Lack of incoming FT analyst updates

Anyone else annoyed by the lack of updates? I'm an incoming analyst at a BB and haven't heard really anything regarding an actual start date / virtual training etc. When do you all think we'll receive news of a set plan?

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Comments (61)

  • Analyst 1 in IB-M&A
May 23, 2020 - 7:56am

From what I have heard:
JPM - Start Date moved to late August (but getting paid from original start date)
BAML - Original start date confirmed (some can even start early); training virtual
CS - Start date moved to September (not sure if getting paid from og date?)
RBC - Original start date confirmed for mid-July; training virtual
William Blair - Start date pushed back to September
Stifel - Start date pushed back to TBD (some may not even start until summer 2021)

Please feel free to provide comments on other banks.

May 23, 2020 - 10:34am

wait where did you hear CS start date moved to September? is this for NYC?

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  • Analyst 1 in IB - Gen
May 23, 2020 - 11:17am

Barclays (7 May): "Please note at this point the program remains unchanged, but we are currently reviewing and will let you know if any changes as soon as possible."

This was the last official communication sent.

  • Analyst 1 in IB - Ind
May 23, 2020 - 11:21am

UBS last update was April 2, and they've only given ambiguous responses when people have followed up. As of now, start date is unchanged (July 13) but it is not confirmed to be virtual.

  • Analyst 1 in IB - Ind
May 27, 2020 - 1:49pm

Yeah, according to multiple people who have emailed HR

  • Analyst 1 in IB-M&A
May 23, 2020 - 5:04pm

Has anyone heard anything for BAML in terms of training start date or FT start date for those not starting early? Haven't heard anything from HR in months.

  • Analyst 1 in IB - Ind
May 23, 2020 - 5:26pm

Was told by recruiter to not sign a lease at location I will be at and to stay put wherever I am now. We get paid on start date. Training is still programmed for in person in July but will most likely be online. This is speculation. No one has confirmed online training. Once SA's are trained and onboarded (they start June 15th) they will move on to us.

Spoke wiith my program manager and was told that he thinks we won't be in the office until after August.

  • Analyst 1 in IB-M&A
May 23, 2020 - 5:51pm

Have you begun any of the onboarding process? I don't think I've received any forms or have heard anything about background checks or anything like that. Also when you say we will get paid on the start date, what date will that be?

  • Analyst 1 in IB-M&A
May 23, 2020 - 8:32pm

Thank you for the info. With both Blair and Baird pushing start dates back two months (and Stifel delaying to TBD), maybe we should assume other MMs to delay start dates as well... I just hope it doesn't get delayed further, but I guess it makes sense since there's very little M&A activity rn and most MMs don't have a balance sheet / financing or restructuring teams to help out.

I'm starting at a reputable MM boutique in NYC (Lincoln/DC Advisory/Financo type of firm) and wonder what's gonna happen to us as HR hasn't said anything yet...

  • Analyst 1 in IB - Ind
May 23, 2020 - 9:37pm

How are people expecting to plan finding an apartment, especially if you're located far away from office location? it seems near impossible to apartment hunt and find something you're comfortable living in at the right price while working 80 hours a week, especially if you live across the country...

I hope banks take into consideration the time this takes and the additional costs incurred for short notice of when to be in office. Even a 30 day notice is tough to move across the country without dropping serious $$ and while working.

  • Prospect in IB-M&A
May 24, 2020 - 2:04am

I know a few banks have mentioned they will be giving incoming hires a period before its mandatory for them to actually be in the office so that there is time to move and find an apartment. I do agree though that working 80 hours and trying to apartment search and move seems pretty hard.

  • Analyst 1 in IB - Ind
May 24, 2020 - 5:31am

Yeah I knew someone would bring signing bonus up and for the most part, I agree. But under these circumstances, if banks only give 30 day notices while working, that's a choice they make which causes pretty unnecessary cost and travel burdens to incoming analysts. realistically, there might be some cases where the full after-tax signing bonus amount won't even be enough to fly out, find temporary housing, find an apartment, fly back home, ship all stuff/car out, fly back out, put down a deposit, buy furniture, etc all within 2-3 weeks while working.

if they were giving 2-3 months notice, this wouldn't be a problem at all. and the question then becomes is it right for banks to basically shift all this crap that's out of anyone's control onto the analysts? I'm not naive to think that banks actually care about analysts (or their employees generally for that matter), but I could see it fucking a ton of analysts who aren't driving distance from their office and I hope they realize that's just bad for everyone.

May 24, 2020 - 10:57am

My guess is that the banks will tell analysts you have until X date to get back- and then the onus is on you to figure it out. However, while that is the official message, I would imagine that your manager and team members would be understanding if you told them that you need to take some time off (vacation days) to figure this out.

  • Analyst 1 in IB - Ind
May 24, 2020 - 12:11pm

Yes, I agree, this is my assessment of how things will go down. HR has told my class of analysts that they'll give 30 days notice. All I'm saying is that not giving everyone more time isn't in anyone's best interest.

Again I'm not naive or soft on expectations of the job I got myself into. I understand what banks do. But Jesus c'mon, having to take a week of personal vacation in order to find an apartment and then potentially shell out 5-6k more than you would under normal circumstances? Seems really excessive even for banking, and that's assuming we can find a place at the right price/location last minute in 2 weeks.

Believe me, I'm normally the "cut the bs" type, but it's my 2 cents that analysts shouldn't get fucked when many have no power whatsoever to help themselves in this situation. I think the "onus is on you" mentality is fine when we're talking about job functions, but it shouldn't be used as a trump card every time banks are worried about their bottom line.

Most Helpful
May 24, 2020 - 12:38pm

I get what you're saying, and I agree to a point. However, I'm honestly just happy to even have a job right now. I, like many others, was nervously anticipating a response from my bank to see if I would get cut or not. We are extremely lucky to not only have a job in this environment, but to have a job that pays $85K out of undergrad with min $10K signing bonus. 36 million are unemployed.

Again, I'm not trying to be a dick, I really do see where you are coming from- I agree it's annoying that we will have to frantically find an apartment- and it may cost more, but at least we have a city to go to that has an amazing job waiting for us.

  • Analyst 1 in IB-M&A
May 24, 2020 - 9:41am

Gs confirmed virtual training starting July 13 with the possibility of beginning earlier

  • Analyst 1 in IB-M&A
May 26, 2020 - 1:19pm

If BBs announce a drop-dead report date, are people planning on using a broker to find an apartment? Or a friend/family member in the city?

Tbh not thrilled about the prospect of touring 20+ subpar places and potentially getting infected.

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