Are cover letters really necessary?

just send a bunch of equations

Cover letter I would say yes. No reason NOT to...References I typically don't send unless they are requested.

A cover letter will never get you a job, but it's absence can sure as hell lose you one.

Always submit, unless they don't allow you to.

unless it is full of errors it wont hurt you. the worst they can do is just throw it away. but as was said above if they expect it and it isnt there you are getting dinged

I can't remember ever reading a cover letter. Maybe our HR department reads them, but I never do.

I think it's time to de-emphasize the importance of the cover letter - unless specifically asked to provide a cover, don't worry about it. It's just a short summary of your resume anyway. It's redundant.

Your resume is the first screen, so make it shine. I would be furious if our HR dept came to me and said, "I disacarded this candidate because he didn't incldue a cover letter even though he's the most qualified." Of course, that is such a ridiculous scenario that it would never happen.

When you think about it that way, you'll see what I mean about de-emphasizing the cover letter and emphasizing the resume.

I wouldn't necessarily submit a cover letter for an online application that you already have an OCI for. It is only used for initial screening, and if you got the on-campus interview for your resume there really is no need to waste your time making one

I hate cover letters...they are pointless:

Greeting

Heres whats on my CV

Heres a robotic response about me being enthusiastic and a hard worker (similar to the other 2000 cover letters you have received)

Whats the point...they always sound so robotic/forced and contain absolutely no valuable information about a candidate that cant be found in the CV.

cover letter can be similar if not basically the same, but include one for sure. Even if it's unnecessary, if you don't you'll be the candidate that couldn't be bothered putting in a little effort to write one (as opposed to everyone else who did) and you'd better be a pretty amazing applicant to overcome that first impression. Not an expert on this, and someone who is actually involved in recruiting (as opposed to a student who has only been on one side of it) could probably help more, but those are my two cents. Hope they help.

What kind of question is this? Just write the damn cover letter.

I went through all of recruiting and never wrote a cover letter. IMO they aren't read and are a formality - simply sending an introductory email w/ resume attached is more than fine.

In my experiences during business school and now working on a trading floor, I have yet to see a single resume that did not have a cover letter attached to it. Yes, many times they are not read, but they often are--especially when the person has no background or a random major like art history, and the people who are reviewing it want to know why the hell you're applying in the first place. 
And for <abbr title="Sales and Trading">S&amp;T</abbr>, HR doesn't make the decision--the recruiting team for that school, which is made up of traders, marketers/sales, and strucuters, do. 
So like the 2nd poster said, write the damn cover letter. 

Some of my funniest recruiting stories come from mistakes in the cover letter--using the wrong bank's names, spelling errors, etc.

your funniest recruiting stories must be so HILARIOUS!!!

honestly unless it asks for one specifically, you dont need to say any thing in an email other than here is my resume. look forward to talking to u. blah blah blah

For me it is just a formality really, because I have contacts in many banks as a family member of mine is high up in a very prestigous hedge fund

thanks for your insight...really helpful post to hear you bragging about your connections

go work at said prestigious hedge fund?