I signed with Bear Stearns as a summer analyst in Sales & Trading. I'm wondering if anyone has any insight regarding their internships with Bear this summer. Has anyone else heard anything?
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Someone in HR called me two days ago. According to her, JP is taking on all summer and full time analyst offers, but she also said that this might change. What would cause it to change? I'm not sure. I'm supposed to be in IBD, so we'll see what happens. Best of luck.
Hey! Let's start a 45th thread on this topic! Of all the things BSC and JPM are trying to work out, SAs are at the bottom of the barrel.
Essentially it's all just a mystery right now (for us and Bear employees). Until the dust settles, us hopefull interns will just have to sweat it out. I was very close to getting an offer but I'm not gonna push it right now. I know that if a solid yes/no was decided I'd have gotten a call already. The general concensus, and rightfully so, is to not bug your interviewers/HR. A casual e-mail at most but really, these guys have more important things going on now. Definitly start to pursue backup plans though.
Of course, if anyone has any new info on their situation or one they know of, please continue to share with us.
Any new updates?
my friend was FT ops, was told he was no longer needed
My friend who did get a BS summer offer, but told the position was cancelled. this is in canada,so it might be different in the states.
LikeToKnow -
Considering Bear doesn't have a Canadian office, or at least not on listed, (http://bearstearns.com/sitewide/our_firm/locations/index.htm), I tend to think you're full of it.
It was an Institutional Equity Summer Analyst in New york. she applied from Canada! but great to see confidence in BS
No one knows for sure, but I spoke to someone at JPMorgan yesterday who said it is doubtful that BSC summer offers will be honored.
Who is your "someone"?
Idk about summer offers but one of my good friends had her FT S&T offer with bear offically revoked last friday. Thus I wouldn't be that comfortable with a bear S&T internship right now.
are we joking here since it's april fools? How is bear's S&T?
A friend of mine was told last week that his FT offer for S&T was being revoked. This is not speculation or an April Fool's joke, it is fact. I cannot speak for anyone else or any particular group, but he definitely 100% got his offer revoked.
Guys c'mon - I've seen about 30 posts since the meltdown 3 weeks ago, in which someone claimed to know of a friend, or a hallmate's friend, or cousin's friend, or pet hamster who had their offer revoked from Bear Stearns. However, not one person has come onto this site themselves and said to have had their offer revoked.
The speculation comes with the territory, I realize, but until there is concrete evidence, it's impossible to say what will happen.
LikeToKnow - Seriously dude? You posted on behalf of your girlfriend you whipped troll - I take you word about as seriously as soulsearching's who was claiming 3 weeks ago he knew of a SA who had their offer revoked.
this is really happening, no need to believe otherwise. of course, wish you the best either way, but I can tell you that my friend was told he was no longer needed and now has no job. it sucks but this is the reality of the situation. He was ops though, in S&T I believe. it could very well be a case by case basis
I'm far from in denial, if for no other reason than by my mention of interviewing elsewhere. That said, it's futile to listen to the rumors. That's all. My main response has been aimed to denounce the claims that IBD SA's have been axed, which (knock on wood) hasn't happened.
Still waiting on a definitive answer, but HR sent an e-mail out on Friday; they are hopeful that offers would be honored but this is with their energy trading group.
My girlfriend was given a Summer job in Ops for Bear Stearns. HR contacted her telling her that they were respecting all the summer offers they gave.
goldking, is that Ops position now with JP Morgan or is it still with "Bear" ? I am wondering if they will integrate the SAs with the JP program and put them all into one program...
Bear S&T is not being absorbed...it seems? Man oh man, why Bear why!
I've heard from a friend that his Bear IBD SA offer was recently revoked. They will let him know some other options...but that's something that will get IBD FT people thinking. Start looking people.
This is not true (at least as of now). I'm a SA and just talked to our HR contact today. She said she will let us know as soon as possible what our situation is, but as of now we are in the same situation as we were last time - offers will be honored but that could change.
Just because your offer hasn't been revoked doesn't mean that another offer wasn't.
i think it does. our class has been in contact over the past couple weeks. if someone got their offer revoked then i'd imagine they'd tell everyone. also why would they take away one random person's offer and tell another person in their class "we're not sure yet"?
It makes little sense.
Literally best friend got his offer in BS S&T revoked this morning.
Don't trust HR saying that your offer will be honored unless you are in prime brokerage or something similar. Back to my friend who had their offer revoked in S&T, she had talked to HR last Wednesday and been told the offers were going to be honored but come Friday that was no longer the case. Personally and this is just my view, sinc JP doesn't seem to want much of Bears S&T and it seems to come down to a choice of keeping their FT/summers or bears. Sort of a no brainer for JP.
Honestly, JPM is a way way bigger firm than Bear. The # of SA/FT employees are very minimal in my opinion. Why would they be forced to pick one or the other, why not absorb both?
Don't put too much stock in HR's promises. If I were a Bear Stearns SA/FT starting this summer, I'd be shopping my resume around big time right now. You have no idea what's going to happen.
id imagine bear's summer class is significantly smaller, comparatively. i dont think it really hurts them much to keep a few more (cheap) interns around, all the while making the competition for the ft offer that much steeper.
that being said, its probably a good idea to look for other options. but the longer they delay the decision the harder it will be for them to revoke all the offers.
very minimal in your opinion, hate to break it to you but JP doesnt care about your opinion or any existing Bear employees opinion. the notion that they wont rescind SA/FT offers bc they will get a black eye on campus with career svcs is laughable. in the long term the best kids are still going to work for JP bc they are one of the oldest most respected firms on the street and they have the business to prove it. granted SA/FT hires are cheap, the existing deal flow and volumes in most business lines is contracting and the banks arent going to over staff in this environment. i work in S&T at Bear and when all is said and done the consensus among even senior people is that its not going to be pretty. even though JP is huge, acquiring Bear doesnt expand a lot of their existing S&T/Banking platform. they are better in IBD, DCM & on the S&T side JP invented derivatives. they have the biggest derivative book on the street at over 70 trillion dollars. Bear has the better mortgage origination/trading platform but i dont think anyone is jumping over themselves to expand in structured products right now. unfortunately they arent going to have a use for a lot of existing people and new hires.
A few of the posts here bring up shopping around your offers...
I honestly don't know how this can be done effectively. Basically every place worth working at has filled their class. The few that haven't will be looking to fill their class shortly. While I'm sure these places would like to add someone who was supposed to work at Bear, what is someone in our situation supposed to tell them?
"Hey I'm interested in working at firm X but I want to know what happens with my offer first with Bear because I'd rather work there. The problem is they [Bear/JPM] could care less about some insignificant summer analyst such as myself so I might need to hold up the process on this for a little while."
Honestly, I feel like in our position all we can do is look for other options. We can't commit to anything or even interview unless the people at the other firm are absolutely understanding that we want to hear out our decision with Bear.
Man, I just want to hear something one way or the other. Sorry about the rant lol.
I don't know about the rest of the Bear SA hopefulls, but until I have something in writing, I'm continuing to pursue other opportunities and that means interviewing too.
Either:
A) I get another offer and politely turn it down if Bear/JPM comes around soon (they don't need to know a reason, companies know we have to shop around)
B) I get another offer and take it if Bear/JPM backs off.
Is this the wrong approach? I just don't think there is any other choice at this point, despite not wanting to lead other companies on with little intent of accepting. Gotta have a backup plan, because if you wait now and get a no-go in a week or so, it may be too late to get anything.
No, I think you've taken the right approach. I took a similar one, interviewed with another firm (much small, more regional focus), and received an offer.
The problem I'm having is this - the other firm, despite knowing that I don't know the story with Bear, gave me a rather stiff date to make a decision on my offer (only 1 week!) ending on Friday. The worst part is, the firm is out of town (not NY) and unpaid outside of a small bonus (1.5 -2K) at the end of the summer. Desperate times call for desperate measures, sure, but can you blame me for not knowing what the hell to do here?
I realize it's all about the experience. That said, I forked over probably around 2K making trips to NY to meet with alums, do informationals, etc. I'm not exactly wealthy, and doubt I'd have time to pick up another job on the side to make up for the unpaid work.
That's where my dilemma comes into play. Do I take this other job and just reneg if Bear comes through? I'd hate to do something like that, but it may be my only option unless they let me extend my deadline date.
I think it's fair game to take the offer and reneg if Bear works out for you. In this kind of market, anything goes. It's not a nice move to make, but better to reneg on a small bank than a big one. Just hope that they don't pass your name around to blacklist at their collegues' firms
And everything else is simply rumors, lies, and speculation.
If you have a SA offer, DO shop that around (same for FT obviously). And honestly if you can get something at a boutique, I would just take that at this point. Better to have an IBD job vs. having nothing at all.
No one knows what will happen to their SA offer, and "my friend's friend said such and such" doesn't count... unless they contacted you, you don't know.
But things are looking bad. So it's time to go shopping. Even if you can't get a BB or even a MM offer, even a regional boutique would be a much safer bet vs. existing Bear offers.
IBDilo26386, looking more and more like I may be in your spot very soon. Expecting to officially recieve an offer from another company today (got a verbal Friday). I will try to stall as long as possible because I really don't feel good about accepting then reneging, especially since this is a paid position. Right now they have no idea what my situation is, honestly I didn't think it was appropriate or necessary to tell them before interviewing. Of course now that an offer is on the table the situation has changed. Should I tell this other company the truth and that I am waiting on Bear if they only give me say, a few days/a week to decide? Doesn't seem right to tell them they are number 2, then accept if Bear falls apart.
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