Like UBS, Deutsche Bank not taking many interns
Deutsche Bank has announced that many of their interns are in jeopardy of or will not be getting any full time offers at all.
For the internal risk function(MO), as well as Global Transaction Banking, only about 30% of interns will be hired.
For the internal finance function (MO), NONE of the more than a dozen interns will be getting offers.
For the FO, it is rumored that at most half will be getting a chance at full time employment.
All of this news comes just as UBS fired 30 full timers, as well as making serious cuts to their intern class. Not a good time to be breaking into the industry.
Europe... the plague will never leave.
Not sure about BO, I don't interact much with them.
I ve got 3 spare jobs at KKR, pm me.
You still at KKR? and need interns in NYC area?
What do you guys think the intern hiring outlook is for summer of 2013? Will there be far fewer spots at most BBs?
Not surprising to me, DB was the only bulge bracket that didn't recruit for summer at my school.
Which SEC school are you at? UF?
No longer at an SEC school.
US Banking system is leveraged 13 to 1 Europe's Banking system is leveraged 26 to 1. German banks are at 32 to 1.
How about Nomura?
http://dealbook.nytimes.com/2012/07/26/Nomura-chief-resigns-amid-insider-trading-scandal/
Come on, you do not think I know that? Why do you think I asked? Lol.
And by the time kids in college like me graduate, this industry may not be as attractive anymore. Hopefully this wont leave countless bankers with unneeded skill sets.
.s
I know many interns there and they don't seem worried about this, and it doesn't seem true at all. Last year acceptance rate was very high
What is your source? I find this hard to believe.
a) Source? ; b) This only applies to New York, right?
I'm afraid to say Europe isn't safe either. I know DB hired a few interns for FO/MO roles in Zürich offices and the situation isn't looking good at all for them. Not sure about Frankfurt/London.
Most of the rising freshman (at ivies who are interested in banking) I know of are planning to have a "back-up" just in case the finance industry continues to downsize and lose its appeal. Some of my friends, including myself, are adding a pre-med track, double majoring in comp sci/engineering, etc. I don't know anyone who plans to do an econ degree without having a "back up." Even those are who are interested in an Econ PHD are majoring in Mathematical Economics.
What about for kids at business schools?
There is plenty of other places to work instead of wall street if you want to do "business"
If you want to play a conservative game, FIRST save some money, go to a state school- Georgia Tech, UT Austin, Berkeley, and Michigan have EXCELLENT engineering programs- outranking most of the Ivies in terms of placements at top firms and research- and then get an MBA five years later.
Don't get me wrong- all eight schools in the Ivy League are excellent, and on some level, I have de-facto conceded that to get ahead in New York, it is extremely useful to have an Ivy League degree on your resume. But the problem is that engineering research requires a critical mass. You need large teams of researchers, cross disciplinary stuff, and an endless supply of cheap, skilled undergraduate and graduate labor. This gives large state research institutions significant structural advantages for research and teaching and puts selective private non-engineering schools at a disadvantage, no matter how brilliant their students are. It is really no surprise that Cornell, the largest Ivy, has the strongest engineering rankings (although it's still behind three or four state schools)
If you want to be an engineer, go to a state school and do the honors program. Then, and only if you need to, get a graduate degree a few years later in something businessy.
IP, I feel that there are three types of people who study engineering at the ivy I'm attending. 1. Legacy/well connected/rich. Their parents don't care what the student majors in as long as he's in a prestigious school. Parents probably have a job/trust fund for this guy. 2. The student is attending the ivy for (almost) free or at least affordable for the parents. Think of this scenario.. a senior has the option of going to G.A Tech for free or X ivy league for free. What do you think he's gonna choose? His family/friends/social circle are going to pressure him to choose the brand name school. 3. Dual Degrees. Wharton + SEAS at Penn.. what more can anyone ask for?
At the end of the day, money isn't a major concern for people at ivies because of fin aid programs/parents too rich. Honestly though, it seems that most ivies have good engineering programs and students are able to get the jobs they want.
come join our structured securities (mortgage backed, asset backed) industry
we r making a killing rite now and the slaughter will last till the next big recession
There is plenty of other places to work instead of wall street if you want to do "business" -
Exactly. You look focus on the bigger picture of the business world by narrowing your opportunity set to finance. Remember ladies and gentlemen, finance is a support function in any context and level you examine it at. corporate finance is a support function of businesses. Not the other way around.
I was really hoping things will turn around by the time I graduate but I'm losing a lot of hope.
You have the best avatar on this entire site. Congratulations.
since when was the internal finance function considered middle office?
I knew I should have followed my passions and gotten that degree in cheese making
I've heard that DB is strong recently. They definitely invest more $$ to train new hires compared to the other BBs.
@jrt336-
I had the same question. What do people feel Deutsche's IBD SA class size will be this year. Do you think the lean offer rate trend will continue this summer as well?
Given that DB's recruiting is just about wrapped up, I would assume these numbers are starting to come together.
I was a summer at DB last yr. I can tell you that the numbers the OP gave for FO are spot on. To my knowledge, less than half of the class got offers back. Sounds like recruiting wasn't too heavy this yr. I expect far less interns and better offer rates
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