Are there simply not as many slots for interns? Is the FT conversion rate lower? Do nontargets get screwed? A combination of things?
How do circumstances differ between EB Generalist M&A groups (not Rx) and industry groups at Bulge Brackets? I know Rx groups are protected but have heard mixed things about the extent to which summer analysts and analysts are affected in traditional industry groups at BBs and generalist programs at firms like EVR/ MOE.