DB the only BB not to give full summer pay for interns
May get MS but I'm pretty pissed off about this. Every other bank has shortened summer but given interns their full pay while DB is just paying interns for their 5 weeks. I have college debts, rent, etc to pay off and having half my salary cut for the summer puts me at a massive financial strain. Is there any way DB would reconsider this or provide an additional stipend for some people?
lol not even 5 weeks
DB is not a BB
Be grateful you still have an internship lol.
apples and oranges
at least you're still getting paid, still have an internship, still have a roof, still have food & water, still healthy, still alive....these are perfectly valid and we should appreciate the things we have - but does that mean we can't complain about anything at all?
Not a DB intern, but this type of statement is so fallacious. Just because other people are worse off in an absolute sense doesn’t invalidate those who are still in relatively worse positions.
If your firm (assuming you are actually an analyst and not another 19 year old on this forum) halved your pay, do you see how non-contributory my statement would be if I were to say “be grateful you didn’t get fired?”
The attempted hazing is so unreal here. Be nicer.
DB not a BB anymore
Aren't interns paid for 4 weeks?
Pouring salt on the wound
You'll get MS because the user base on here blows, but you have every right to be pissed. Though, I'm not sure if DB is the only one, it definitely reflects poorly on them no doubt. DB not a BB. Never forget all those "ranking" and versus threads that people were yelled at for saying be cautious about DB and suggesting shocker an MM bank over them...
DB not a BB confirmed
You know...I was always the 2nd year in my MBA program's banking club that would defend DB (at a different bank myself). While they clearly play 2nd fiddle to other banks, I always believed that they did have a solid platform and were clearly a market player despite what Litquidity had to say. I always thought it was a jerk move to make fun of a place that your classmates were headed to and make them feel bad, especially when no one actually knows the situation. So I would always push back on people talking shit.
But FUCK if they aren't making that hard.
hahah SB’d
cant agree more...always admired DB's well regarded grad program and their proud culture (in their glory days anyway) which drove me to take an offer w them...but fuck they're just pouring gas on the fire of bad press
I feel like they are aware how their rep has taken a hit. They still gotta do what they need to to keep the lights on otherwise who cares what the rep is. We all thought Lehman was a great bank until it wasn't a bank anymore.
Well on the flip side you’re not paying to live in NYC (assuming you aren’t at Stern or Columbia) so you’re probably coming out ahead anyway.
Unless he's already signed a lease for the summer. Then, he may be getting royally fucked.
I leased one year in NYC because I attend school there, and I'm financially independent from my parents. I assumed I'll be working in the city in the summer (pre-corona) so not sure what to do now
Suck it up, intern for 5 weeks and get your pay.
I get it, it sucks balls. I am in similar situation, but in Europe. Realistically, what can we do about it? Let's just give our best and try to convert to FT.
Bad look for DB. Sorry to hear
Just seems like a stupid move by DB. Sure, they're saving ~10k * however many interns they have, but seems like that is a stupid expense to be cutting considering the PR hit and how it will piss off their future talent pipeline. Not commenting on whether or not they are a BB because I don't want to get into that fight, but I am sure DB wants to be a BB, and doing something like this that clearly shows the contrast between them and every other major bank is dumb.
which PR hit? nobody besides WSO knows. Is not like its breaking news
for what its worth its on efinancialcareers as well
It will 100% impact their recruiting rep. You don't think people in investment banking clubs on campus talk to students the grade below them? this is absolutely the kind of thing that will go around the rumor mill
Paying full pay while being a Tier 3 bank full of trouble in the austerity time seems to be an even bigger hit
The general public never think rookies in banking deserve 85k a year pre-bonus. Sorry but this is the sad reality
Does this make RBC a BB?
I mean what are we supposed to do besides suck it up? Complaining’s not gonna change anything, unfortunately.
That's exactly what I said a couple of comments above. But expect monkey shits from entitled kids that should get their damn 10 week pay for 5 weeks of work despite the crisis that's affecting the global economy, and pandemics killing hundreds of people on a daily basis.
sucking it up is very much the correct course of action - but that doesn't mean people can't complain about feeling a little shortchanged
and again like the commenter above said - just because other people are worse off in an absolute sense doesn't invalidate those who are still in relatively worse positions.
I get it for rent, but how is your college debt or other non-work related expenses DBs responsibility?
Don’t see where they said it was DBs responsibility... it’s not like they’re going to DB or anyone for that regard and saying “pay for this”. JW, do you have any student debt that your internship is going to be used to pay for?
I think the reason for complaints is the idea that banks shouldn’t “bait and switch” especially when other banks are keeping to their original pay agreement. Even if Covid is the reason, shouldn’t the burden come on the employer ie DB, rather than the intern who may have made plans around assuming 10 weeks pay? I think the answer is a clear YES considering most firms will pay fully not out of the goodness of their hearts, but Bc they know it’s a fairer thing to do. just my .02
Perhaps you're right. OP might just be venting (apologies if that's the case, OP). They mentioned those specific expenses though. That implies to me that OP thinks DB should take them into consideration when making decisions.
My situation is likely a bit different than OP's, but I can still appreciate their situation with regards to certain expenses like rent, non-refundable moving costs and the like.
sorry u didn’t hear, RBC took DB spot as BB.
Any chance they increase the pay in the coming works? Also any chance they come out with auto FT?
we will find out tomorrow
zero chance
Db all about cost cutting, get used to it
This sucks. Even UBS is doing full 10 week pay.
I should be content having anything at all, but it’s hard to be satisfied. Please help me not be angry at DB and jealous of interns at other BBs lol
UBS has huge profit machine charming from side
UBS had a strong Q1, so its not surprising. They seem pretty well set up in a corona world because of a strong capital base and conservative loan portfolio.
I heard today from a couple friends, apparently Guggenheim isnt paying for 10 weeks either. Sucks for people who are depending on that $.
Very suprised about gugg's decision, especially considering it's been on some big deals recently. Makes me feel better about DB lol
Nothing against gugg but isn't it a bit sad that DB for all of its might and reputation has now bogged down to the same level of penny pinching as a boutique (albeit a very good one)?
Gugg has had big cuts across ER / s&t
What I don't get is why someone should get full pay for half of the effort.
Compassionate reasons. Especially when all your competitors are doing it
Yeah but that's like a gift, not something you deserve. I was really surprised when I saw that some companies were going to do it. It's fine for me, each one decides what to do with its own money, but it was shocking for me.
I am also an incoming intern this summer; fortunately my internship has suffered no changes, but if my firm decided to slash the length, I would not be angry to receive a proportional slash on my pay; I think that it would be fair. I am receiving a top quality training, I am getting paid a good amount of money while I am not really creating any profit for the company and I am receiving the chance to get a FT offer, or in the worst case a great brand on my CV. I feel that I'm not entitled to that full pay.
On the other hand, I would be extremely grateful if they decided to pay me more than what I deserve. But that's their choice, not something that they have to do, IMHO.
why did u accept DB's offer then?
Not sure how this will affect DBs “PR”. They pretty much eliminated most of their S&T group last year , firing 18000 employees and you guys still recruited and signed with them. In the same way, there will be another class that signs. People are willing to take the risk because IB is so lucrative and even if you got fired you could Prob go into Corp fin.
I mean, yeah. It sucks, but seriously? you're complaining about not getting paid x2 the time you're working? If you can even call a virtual internship working. I can't believe interns would even expect to get paid over what they're working.
I'm not saying DB are doing the right or wrong thing here btw, I just think you shouldn't be complaining about being paid 85k pro rata.
Seriously dude? Interns shouldn't expect to be paid AT ALL for virtual internships? It's an employment contract after all
Also the idea that just because you're paid x amount of money then you can't complain about anything is absurd. Why can't people express discontent about something that doesn't sit right with them?
No, that's not what I said. Of course you should get paid for virtual internships. My point was that they are not going to be anywhere near as strenuous as a physical internship and therefore there's even less reason to complain about not getting paid x2 the amount of time you're working.
Did the global conference cut out? What questions are getting asked
no its still going
What did they talk about during the call? I had a final on Friday.
Pathetic way to end the call
My thoughts exactly. Last question had me wondering if he was the intern that made this thread lol
Annoying how majority of the call was about performance and the fact that the actual internship question was the last one and got cut off quickly
Did they ask about auto ft or increasing pay?
Couldn't attend the call. Anyone could give a quick summary here? Thanks
Management bragging about 1q result, Hardos asking kiss ass questions, someone asked about pay at the end and got cut off
Basically: • Revenue went up and costs went down • Trading business specifically is doing exceptionally well • Top 3 ranking in a few groups now for both S&T and IB (ex: US Treasuries, Debt Origination etc) • Momentum expected to continue throughout next two quarters • US banks fell in Germany, DB back to #1 in home country • High profile transaction was T-Mobile & Sprint merger • Internship program will be in July, 2-4 wks depending on division, 4 wks pay no matter duration of internship, and logistics under the wraps with 3rd party talks on an optimal virtual internship program experience
Can you expand on this?
logistics under the wraps with 3rd party talks on an optimal virtual internship program experience
I get that ultimately we are all trying to get into careers and futures in banking so all have a passion for the industry. People were asking about clients liquidity in this current climate and stuff instead of asking about FT offers and pay. I requested to ask a question but they only took 3 questions from the callers and two of those happened to be technical banking questions
First two probably weren't even interns. Just a way to blow time and reduce questions being asked about the internship
Tbf probably some kiss ass mofo that was hoping the speakers would be like: that's a great question - forget the internship, you're hired!
I think Moelis is also paying their interns for only 4 weeks?
They're getting full time offers though...
I thought DB also extended full time offers?
Dude, you're getting a boatload of money for adding no value as an intern. Why should they give you that pay, when it's likely you'll start shopping around as soon as the internship is done. Be grateful you're healthy and have a job, and if you're really unhappy about the situation, you can always interview at other banks after this is over.
The only people that should be angry are those that turned down other banks for DB.
Nobody is shopping around offers in this economy. Also, probably a large proportion of us have turned down offers elsewhere to sign with DB, but that doesn't give anyone more "right to claim" that the next guy to be mad at DB..hardly matters at all. Grow up
Ok intern
"adding no value as an intern"
In terms of a virtual internship, most likely yes. In terms of a traditional internship, I most definitely believe that you're adding value. Not everyone does but many do.
I'd hate to work wherever that guy is working at...such high regard for juniors
i'll put it this way... whoever is still at DB is really because they have no where else to go. Let that sink in.
Is it that bad to do an analyst stint at DB? Reading stuff like this makes me feel like I'm gonna ruin my career lol
No hes bullshitting
You clearly have no idea what you’re talking about. DB has top rankings in the street for groups/products in both IB and S&T.. Global presence... Historically higher pay... DB alumni have either moved onto prestigious buy-side roles or created their own top firm globally... DB’s culture is generally regarded as most entrepreneurial/diverse/inclusive on the street... Extremely reputable bankers/traders that have been targeted by headhunters and recruiters all the time but they choose to stay because they want to. I know this because I’ve talked to employees personally in both US and international offices. Sure the bank has gone through shit and sometimes their employees could be feeling “on edge”, but the front office folks I’ve spoken to are all highly respected in the industry and they thoroughly enjoy the people they work with. Especially to the older guys in finance, DB is still a huge reputable and solid firm if you go anywhere in the world.
holy shit i've never seen this much propaganda since the russian troll bots
"Entrepreneurial" Buddy know what other bank they used that description for? I'll give you a hint. Starts with the name of an animal, and went bankrupt cus of their "entrepreneurial" nature in '08.
Pretty appalled that actual certified professionals, not just college/HS kids, are toxic bashing others on WSO too...real mature
Anything to compensate their lack of ability to bring in deals and get laid I suppose
I will intern this summer at one of the big 3 rating agencies. We also do not know yet if the comp will remain the same as the program will be cut to 5 weeks only
I am guessing NYC and London offices? Have not heard similar news for Frankfurt. Anybody else?
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