JPM delays SA 2020 start date to July 6th
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
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
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Investment banking?
Can confirm for IBD but believe it spans across divisions as well
US IBD?
Yes, all JPM SA programs including IB
Nothing they communicate is set in stone, ever. Until 7/6 they can cancel internships at anytime for any reason.
Yes but if they’re already spending resources to build out a virtual program that sounds unlikely
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.
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.
Would you have preferred no intern program at all? Props to JPM at least for making contingency plans and not flat out cancelling.
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
same end date?
No mention of extending the end date, so I would assume so
when is the original end date
What the fck is wrong with GS btw, they seem to not communicate with their FTs or Interns at all.
Brutal. Hope you hear something soon man. I know UBS didn’t send out anything until yesterday. So hopefully GS gets something out soon.
What did UBS say? Missed the thread - maybe you can point me in the right direction. Thanks!
BMO (US offices) is doing a virtual program for the month of June and re-evaluating in July.
JPM prides itself on its culture and respect for its employees, unfortunately GS is not at all known for this- expect delayed info
Quit twerking for a bank bro
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.
jpm was the first
What e-mails did GS send? Can you elaborate? I've only heard about JPM, BAML, and HSBC so far.
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.
Not accurate. IBD groups have been having calls with group heads, staffers, and HR reps to answer questions
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
HSBC has gone in the other direction? Can you elaborate?
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.
yeah but HSBC isnt a bb so u cant apply the same expectations that it'll go the way of BAML and JPM
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.
Do you have any insight as to what is happening concerning incoming FT employees
Bump
Wont GS send laptops to interns?
I haven't heard of any companies shipping WFH interns laptops
Does anyone think this will severely affect the chance of getting FT offers if it goes virtual vs in person?
Yes but it seems impossible to differentiate between candidates through virtual means.
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.
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
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.
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.
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.
deltedeltedeltet
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.
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.
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
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
GS in APAC followed the same route at JPM, starting date delayed to July 6th with full payment for the whole duration.
Did they mention duration?
It's 5 weeks long starting July 6.
Apparently GS just shortened their internship to 5 weeks
Is this for summer associates as well? or just analysts?
Has not been confirmed for summer associates yet.
can confirm same applies for summer associates (EMEA)
Moelis gave everyone full time offers and turned their internship into a 4-week virtual training program
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.
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.
any update from DB ?
Does anyone have news on jefferies or stifel?
So now that Citi did 100% FT rate, what we thinkin
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...
What about banks like Jeff/Baird/HL/Blair - what y'all think?
Still so crazy to me that Citi did that
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.
Completely agree. Hopefully JP will announce that they are giving 100% return offers. Would be surprised if they didn't
Any updates?
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