Comments (153)

  • Intern in IB-M&A
Apr 16, 2020

No mention of FT offers, Citi must be an anomaly.

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  • Intern in IB - Ind
Apr 16, 2020

I don't think people were expecting JPM/GS to follow through due to their low return offer rates and that they over hire SAs always. I think the real question is on what the rest of the mid-tier BBs do and if any other EBs follow.

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Apr 17, 2020

Where did this narrative develop that GS/MS intentionally overhire and have low offer rates. The couple peers in my group this past summer who didn't get offers were borderline useless at best and did not deserve the opportunity to come back. But there were several total duds (both in terms of output and attitude) who got offers... not sure this is accurate today (if it ever was)

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  • Intern in IB - Ind
Apr 16, 2020

Given that they're making the virtual internship as long as they can, it seems that they'll try and evaluate us based on our performance... looks like I'll need to get satellite internet or something out there.

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  • Intern in IB - Ind
Apr 16, 2020

Any idea on whether this will look more like a virtual course (like some other firms have made) or more like a traditional internship?

Apr 16, 2020

Nope. The only thing they told us is that it's virtual. They haven't commented on the format of it. They did mention presentations, though...

"Markets can stay irrational longer than you can stay solvent."

  • Intern in IB - Ind
Apr 16, 2020

Interesting -- I have no mention of presentations in either of my emails... just some sort of virtual programming. Perhaps it varies based on group.

  • Intern in IB - Ind
Apr 16, 2020

True I just saw that in the survey. Looks like we will be using our own computers too if possible... sounds like a security nightmare for their IT department. Also not sure why they're fine with us using Macs, since I would assume that all their stuff is done on Windows.

Apr 16, 2020

Which finance firms have made virtual programs? Ik some consulting, tech, and general business ones have

Array

Funniest
Apr 16, 2020

Fuckkkkk the girls in 1OAK will have to wait an entire year for my job title flex, was looking forward to popping my cherry :(

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  • Prospect in Other
May 9, 2020

what's 10AK?

Controversial
  • Prospect in IB-M&A
Apr 16, 2020

I told you. JP/MS/GS DON'T have the need to give everyone a FT offer. I also heard from a friend that there won't even be groups for the summer. Also an Associate friend of mine told me that it is going to look absolutely brutal with offers this year... I always told you!

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  • Intern in IB-M&A
Apr 16, 2020

Humble

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  • Intern in Other
Apr 16, 2020

Can't wait to run excel on my 2012 MacBook

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Apr 16, 2020

Hopefully JPM issues work laptops to the people that need them!

"Markets can stay irrational longer than you can stay solvent."

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  • Associate 1 in IB - Ind
Apr 16, 2020

Yea last year when I interned at JPM we weren't given laptops...

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Apr 16, 2020
Intern in Other:

Can't wait to run excel on my 2012 MacBook

You should just quit now if you're gonna try excel on a MacBook.

Apr 23, 2020

More shockingly, going to college in 2020 using a 2012 Macbook. It would be like me going to college using Windows 98. Come on, bruh. Take 1 week's internship salary and buy a halfway decent computer...

Apr 17, 2020

Nice

Apr 19, 2020

I wouldn't worry about that. When I was at JPM they used VDI to log in. Basically you would just be logging onto their virtual server, your actual laptop would just be a screen. As long as you have a laptop you should be fine.

  • Analyst 3+ in IB - Ind
Apr 16, 2020

I never understood why so many incoming interns were convinced that all the BBs will extend FT offerings just because Citi did so.

From the BB's perspective, they will try to opt for maximum flexibility. Which means they will try to hold off on giving FT offers as long as possible so they have a chance to assess the business situation a few months down and what headcount should be.

The truth is that one of two things will happen:
1. Near 100% retention rate all almost all of the interns get FT offers if the BBs think that business outlook is quickly become favorable again - in this case the virtual internship basically counted for nothing
2. Business outlook worsens and BBs expect long recovery; this case, retention rate is drastically lowered to maybe 50% FT (or less) offers given out

My BB has said they will try to accommodate interns who have difficulties with WFH. But it's starting to sound like automatic FT offers is not a possibility. Incoming interns at Citi are extremely lucky.

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  • Intern in S&T - Equities
Apr 16, 2020

Which BB do you work at, if you dont mind? US/European?

  • Incoming Analyst in IB - Gen
Apr 16, 2020

The lack of offers was foreseeable... I wrote multiple times that the top tier banks have like 50-60% offer rates- so it would be impossible for them to extend FT to everyone. I suspect this virtual program will end with a massive presentation in which the interns will get grilled on technicals and those that understand their role the best will get offers. I was an intern at JPM/GS/MS and they did this in person to weed out weak interns in the last couple weeks because they had all been performing well and needed something to differentiate them based on. Good luck- let the hunger games begin lmao

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Apr 16, 2020

Damn, that sounds brutal lmao

"Markets can stay irrational longer than you can stay solvent."

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Apr 16, 2020

What was the return offer rate at the end? Like 50%?

Array

  • Incoming Analyst in IB - Gen
Apr 16, 2020

My specific situation there were two/three roles available and 7 interns gunning for it- was extremely brutal

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Apr 16, 2020

hey, can you elaborate on your experience? how many people got returns and what differentiated them? thanks so much

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  • Incoming Analyst in IB - Gen
Apr 16, 2020

It's basically just like a case study. They will probably give you a certain deal to analyze, M&A, LBO, etc. depending on what group you're in. Then you will have to create a presentation that outlines various components of the deal process: whats involved, explanation of the business and its industry, create an operating model/merger model/LBO model. Then you will most likely present this to your intern manager and various members of the team (analysts, associates, etc.) At the end they will ask you questions which are probably extremely difficult in order to see who really knows their shit. Then after they deliberate, they will combine all of their info about your responsiveness, effectiveness taking notes, etc and once they are told how many analysts they are allowed to take for next year they will make a decision on who to extend an offer to.

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  • Analyst 2 in IB - Gen
Apr 16, 2020

Can confirm this is true for US BBs with the exception of Citi...it was awful cutting interns and analysts did not have a huge say.

Apr 17, 2020

As an analyst, how did you distingush and evaluate the interns in the return offer process?

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Apr 20, 2020

This is just not true across all groups JPM/MS/GS -- maybe for your particular group in your particular firm, but definitely not for all groups. Several MS/GS groups had quite high return offer rates

  • Intern in S&T - Equities
Apr 16, 2020

Is this for London as well, or NYC only?

  • Prospect in Other
Apr 16, 2020

Same email for London

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  • Intern in S&T - Equities
Apr 16, 2020

Thanks!

  • Prospect in S&T - Equities
Apr 16, 2020

What are the Sales and Trading Summer analysts going to do?

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  • Prospect in 
Apr 16, 2020

Order takeout

    • 7
Apr 16, 2020

*Order Uber Eats

  • Intern in IB-M&A
Apr 16, 2020

I honestly dont know how we're gonna shadow ppl.... and how the return rate is gonna be

  • Intern in S&T - Other
Apr 16, 2020

me neither....assume pretty low return rate

Apr 20, 2020

last year at JPM FT offer rate ranged from 50-60% across the board. Would imagine it to be alot tighter this year

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  • Intern in Other
Apr 16, 2020

I think that return rate would be high for groups that are performing well during this crisis.. such as fixed income

Apr 16, 2020

My original official end date is end of July (for the office in my country). I can't extend beyond to mid August due to some mandatory school commitment (some program). Do you think they would be okay w my commitment of just 4 weeks? I really hope they don't drop me because of my inability to work till mid august

  • Prospect in IB-M&A
Apr 16, 2020

Honestly, it is just 5 weeks and you want to reduce it to 4 weeks just because of some school stuff? If you want the FT offer don't do it and try to manage that with the school. As it is virtual anyway it should be a problem. God damn you students are so entitled

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Apr 16, 2020

what if it's an exam? I have 4 finals postponed to July and it will most likely eat into the programme

Apr 17, 2020

Used to be my case. You can try to be extremely exceptional the first four weeks but it's very unlikely. What I did was trying to convince the school. I asked for any precedent cases (you would never be alone) and any alternative ways I can make up for it. There must a way. Good luck.

  • Intern in S&T - Other
Apr 16, 2020

Anyone knows the return rate for S&T in New York?

  • Prospect in 
Apr 16, 2020

Bad

  • Intern in S&T - Other
Apr 16, 2020

how bad

Apr 16, 2020

I bet Citi is kicking themselves in the foot thinking "F***, we didn't have to do that" now that other banks aren't following them

Apr 16, 2020

Kicking themselves in the foot? Which foot? The same foot they're kicking with, or the other foot?

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Apr 23, 2020

Stepping on sharp Lego blocks

Most Helpful
  • Intern in IB-M&A
Apr 16, 2020

Citi was never competing with the likes of JP/GS/MS, most opinions from the get go pretty much agreed that these banks with larger SA classes and lower conversion rates would be the last to give auto offers. The pressure is being applied more so on the mid-tier BB's, and in all honesty regardless of whether the other banks copy or not, I know for sure that this whole fiasco has put Citi in a much better light to all current/incoming interns and speaks volumes about their culture. I know interns who picked their BAML offer over Citi this year, and you can bet that's not going to be the case next year so bravo to them. I can only imagine how grateful the incoming Citi SA's with auto-offers feel, and I think that's going to show in their work rate and loyalty towards the firm in the future.

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  • Prospect in S&T - Equities
Apr 16, 2020

nah this ain't it

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Apr 17, 2020

yeah there's video of their cfo delivering the news to a SA pretty cool culture

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Apr 17, 2020

Turned down a superday with CITI IBD and took my MM offer as soon as I got it.. Fuck my life ahah

  • Intern in IB - Ind
Apr 16, 2020

wondering how the return rate in AM will look like this year

  • Intern in AM - FI
Apr 16, 2020

me too. Hoping its decent since the groups are much smaller

  • Intern in IB - Ind
Apr 16, 2020

My friend told me the SA class this year in APAC def seems much smaller. don't know about the US

  • Intern in Other
Apr 16, 2020

I'm in PWM at a regional office and didn't get the update. Did the email go to only certain divisions/locations?

  • Intern in IB - Ind
Apr 16, 2020

heard my friend who is in HK/Singapore office received the email today tho

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  • Intern in IB - Ind
Apr 16, 2020

*also a PWM SA

  • Prospect in AM - Other
Apr 16, 2020

SA in WM in NYC if anyone knows anything

  • Intern in Other
Apr 16, 2020

Did you get the email today about going virtual?

  • Prospect in AM - Other
Apr 16, 2020

Yeah just saw it was wondering if anyone knows what JPM's return offer rates are for WM

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  • Intern in S&T - Other
Apr 17, 2020

Anyone knows the return rate of JPM S&T NYC? heard it was pretty bad at around 60%

  • Intern in IB-M&A
Apr 17, 2020

In my class last year it was exactly 50% I don't know if they hired externally

  • Intern in S&T - Other
Apr 17, 2020

it was way too low...you mean across all S&T desks?

  • Intern in S&T - Other
Apr 17, 2020

when i was given the offer, ED told me it was 75%....

Apr 17, 2020

Hey y'all, I'm one of the summer analysts in the GFBM program. It seems that we're doing the internship fully remote. Does this have an impact on FT offers they'll give out during the end of the summer? I'm a bit surprised JPM didn't follow through like Citi or other major banks. We're only working from early July to mid August, so time is of the essence. I'm a rising senior and hoping to land a FT offer, however, it seems tougher by the day. Lmk your thoughts or advice I can use to my advantage.

Apr 17, 2020

Hi, I am also an incoming summer analyst in the GFBM program. I don't believe I can offer advice nor PM you but I figured it's good to identify who's together (since we're in the same program).

I would imagine that being attentive, diligent, and really just trying your best given the circumstances will have some weight with the decision makers. Just my two cents.

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  • Intern in IB - Gen
Apr 21, 2020

70-80% too in my city

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  • Intern in IB - Ind
May 16, 2020

JPM specifically overhires, at least in IB/S&T so there was no chance of free returns. Citi does not and tries to save a spot per intern.

  • Intern in IB-M&A
Apr 17, 2020

Does anyone know what return offer rates look like for EMEA/LatAm/APAC type groups?

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  • Intern in IB - Ind
Apr 17, 2020

^^

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  • Intern in IB-M&A
Apr 18, 2020

^Any thoughts?

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Apr 20, 2020

This is all great and all but I am mostly concerned about one thing and it's not FT offers: do we still get Seamless credits and Uber rides??? How dare they not mention it! I got into IB mostly for those ://

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  • Intern in IB-M&A
Apr 20, 2020

Anyone else have someone reach out from their teams to check in?

  • Intern in IB - Ind
Apr 20, 2020

Did someone reach out to you?

  • Intern in IB-M&A
Apr 21, 2020

Yeah, but it was more like a simple check in. Just surprised they are reaching out this early

  • Analyst 1 in Other
Apr 21, 2020

Lol wow this post was cited by the New York Times: https://www.nytimes.com/2020/04/20/business/dealbo...

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  • Incoming Analyst in IB - Gen
Apr 21, 2020

lmao- priceless

Apr 21, 2020

Holy fuck XD

"Markets can stay irrational longer than you can stay solvent."

  • Intern in IB - Ind
Apr 21, 2020

"Mom I'm on the news"

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Apr 21, 2020

Look - make up your mind to see everything in a positive light. Stay in shape and you'll wear those nice new clothes. A second monitor is a very worthwhile, inexpensive investment...even a laptop is if need be. Think long-term. This position at this firm is going to be a huge boon to you, your resume, your career if you make it work for you. You are talking pennies compared to thousands long-term.
So many students who have hustled are going to miss out on opportunities because of this crisis - you are the lucky one. Best thing is to be super excited and motivated, and remove all the critical, negative, complaining thinking.
The fact that a top institution who's CEO almost died a few weeks ago and is down 59% is even worrying about "doing our best to give you a meaningful internship experience" is off-the-charts fortunate, amazing and fabulous. Be GRATEFUL! ; )
Good luck, knock em dead - get the monitor, you can even get second-hand from Craigslist -

  • Summer Associate in Research - Other
Apr 21, 2020

How were return offers for AI/ ML summer program last year? How would it be this year? Would data scientist full time conversion have any effect?

Apr 22, 2020

.

  • Analyst 1 in S&T - Equities
Apr 23, 2020

Return rates for S&t?

  • Prospect in AM - Other
Apr 23, 2020

How much is the one time $2500 payment after tax?

Apr 23, 2020

No idea, it was a basically a "relocation" stipend - tbh, I didn't know they were taxed.

"Markets can stay irrational longer than you can stay solvent."

  • Intern in IB - Ind
Apr 24, 2020

It depends on your tax bracket and withholding status. You'll pay taxes on it next year most likely, and that amount will depend on your marginal rate after your earnings in 2020. Previous housing stipends I have received from internships were always the full amount, with no withholding, and I paid taxes on it the following year. On the other hand, some companies I know pay a bit extra to compensate for taxes (they guess what your marginal rate will be based on the internship earnings) or they issue it as part of the paycheck and you do not get a 1099. Either way, if it's a stipend, you don't have to pay Medicare taxes etc. on it -- just income taxes.

  • Intern in IB - Ind
May 9, 2020

Anyone know why we got less than 2500?

May 9, 2020

taxes

Array

May 9, 2020

how much did you receive

  • Intern in IB - Ind
May 9, 2020

Around 1500, not sure how taxes are 40%. It's a lot better than nothing, at least we get it still!

  • Intern in IB-M&A
May 9, 2020

The taxes are probably high because of we're paid at the analyst base prorated to the length of the internship. But there's a good chance we'll get money back with tax returns.

May 16, 2020

Did anyone hear back about when the end date is for internships?

May 16, 2020

most likely AUG 10th

May 21, 2020
Comment
  • Intern in AM - Other
May 30, 2020
  • Intern in IB - Ind
May 30, 2020
May 30, 2020
  • Intern in AM - Other
May 30, 2020
May 30, 2020