JPM delays SA 2020 start date to July 6th

PMT6735's picture
Rank: Baboon | 150

Interns will be paid for original intended duration of the internship including signing bonus. Recruitment will update later if in person internships can happen, but is otherwise planning a virtual program

Comments (88)

  • Prospect in IB - Gen
Apr 3, 2020

Investment banking?

Apr 3, 2020

Can confirm for IBD but believe it spans across divisions as well

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  • Intern in IB-M&A
Apr 3, 2020

US IBD?

Apr 3, 2020

Yes, all JPM SA programs including IB

Apr 3, 2020

Nothing they communicate is set in stone, ever. Until 7/6 they can cancel internships at anytime for any reason.

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  • Intern in IB - ECM
Apr 3, 2020

Yes but if they're already spending resources to build out a virtual program that sounds unlikely

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Most Helpful
Apr 3, 2020

Surprised this announcement hasn't generated more response... isn't this information what most of members on this site have been waiting for?

Seems unlikely they would completely cancel internships... at the very least, seems like banks would institute some sort of virtual internship so they could have something to gauge competency of interns... maybe a Hirevue on steroids.

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  • Intern in IB - CB
Apr 3, 2020

Not a fan of this decision IMO. Having kids move into the city for a 3 week SA stint? They will do a week of training and orientation and by the time everyone gets settled in the stint is practically over. And this will mean other BBs will follow suit as well.

  • Intern in IB-M&A
Apr 3, 2020

Would you have preferred no intern program at all? Props to JPM at least for making contingency plans and not flat out cancelling.

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  • Prospect in IB-M&A
Apr 3, 2020

Yeah I agree. It's not ideal but this could of been a blood bath for so many interns if they decide otherwise. Again, the outcome sucks pretty bad, and is also pretty inefficient, but ultimately it's better than just out right cancelling

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  • Intern in IB - Ind
Apr 3, 2020

same end date?

Apr 3, 2020

No mention of extending the end date, so I would assume so

Apr 3, 2020

when is the original end date

  • Prospect in IB-M&A
Apr 3, 2020

What the fck is wrong with GS btw, they seem to not communicate with their FTs or Interns at all.

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  • Prospect in IB-M&A
Apr 3, 2020

Brutal. Hope you hear something soon man. I know UBS didn't send out anything until yesterday. So hopefully GS gets something out soon.

  • Summer Associate in IB - Ind
Apr 3, 2020

What did UBS say? Missed the thread - maybe you can point me in the right direction. Thanks!

  • Intern in IB - DCM
Apr 3, 2020

BMO (US offices) is doing a virtual program for the month of June and re-evaluating in July.

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Controversial
  • Incoming Analyst in IB - Gen
Apr 3, 2020

JPM prides itself on its culture and respect for its employees, unfortunately GS is not at all known for this- expect delayed info

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Funniest
  • Incoming Analyst in IB - Ind
Apr 3, 2020

Quit twerking for a bank bro

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  • Intern in IB - Ind
Apr 3, 2020

I'm an incoming IBD intern at GS and I'm pretty sure they were the first bank or one of the first to send emails I think, at least based on WSO forums, so I don't think that's fair.

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  • Incoming Analyst in IB - Gen
Apr 3, 2020

jpm was the first

  • Summer Associate in IB - Ind
Apr 3, 2020

What e-mails did GS send? Can you elaborate? I've only heard about JPM, BAML, and HSBC so far.

Apr 16, 2020

Same here, GS have given several updates. The start date has been shifted to the 6th of July from the week prior, the internship has been shortened (although as most others have heard the financial commitment from the firm remains unchanged). I think most people expect the internship to go virtual but they're currently in process of finding best course of action with regards to this.

Array
Apr 4, 2020

Not accurate. IBD groups have been having calls with group heads, staffers, and HR reps to answer questions

  • Incoming Analyst in S&T - FI
Apr 3, 2020

Gotta give JPM kudos at least for doing the best they can by their interns. Is a really tough situation but I think this is the best possible outcome if the situation is still ugly by June.

Hope other banks on the street take note and follow. Already HSBC gone the other direction so at least be happy JPM is willing to pay you guys

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  • Summer Associate in IB - Ind
Apr 3, 2020

HSBC has gone in the other direction? Can you elaborate?

Apr 3, 2020

Its all just JPM's equivalent of forward guidance. They can change their minds at any point. Good on them for making ANY decision at all though.

  • Intern in IB - Gen
Apr 4, 2020

yeah but HSBC isnt a bb so u cant apply the same expectations that it'll go the way of BAML and JPM

    • 1
Apr 3, 2020

Goldman HR employee here:

We're reassessing the situation on a daily basis. We do not plan on cancelling the program; most likely the start time will be delayed and/or everyone will be flown in to do training, if the situation gets better, and then flown out. Worst case scenario, everything will be done remotely, and we will make sure every intern has a laptop to use at home.

Array

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  • Prospect in IB-M&A
Apr 3, 2020

Do you have any insight as to what is happening concerning incoming FT employees

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  • Analyst 1 in IB-M&A
Apr 4, 2020

Bump

  • Analyst 3+ in Other
Apr 3, 2020

Does anyone think this will severely affect the chance of getting FT offers if it goes virtual vs in person?

  • Prospect in IB - Ind
Apr 3, 2020

Yes but it seems impossible to differentiate between candidates through virtual means.

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  • Intern in 
Apr 3, 2020

They can usually tell within just a few weeks who's getting FT or not so even if the SA stint length is severely reduced, conversion rates should be fine.

    • 1
Apr 4, 2020

If they start paying from the original start date, are we technically working for them starting june? asking this as an international student because my permit (cpt) starts in june

    • 1
Apr 7, 2020

I'm wondering the same thing. Another thing to be concerned about is CPT has to be on-site work. Unless we are given approval for virtual work, I'm not sure what will happen to us.

  • Analyst 1 in IB-M&A
Apr 7, 2020

Check to see if there are exemptions granted for exceptional (covid) cirumstances. Here in the UK usually you need to physically be present to be considered onboarded for visa purposes however the government has waived the physical requirement at the moment. Worth checking in with immigration (web site or maybe email/call if they have a helpline) and your HR team.

    • 1
Apr 7, 2020

I had the same issue when I was going to get paid a bonus prior to starting. I was told to wait until my CTP was activated. My advisor said as long as I had the I-20 with CTP authorization, it's okay to get paid so I would think so.

    • 1
Apr 4, 2020

deltedeltedeltet

  • Prospect in Other
Apr 4, 2020

Wouldn't it still be 5 weeks, since the original end date was Aug 7? Most schools start later in August; they're going to contact us individually with new end dates. Also, the length of the virtual internship may not be their top priority -- they don't need multiple months to gauge who they should extend offers to.

    • 1
  • Incoming Analyst in IB - Gen
Apr 4, 2020

I find it highly unlikely this will be an issue going into July, the CDC and Corona task-force and NY local government and state government have all stated that the apex will be in around 7 days from today.

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Apr 4, 2020

I don't think the CDCs prediction of something that has never happened before on this scale in modern society means that this thing going into July is "highly unlikely". It seems entirely possible that this thing could go a lot longer, especially given the great effort made to drag it out and flatten he curve. Might be a good idea to be cautious about that one

    • 2
Apr 5, 2020

Even if NY peaks in 7 days, the rest of the country will peak later... flying hundreds of people into one area is not the best idea with current info

Array

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  • Intern in Other
Apr 7, 2020

GS in APAC followed the same route at JPM, starting date delayed to July 6th with full payment for the whole duration.

  • Intern in IB - Gen
Apr 7, 2020

Did they mention duration?

  • Intern in IB-M&A
Apr 7, 2020

It's 5 weeks long starting July 6.

  • Business School in IB - Gen
Apr 7, 2020

Apparently GS just shortened their internship to 5 weeks

  • Summer Associate in IB - Ind
Apr 7, 2020

Is this for summer associates as well? or just analysts?

  • Summer Associate in IB - Ind
Apr 7, 2020

Has not been confirmed for summer associates yet.

Apr 7, 2020

can confirm same applies for summer associates (EMEA)

  • Intern in PE - Growth
Apr 7, 2020

Moelis gave everyone full time offers and turned their internship into a 4-week virtual training program

  • Intern in IB - Ind
Apr 8, 2020

Anyone care to speculate whether JPM could follow suit and why or why not? If they did this, i'm pretty sure that nearly 100% of people would take it given the current situation, and they might have a large class.

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  • Analyst 1 in Other
Apr 8, 2020

I don't think that's likely. The only firms giving out offers to all their interns are the ones that typically already give them all offers anyway (LEK, Strategy&, Moelis). It's very possible one or more EB's will follow, and potentially McKinsey, Bain, and BCG since these firms already have a rigorous enough process that most interns get full-time offers. JPM however only gives offers to like 60%, meaning they couldn't possibly give them all full-time offers unless they had deliberately underhired this year.

Apr 8, 2020

any update from DB ?

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Apr 8, 2020

Does anyone have news on jefferies or stifel?

Apr 8, 2020

So now that Citi did 100% FT rate, what we thinkin

  • Intern in IB - Ind
Apr 8, 2020

Most people are saying in the other thread that JP's offer rate is generally lower, so it's not very likely. I agree, except that it might be hard for them to fairly judge interns based on a short, virtual stint. I'm not sure how they'll address that but we'll probably see in mid-April.

Of course, I am hopeful they follow Citi's lead...

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Apr 8, 2020

What about banks like Jeff/Baird/HL/Blair - what y'all think?

Array

Apr 8, 2020

Still so crazy to me that Citi did that, even tho the offer rate is usually higher. It just doesnt make any sense (Kush Papi)

  • Intern in IB - Ind
Apr 8, 2020

Well... it's not that crazy and it could make sense given that 1) they don't have to recruit for FT 2021, 2) virtual internships don't lend themselves to distinguishing between candidates, 3) people from this SA class won't necessarily stay for all 2 years if banking isn't for them, 4) it looks good PR wise and helps with OCR relations, 5) it doesn't cost much extra to pay 20% more FT first-year analysts, especially with reduced bonuses. It actually is sensible IMO, assuming that one can't judge the performance of an intern based on a short virtual internship, which is probably why Citi/Moelis did this. Hopefully JP has a similar thought process.

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  • Intern in Other
Apr 8, 2020

Completely agree. Hopefully JP will announce that they are giving 100% return offers. Would be surprised if they didn't

  • Intern in IB-M&A
Apr 15, 2020

Any updates?

  • Intern in IB - Ind
Apr 15, 2020
Comment
  • Intern in IB-M&A
Apr 16, 2020
  • Prospect in Other
Apr 16, 2020
  • Intern in IB - Ind
Apr 16, 2020