gen
Jan 11, 2020

This is semi-true.
I know that MS/JPM/Barclays have been rough on conversion rates, and didn't run any full-time hiring. But GS/BAML have had high conversion rates and been actively recruiting for full-time roles.

    • 2
Jan 11, 2020

nothing about what you said disagrees with what i said. so... what i said is true then, not "semi-true".

Thank you for your interest in the 2020 Investment Banking Full-time Analyst Programme (London) at JPMorgan Chase. After a thorough review of your application, we regret to inform you that we are unable to move forward with your candidacy at this time.

Jan 12, 2020

you for sure went to a non target cuz this actually makes no sense...

if you have a high conversion rate, you don't run full-time recruiting and vice versa.

    • 3
  • Analyst 2 in IB - Ind
Jan 10, 2020

do you mean summer 2020 or summer 2021?

Jan 10, 2020

Summer 2020

Jan 15, 2020

By extension, do you mean offers for SA 2020 or FT offers following the SA stint in the summer of 2020 aka converting SA to FT?

    • 1
  • Intern in IB - Gen
Jan 10, 2020

Well you're a 3rd yr associate, right? so you're chillin!

  • Prospect in RE - Other
Jan 10, 2020

lol yassss

Funniest
  • Intern in IB - Gen
Jan 10, 2020

Whoops, did you forget to post on anonymous? lol

    • 13
  • Intern in IB-M&A
Jan 11, 2020

I'm an American working in a satellite office. Our Intern class was cut for this upcoming summer (when I start FT). I was told that this was because of recession fears, but I've also heard from friends in other banks that they're doing the same thing. I'd expect either less offers or more attrition for return offers. Only anecdotal though. Don't take my word as gospel.

Jan 11, 2020

I heard from one of my mates at a BB in london its been a bloodbath for grad to fulltime analyst conversion this year. 30% didn't make it....

Jan 11, 2020

BB IBD sophomore and I believe the amount of spots for sophomores at my firm went down by a couple

Array

Jan 11, 2020

Wouldn't call it a 'bloodbath' but hiring is definitely down this year, especially in Europe

Most Helpful
Jan 12, 2020

Putting aside some of the regions with extenuating circumstances (e.g. London, etc.), I would say most of the U.S. are firms are 'rightsizing' rather than cutting in anticipation of a recession.

2018 was an awesome year for banking and banks really loaded up to meet that demand (my EB added I think 10 slots to the SA class in NY for summer 2019 during recruiting season of fall/winter 2018). I'm curious to see where 2019 numbers are coming out, but my impression was that 2019 was a good year for banking but not quite as good as 2018. As such I think banks are cutting class sizes a bit to adjust to that (I think we ended up reducing class size ~5 spots so still up over 2 years ago but down from the big jump last year).

Other banks with extenuating circumstances in the US that are struggling (like European-based DB, Barclays, UBS, etc.), it wouldn't surprise me if they are cutting down more than 'rightsizing'. If anyone has any information on what the main bellwethers are doing (Goldman and Evercore) in the NY office specifically, I'd be curious because I think that would be a good indicator of where the market might be headed.

    • 5
  • Prospect in IB - Ind
Jan 12, 2020

Mind if I PM you with some specific questions?

Jan 12, 2020
Prospect in IB - Ind:

Mind if I PM you with some specific questions?

Feel free

  • Intern in IB - Ind
Jan 13, 2020

Heard Evercore NYC significantly increased their analyst class size this year (via someone who lateralled there for full-time from BB)

  • Incoming Analyst in IB-M&A
Jan 15, 2020

Only DB/UBS are struggling.

Barclays and CS did well in 2019. Comparatively and relatively.

    • 1
  • Analyst 1 in IB - Gen
Jan 15, 2020

What about top group at DB/UBS compared to below average group at Barclays/CS?

    • 1
  • Analyst 1 in IB - Gen
Jan 15, 2020

Def EVR haha...

    • 1
Jan 12, 2020

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Jan 12, 2020
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Jan 12, 2020