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Comments (213)

Mar 7, 2020 - 9:12pm

BAML and JPM, only affects a small portion of the desks though I don't think interns will be affected

Mar 13, 2020 - 5:37pm

some S&T groups are being relocated in case NY is donezo

What do you mean donezo. Nothing is going to be donezo.

Banks are having people work a combination of remotely at home, at a disaster recovery locations and/or at the regular office. This will continue with less people working at any office location and more at home. It's probably a coin flip if they cancel internships. I suppose it's better to have on a resume than not but I highly doubt they keep interns this year. And if they do I can't see how it would be feasible.

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Mar 13, 2020 - 9:28pm

Can't have a solid conclusion but canceling might be extreme - if so budget for 2020 recruiting would be a sunk cost? Really need to see what is happening in next 3 weeks. But personally think that FT headcounts would be quite lower due to market downturn.

Mar 7, 2020 - 8:52pm

Yeah I'm honestly really worried. I might be paranoid but this virus doesn't seem to be going anywhere...


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Most Helpful
Mar 7, 2020 - 10:07pm

My hunch is we're entering a U-shaped recession that won't become truly evident until Q3 (i.e., jobs numbers and GDP may be strong for next few months, given the Fed is pulling out all stops with rate cuts for short-term stimulus). Hard for anyone to predict exact duration of recession but I suspect in the next 1-2 years (perhaps sooner) there will be a flurry of M&A/restructuring activity starting to brew as companies (travel sector first) begin to flirt with or trip debt covenants and need to explore strategic alternatives.

Mar 14, 2020 - 7:39pm

There is no such thing as a V-shaped recession! It will be very bad.

Buy 0-5 year TIPS bonds because the current situation is unlike any other recession the Fed has ever seen.

  • Intern in 
Mar 8, 2020 - 1:41am

Should I panic really? I don't know what I would do with myself if this happened.

Mar 13, 2020 - 1:31pm

how do you know? ever hear of the butterfly effect? jk obv.

  • Prospect in Other
Mar 8, 2020 - 2:07pm

I was supposed to study abroad and return right before my internship began, but was told not to go because the firm would likely mandate that I be quarantined, causing me to miss weeks of work.

GS Women's Leadership Camp was supposed to be next week. First it was moved to NJ away from NY employees, then cancelled.

The reaction to this seems like it will only get more severe. Can you even effectively do these internships remotely? It would make sense for firms to prioritize their current employees over their future ones, but this is pretty wild. Would we all just get returns? If the pipeline closes there will be no 1st year analysts come 2021.

  • Intern in 
Mar 8, 2020 - 7:00pm

I'm just an intern panicking, but everyone getting return offers would be amazing but it's the last thing I think would happen instead of just focusing on the analysts they have currently? I'm really hoping someone can tell me I'm wrong and that returns just might be at 100%?

  • Intern in IB - Gen
Mar 8, 2020 - 7:48pm

no way returns are 100, firms like gs know they will be giving out only a certain number of returns.

internships will not be cancelled.

Mar 14, 2020 - 7:40pm

You can do internships remotely, but it will suck. But you can wear jeans and a t shirt while working, so it pretty much evens out.

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  • Intern in IB-M&A
Mar 8, 2020 - 11:31pm

I believe the extreme case is forgoing the SA 2020 program and extending full time offers instead.

Mar 10, 2020 - 3:05pm

Haha that is comical if you think that would happen. Zero % chance banks would just give FT offers out without seeing how they would perform.

I think you are underestimating how easy it is for banks to re-up hiring once things blow over. Like in a year. Current groups will just have to make do with less (which may not be super difficult if deal activity plummets).

I expect summer analyst programs will be remote this year and the number of FT offers will decline dramatically.

  • Intern in IB - Gen
Mar 10, 2020 - 3:50pm

I agree, zero percent chance that full times would just be handed out. Also I would caution everyone to remember what happened last summer. Firms like JP Morgan (where I received my full time) only handed out something like 50% offer rate to SA and even less to associates. That means the banks have already prepared for a recession or something close to it for this upcoming year (at least JP did-not sure how other banks prepared). I also suspect that for this years SA program, there were less offers to begin with, unless they will just have a very low yield. Good luck everyone!

Apr 8, 2020 - 7:14pm

I'm a summer analyst at Citi - they have officially pushed summer analyst start dates back to July 6, they're paying us for the full 10 weeks, and have extended full time offers to those of us in NYC, Tokyo, London, Singapore, and Hong Kong.

Mar 13, 2020 - 1:21pm

Not to burst any bubbles, but there is no way they will just give out offers without the internship. There will be no shortage in analysts, given the number of Big 4 TAS (CF, FDD, and Valuations) applicants trying to break into banking. Which would a bank prefer: a kid straight out of college that has not proven they can handle themself or Big 4 applicant that has a year or two of applicable experience.

I am the ladder and I have already seen an uptick in responses from banks inquiring about interviews.

  • 1
Mar 15, 2020 - 8:43am

Safe to say this was an unpopular/inaccurate post. Could someone expand on the inaccuracies? I am curious if I am completely off on my thought pattern or if the unpopularity is stemming from stressed out future interns throwing MS?

  • Analyst 1 in S&T - Other
Mar 17, 2020 - 8:16am

I love how entitled Big 4 folks always are, the demographic of an investment bank runs circles around it - I've met plenty of people in both roles

Mar 8, 2020 - 11:43pm

Kids, I don't care if Berkeley says you can't come to class, you are expected to show up for your summer internships until we say otherwise. Yes, this might change but it's the most current, accurate information I can provide. Until then, don't panic.

Be excellent to each other, and party on, dudes.
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Mar 8, 2020 - 11:46pm

True. But I think the concern is more about interns coming in and getting the more at-risk senior bankers sick. After all interns are always blowing their bank on big international trips right before their start dates.

Mar 10, 2020 - 5:30pm

My fraternity colleagues were triggered after I said "You're more likely to die from frat hazing" they informed me that fraternities no longer haze, and just have nice social interactions.

I stand by the point that summer interns and full time hires will be fine. We're also too far away to speculate.

Be excellent to each other, and party on, dudes.
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Mar 10, 2020 - 7:52pm

Nope, my original comment said that there was a 99.999% chance summer interns would have to come to work. I don't think it's productive anymore to speculate either way.

I can guarantee that for my office, we will not rescind summer or FT offers. I can't say that's true across the street so I'll just shut up. My own personal experience doesn't have a bearing on what's going on globally and I am not a medical expert. I don't like the alarm being demonstrated around the internet but caution is never a bad idea.

Be excellent to each other, and party on, dudes.
  • 1
Mar 9, 2020 - 6:28am

Summer programs will not be cancelled unless the current situation seriously deteriorates. Focus on the aspects of life that you can control and your anxiety will subside. General advice for life.

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Mar 9, 2020 - 8:34pm

Yeah would love to hear some perspective on what this means for full-time if anyone has heard or knows anything. Seems from what I can tell is it hasn't been much of a discussion and things will go on as normal for the FT analyst. Again, not sure though.

Mar 10, 2020 - 12:25pm

No impact on FT hiring or offers according to our BB HR.

Be excellent to each other, and party on, dudes.
  • 3
  • Intern in IB - Gen
Mar 10, 2020 - 3:54pm

Banks prepped for a recession like conditions last summer when they decreased offer rates significantly (JP did at least), meaning that there will be little impact on the class since its coming in smaller than usual- good planning on JPs part honestly- although it was brutal to see so many people not receive returns last summer...

Mar 10, 2020 - 4:07pm

I am calling you out for spreading wrong info. Return offers for summer associate at JPM last summer are over 80% across industrial, C&R, healthcare, FIg. Could you tell me which group has less than 50% offer rat?

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  • Intern in 
Mar 10, 2020 - 2:42pm

I don't think SA will be cancelled (I do think universities nationwide will be closed in the meantime). If they somehow are cancelled and not even put online, I think most well-positioned banks would just extend FT offers to most SA with some extra training period.

Mar 10, 2020 - 3:11pm

Guys you do not realize how little value summer analysts provide. FT groups can handle all of the work without any intern help (literally do it the other 40 weeks of the year).

If things continue on this path (i.e. all universities canceling programs), banks will 100% follow suit and do remote internships.

  • Intern in 
Mar 10, 2020 - 4:31pm

Would FT offer rates be lower given these remote internships? Would it be due to economic conditions or just the fact that remote work cannot be evaluated as easily. I imagine interns would still be expected to be in NYC at least?

Mar 10, 2020 - 2:50pm

There is a case of Coronavirus confirmed at the Barclays NY headquarters and employees are still asked to come in which is unacceptable.

There was a thread just posted with more color on the situation "Barclays Blatant Disregard..."

Mar 10, 2020 - 4:56pm

I don't go to Manhattan anymore and I am not going until next year.

"It's okay, I'll see you on the other side"
Mar 10, 2020 - 7:53pm

"There was a thread" == you started that thread

Be excellent to each other, and party on, dudes.
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  • Analyst 1 in S&T - Equities
Mar 10, 2020 - 5:04pm

Summers might get cancelled and candidates will be offered (very) accelerated interviews/superdays for FT next year. My 2 cents.

Mar 10, 2020 - 5:44pm

You guys do know things are starting to look better in China, right?

I get things are different in the U.S. and I agree things will probably get a bit worse but I don't think the world is ending here. Also not a doctor so more than easily could be wrong. I just think there's a lot of panic that isn't quite warranted yet.

Mar 10, 2020 - 6:05pm

Same. Although >100,000 cases globally sounds like world war Z, but in fact the proportion of active cases compared to total cases is to some extent much more optimistic. True that things have improved in China but the European countries have been knocked down one by one. Perhaps it's all like taking turns - now US UK...

Mar 12, 2020 - 12:56am

I do think that's a fair point and the U.S healthcare system has a huge risk of not having enough infrastructure to handle things should it get bad. But to your point about the authoritarian government, another country to look at is South Korea. They are democratic and they are starting to see large improvements as well.

I don't say any of this to undermine the fact that things could get extremely bad in the U.S. I do agree this is a likely possibility. I more so say all of this because most people are completely losing it right now thinking the world is about to end. Things are looking better in a few other countries, so eventually, some way somehow I think they are going to look better for the U.S. also.

  • Prospect in IB-M&A
Mar 12, 2020 - 7:49am

Or take a look at South Korea, they've slowed the outbreak really quickly without being as careless as Italy or as authoritarian as China.

  • Business School in IB - Gen
Mar 11, 2020 - 8:31pm

Don't mean to hijack the thread, but I start b-school at CBS (so NYC) this August, and intend to recruit for IB. I've heard banks effectively start recruiting for their F'21 summer class in late-Sept. If this virus continues beyond these summer months, and firms don't even physically come to campus to recruit in fall, how will we possibly land SA positions?

Or am I being overly paranoid and shouldn't be thinking that far out this early lol? It's got me nervous though...

  • Intern in IB-M&A
Mar 11, 2020 - 10:37pm

I think cancelling SA 2020 will just be too wild and a big hit to recruiting (e.g. banks spent a lot of money on campus presentations and diversity days to recruit their interns) so a late start (maybe even August when things settle) might seem more reasonable given that many unis plan to start in September anyways

Mar 11, 2020 - 10:53pm

The number of businesses that won't be able to service their debt because of this situation is going to be staggering.

2008 is going to look like a handful of bad mortgages compared to the damage this is going to do to the global economy. I have no idea what our world leaders are thinking, but unless this cold virus is the worst public health crisis since 1918, they are overreacting.

I don't know anyone that's sick, and I've been accused of not being the most empathetic individual, so I'm not going to sit here and act like I would make the right call here, but I feel like we don't have a true handle on the damage these shutdowns are going to cause. Universities? Whatever. Travel bans? Bad. School systems? People have to stay home, bad. Cancelled events of all kinds? Bad. Etc.

Add in energy company defaults and the US economy is going to crater because of this. The fed is out of ammo, and our government has no chance of keeping all of these companies and individuals above water.

Mar 12, 2020 - 4:02am

Frankfurt is completely cancelled, too. No travels for sales people. With a quarantine like this, it will be over by summer.

Mar 12, 2020 - 5:19pm

A couple of my buddies currently in co ops/ off cycle spring internships were told not to come in and they would be paid vacation hours. This is Toronto btw.

  • Prospect in IB-M&A
Mar 12, 2020 - 6:52pm

S/O to everyone for the updates. Very much appreciated.

Seems like things are staying on track as normal. Could change but I'll take this as a good sign for now

Mar 13, 2020 - 12:37am

JPM sent a questionnaire to all interns asking:
If they got corona virus, were in contact/ slash countries affected.
If they are currently in location of their internship, if they plan on travelling before their internship begins.

While they are saying internship is taking place still, I feel If you answer yes to some of the question above, they will re-evaluate the risks...

Mar 13, 2020 - 2:28pm

I just heard Citi put out a statement that 2020 summer internships are going to look much different this year - they are still evaluating what to do but assure everyone they will honor their internships it just might be a completely different platform

  • Prospect in IB-M&A
Mar 13, 2020 - 6:48pm

can confirm that I heard this as well, assured summer internship is still in place but may change the way it is (was vague but could mean remote or just switching dates around ? )

  • Prospect in IB-M&A
Mar 13, 2020 - 2:40pm

Just heard from a few buddies that Cornell has cancelled classes until April (not even online). Potentially people there will have to take another semester to graduate. MIT has gotten rid of grades this semester counting (S/U instead)

Mar 13, 2020 - 3:15pm

Cornell moved to all online classes after spring break like most of the ivies did and they waived the swim test requirement (realizing somer students might not have had a chance to complete it) ... so why wouldn't they be able to graduate?

  • Intern in IB - ECM
Mar 13, 2020 - 2:49pm

CS to incoming SAs: " We are busy preparing for your arrival!

Part of our consideration for the program this year is the impact of the Coronavirus pandemic. Rest assured, the health and safety of our employees, clients and our community is our top priority. With that in mind, we are actively reviewing our program for 2020 to ensure an amazing internship experience at Credit Suisse. The situation remains fluid, so we will continue monitoring very closely and will provide you with updates in due course."

  • Analyst 2 in IB - Gen
Mar 13, 2020 - 3:12pm

Citi email to incoming FTs:

Citi 2020 BCMA Analyst Program

Important Full-Time Program Update:

We are aware that many of our incoming employees are concerned about the increasingly widespread COVID-19 situation. The health and safety of our employees are our highest priority. Accordingly, Citi continues to monitor the situation closely and has implemented precautionary measures across our business globally.

We are working to best assess the situation in relation to the 2020 Full-Time program. The program may look differently depending on how the COVID-19 situation unfolds. Nonetheless, we want to ensure you that your offer with Citi is not in jeopardy and we are working diligently to determine next steps.

  • Prospect in IB-M&A
Mar 13, 2020 - 3:57pm

JP just sent out an email reassuring incoming FT Analysts/Asso that offer still stands

  • Prospect in IB-M&A
Mar 13, 2020 - 5:42pm

Heard from my MM today; they do not plan on changing anything with their SA program

  • Intern in IB - Gen
Mar 14, 2020 - 8:30am

MS sent out an email to all incoming interns that they are not planning on changing anything at this time. That's all that was said

Mar 14, 2020 - 1:50am

Hope is not a strategy. From someone who saw everyone's offer/job evaporate in 2008/2009 if I were an intern today, or a graduating senior with a job offer in hand, you should be proactively either fighting for your offer (politely checking in) or aggressively lining up backups. It's the smart thing to do.

Until states otherwise, we are in for a world of pain, potentially reshaping entire industries (commercial real estate case in point). There are funds out there with dry powder that are going to need help sorting through the wreckage - go work for them.

"Bulls take the stairs, bears take the elevator" "Sell a teenie, lose your weenie"
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Mar 14, 2020 - 2:01am

I hope you're well. You remembered correctly - I was laid-off from Merrill Lynch (along with 95% of my fellow analysts) subsequent to the merger with Bank of America. I was out of work for 10 months as the fallout from the Financial Crisis settled.

To say it required an adjustment is a great understatement. I was technically living with my parents the entire time, though I had a girlfriend who lived on Wall Street, and I spent nearly all my waking hours at the office. Truly living with my parents was a bit of a different story (nothing bad, it's just that they'll always be your parents, and they'll act accordingly). Also, due to the stress and the late nights associated with the job, I had gained a substantial amount of weight. My first priority was to get my health in order. I would go to the gym first thing every morning, so that I would start each day energized and with a feeling of accomplishment. It's something over which I had near-total control, and I began to see results rapidly. I think that ultimately had the greatest positive effect on my outlook. I'd suggest you do the same, if you're not already doing so. Health is truly the foundation for everything.

I've recently started meditating for 15 minutes every day using the Headspace app. My mind tends to be all over the place, and I often have difficulty focusing. I've noticed a definite improvement in my concentration, and my anxiety levels have declined substantially. Check it out.

I guess this next part is the hardest to accept, and I don't mean to sound patronizing: shit happens. If I've learned anything in my 33 years, it's that I can't predict the future, but I can do my best to prepare for it. When the unexpected or undesirable occurs, I just accept it, and look for ways to move forward. There are often opportunities to be found. For instance, I hated my job at Barclays, but it provided a good living. I just never felt fulfilled. Ironically, the long, shitty hours I put in ended up contributing a broken engagement with my first fiancee. This freed me to meet my current fiancee, who is from Norway. She gave me the courage to resign from Barclays last May, and I moved to Norway shortly thereafter. I'm currently bartending, since I'm learning the language, and I think it's a good way to do so. I don't know what the future holds for me from a professional standpoint, but I'm excited to see what's in store.

I'd say to take this time to focus on yourself. It can actually be a positive experience. You have an awesome resume, and the right people in finance will notice.

Excuse these groggy ramblings - I just woke up.

Let me know if you need anything at all. Skyping might be beneficial. I find it's always more of a release to actually speak with someone.


  • Prospect in Other
Mar 16, 2020 - 7:50am

So it would be a good idea to start emailing HR regarding my FT offer? I had thought it would be a good idea not to bother them amidst everything, as they probably don't know much themselves at this point. (Not IB though) Would appreciate any input

Mar 15, 2020 - 2:09am

Hey how come no one ever talks about BAML? Anyway last Friday BAML emailed stating that the internship will go as planned. They didn't mention anything about the virus in fact. Maybe we shouldn't overthink as well? These guys are not likely to rescind the offers, it could only be postponed at worst.

  • Intern in IB - Cov
Mar 15, 2020 - 2:18am

Hmm I didn't get that one. Was that not the email saying their on boarding Platform wasn't working?

Mar 23, 2020 - 9:52pm

If you had asked me a few days ago, I would have said that it's all up in the air.

Now, I at least have one data point out of IL suggesting that the curve may be starting to bend. In Wuhan province, new cases peaked about 12 days after they locked everything down, and this is coinciding with the bend in the curve for IL and a couple other states today.

I'll have a bit more confidence with 3-4 more days of data. I am not an epidemiologist, but I can do stats, and I can say when something is statistically different from what we'd expect.

If IL and CA are aggressive, and the curve really is bending, there's a better than 50/50 chance that this gets wound up before the end of May. I need to review New York some more-- the situation is really bad there.

We'll know more in two weeks and we'll know a lot more by May 1st.

That said, if there is anyone out there with a web development background who wants some backup work-from-home work, let me know.

Mar 23, 2020 - 10:04pm

If NY is the only state where active number of cases aren't declining in May, do you think its possible that interns at regional offices (SF, LA, Chicago) will still be able to work in the office this summer, even if all of NYC is still WFH?


  • Analyst 1 in Other
Mar 24, 2020 - 12:33am

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  • Prospect in PropTrad
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  • Prospect in Other
Mar 31, 2020 - 7:35pm

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