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Comments (153)

  • Intern in IB - Cov
Apr 16, 2020 - 12:02pm

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.

Apr 17, 2020 - 7:44pm

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)

  • Intern in IB - Cov
Apr 16, 2020 - 12:04pm

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.

  • Intern in IB - Cov
Apr 16, 2020 - 12:00pm

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

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Apr 16, 2020 - 12:02pm

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 - Cov
Apr 16, 2020 - 12:14pm

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 - 12:21pm

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


  • Prospect in IB-M&A
Apr 16, 2020 - 12:13pm

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!

Apr 16, 2020 - 12:19pm

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

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

  • 1
Apr 16, 2020 - 4:12pm
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.

  • 7
Apr 23, 2020 - 1:19pm

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...

Be excellent to each other, and party on, dudes.
  • Analyst 3+ in IB - Cov
Apr 16, 2020 - 12:30pm

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.

  • Incoming Analyst in IB - Gen
Apr 16, 2020 - 12:33pm

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

  • Incoming Analyst in IB - Gen
Apr 16, 2020 - 2:16pm

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.

  • Analyst 2 in IB - Gen
Apr 16, 2020 - 10:27pm

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

  • Intern in Other
Apr 16, 2020 - 7:40pm

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

Apr 16, 2020 - 3:09pm

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 - 3:14pm

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

Apr 17, 2020 - 2:57am

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.

Apr 16, 2020 - 4:14pm

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

Most Helpful
  • Intern in IB-M&A
Apr 16, 2020 - 4:40pm

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.

  • Intern in Other
Apr 16, 2020 - 9:12pm

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-M&A
Apr 17, 2020 - 1:43pm

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

Apr 17, 2020 - 3:01pm

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 - 11:45pm

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.

  • Intern in IB - Cov
May 16, 2020 - 7:55pm

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 - 4:33pm

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

  • Intern in IB-M&A
Apr 21, 2020 - 10:06am

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

Apr 21, 2020 - 10:53am

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 - 5:13pm

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 23, 2020 - 11:44pm

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 - Cov
Apr 24, 2020 - 2:51pm

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-M&A
May 9, 2020 - 6:35pm

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 21, 2020 - 5:08pm

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  • Intern in AM - Other
May 30, 2020 - 10:29pm

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  • Intern in AM - Other
May 30, 2020 - 11:23pm

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