BAML 20202 Off-Cycle Offers Situation London
Just been told this by a friend who works at BAML in London.
Apparently, after Brian Moynihan mentioned on a call that all summers would get offers they took away the headcount from off-cycles working out of London 😂. In essence, they gave blanket offers to all of the summers who did case studies for six weeks and no actual work. In the process, they screwed over the 20 or so off-cycles who had been working since Jan / Feb.
My friend was saying that the off-cycles got completely led on with good reviews and told by the teams they'd been working with that they would get an offer. Then two weeks after the off-cycle finished they were told the group they worked with didn't have headcount because they gave it to summers who did case studies whilst you were working 😂
He did say that some offers were made to the off-cycle class, but only to girls regardless of whether they performed well or not. Surely affirmative action like that isn't allowed?
Can anybody comments if this is true? If so, how haven't they been called up on it!
Welcome to 2020.
ps that's really unfair
There is a bunch of misinformation here:
First of all there were not that many OCs so less than 20 screwed, thats the first thing to highlight
Regarding to the OCs there was a quite low conversion rate, it´s true that there were more girls receiving offers (could this be a bias? Maybe, or maybe they were better performers) but ALL TOP performers got an offer, so this is quite inaccurate.
Some of the guys & girls that had multiple offers (basically they could choose which team to join, they could choose their top teams and get the offers there based on the overall reviews) and were offered 1on1s with MDs and hiring managers at different teams. And those people had no need to network, their work talked for itself... (For incoming interns, please focus on quality job and people will ask to work with you again, that´s the best way to build a very strong network that will push hard for you)
Additionally, those who who were said explicitly that were doing great and were performing as real analysts got the offer no matter what (if there was no headcount they were moved to another team), it´s true that some may have received a very positive feedback from 1-2 A&A but that does not mean that the whole team held the same view or that they were doing BETTER than their competitors.
Anyways, I understand the frustration that your friend may have, but I think that he should look at his own mistakes, its true that less offers were made but it was in their hands to be a top bucket intern, and should also think where he could have improved
PD: Have no information about the summers, so will not give my thoughts on this.
Interesting, he implied everybody got screwed but this doesn't seem to be the case.
Post the off-cycle he was told by different team members that it was mandatory that girls got an offer regardless of talent. I can't vouch for this but relaying what he said
Your point on those who were told they were doing good work is just false. Some off-cycles were completely blindsided after getting stellar reviews and then no offers purely because the summers were told they would get an offer
Can confirm parts of this are true. Your friend has over egged it a bit, however, element of off-cycles being scarified for summers is true
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