Guggenheim 2020 SA
Has anybody heard any information about Guggenheim’s 2020 IB Summer Analyst Program plan for this summer?
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Nothing yet. Thinking about calling HR.
Nope.
5 week program now
full pay for the 10 weeks or no?
Didn't say in the email, so probably not
That was not explicitly mentioned in the email.
.
Any other details? Remote or not? Or only detail was the duration? And does it say when it's starting?
Looks like this was update with no info..? No full pay would be surprising for a bank like Gugg, reflects pretty poorly.
They said to keep a look out for an amended offer letter so I guess the details will come later? Either way the lack of info is kinda dissappointing
HR EMAIL TEXT:
All:
We hope you’re staying healthy and well and making the most of your virtual semesters.
While our top priority is your health, safety and well-being, we remain committed to running a fulfilling and successful internship program. To that end, we have decided to delay the start of the 2020 internship program. This summer’s program will now run for a total of 5 weeks, from Monday, July 6 through Friday, August 7.
Even though we don’t have complete details for the program as of yet, we hope this sets you on the right path to start planning accordingly for the summer.
We will continue to update you with additional details in the coming weeks.
Given the changes above, please keep a look out for an updated version of your offer letter to reflect the new program dates. We ask that you please sign and return the letter as soon as you’re able. If you do not have access to a printer and scanner, please take a photo of the signature page and email that back to us.
As always, please do not hesitate to reach out with any questions or concerns.
Thank you!,
Did they change the pay? Curious as to why they are extending a different offer letter.
Changing offer letter would seem to indicate that they're changing the terms -- instead of being paid for 10 weeks, it's now only going to be for 5. Unless they're going to surprise with a new offer letter that says we're offering you FT job.
Yea email was relatively vague. Do we think chances of automatic offers are completely off the table at this point?
I wonder if previous firms that did extend FT offers included that information in their initial email to SAs. Or if there was initial vague email, followed by one with more details.
Think for moelis and Citi it was one email detailing everything. That being said because the email sent yesterday had relatively little information, I was wondering if the majority of their potential implements are still being considered
Any word on buy-side?
What do you mean by Gug buy side? Guggenheim has buy-side internship?
Guggenheim Investments
Has anyone spoken with HR/analysts at the firm that can give insight on potential developments (hiring rates, program setup, pay, etc.) since HR has pretty much been quiet on everything? Was wondering if people were able to get information/speculation from analysts..
Did recently hear that the program is going to be entirely virtual. Not sure what that means for pay or anything. Anyone else have updates?
source?
Yes, is your source kid in program? HR?
Have not heard, what are your sources? Spoke with HR in the last couple of days and they said they're still trying to figure out the logistics.
Did HR indicate that in-person was a possibility?
Source is current analysts
Whelp. That would totally suck.
Why?
Return rates will be higher virtually... almost positive... there will be very little to assess on... my guess is internships across the street will essentially be non-existent... and that most everyone will receive FT
Love the optimistic attitude! Hope that is the case.
This is just absolutely false. These banks set the class sizes and extended offers well before there was any thought of a global pandemic. I’d argue return rates are going to be lower.
how low do you think they'll fall? Gugg's historical FT rate has been 90%+ though not sure if they tend to overhire or not.
If its going to be virtual is it going to be just the 5 weeks still or return back to 10 weeks?
I wouldn't put too much weight in the virtual thing until it gets confirmed by hr
likely will still be 5 weeks if that's the only information they've confirmed thus far
Why do you think they're taking so much time to give details after that initial email last week? Could be debating whether to pay for partial or full summer, or wonder if they're debating whether to take out the hammer and offer FT so they get a leg up on the competition.
They could just as easily be waiting to announce bad news until after SA 2021 accepts their offers.
true, but if that were to be a deciding factor, SA 2021 could just as easily renege and sign with/keep recruiting for other firms if they find out that they rescinded SA 2020 offers. SA 2021 will think, "if they rescinded SA 2020, how do we know they won't rescind our offers in the future?"
Anyone know when to expect an update?
Still waiting as well
6 weeks/fully virtual now
can confirm
Just to clarify, did the email actually state the internship is 100% virtual?
From HR:
All:
We hope that you and your families continue to stay healthy and well.
As an update to the email you received on April 15th, please see additional changes to the 2020 IB Internship Program below. - In an effort to provide the class with a more fulsome experience, we have extended the programs dates and will now run for 6 weeks. The program will start on Monday, June 29th and end on Friday, August 7th. - As we continue to prioritize the health and well-being of our current employees and our 2020 hires, we are developing the program to run completely virtually for those 6 weeks.
We will continue to be in touch around first day details and more in depth information around the day to day programming of the internship.
As a reminder, an addendum to your offer letter to reflect the new program dates will be emailed to you this week. Please read it carefully and send it back in a timely manner.
If you have additional questions, please do not hesitate to reach out.
As always, we hope you’re staying safe.
confirmed guggenheim only paying for 6 wks. ugh
You guys got email tonight? This late? That’s weird.
Did you get your updated offer letter?
u didn’t? are u in ny office, or Houston/Chicago/Santa Monica?
Bronzbomba, can you please let us know where you're getting this information? Seems like nobody else has received an email yet, so obviously just wondering where you're getting this information.
So any official word out there about what the deal is for SA?
Any word on signing bonuses / reloco?
My guess is email went out for buyside and ER but not sell side and iB yet
buy-side has not received any information. Likely a troll lol
Nothing? They did say this week, right?
NYC IBD received offer addendum yesterday evening. 6 weeks pay, sign on bonus included. More details to follow.
Can confirm 6 weeks, virtual, with only 6 weeks of pay with signing bonus. No mention of full-time offers. Very surprised Guggenheim, known for high comp in the industry, would not keep original comp like the other EB’s. Disappointed.
I agree, surprising. You'd think that, even if they didn't want to do it, they'd bite the bullet and see it as an investment in future recruiting.
Yea, especially for a baby EB like gugg. Some part of me thinks that HR didn’t fully comprehend the significance of reducing comp which is surprising considering this is investment banking after all
Anyone hear what the program will be like?
Anyone think they'll increase the pay in the new offer letter?
I think they basically issued the new "offer letter" in that email
.
Any updates?
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