Virtual S&T internship

helpwanted's picture
Rank: Monkey | 54

It seems unlikely that banks can have a traditional in-person internship this summer, if a late April/mid May peak is to be expected. So what is likely going to happen to internships? Would love to hear from someone currently at a bank.

I've been told by my BB that my internship is not in jeopardy, but the situation has drastically changed since then and a virtual S&T internship really seems like a non-starter to me. Would automatic return offer ever happen? I feel like any bank that reneges on internships would face a serious uphill battle going forward, unless every bank did it.

Comments (13)

  • Intern in S&T - Comm
Mar 31, 2020
helpwanted:

I feel like any bank that reneges on internships would face a serious uphill battle going forward, unless every bank did it.

Could you elaborate on this?

Most Helpful
Mar 31, 2020

Saw a couple of comments from the large thread the other day. Some people were saying that even in the midst of the 2007 crisis banks still brought on interns but we can obv see that this is a whole diff issue where we cant be in the office. On the contrary, another person mentioned that banks dont have much to lose other than the money they spent on recruiting by canceling the program altogether. They would then bring on off cycle interns and 1st years from places in addition to pooling the '21 class with the '20 class for 2021 FT which could be an issue. Although banks are going to get applicants regardless this would cause for the applicants that got shafted to be deterred by a certain bank which wouldn't be an issue if all banks did this. Additionally, this would force banks to have to do recruitment all over again for 200+ interns in addition to new applicants which banks probably dont want to deal with.

Not sure

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    • 2
Mar 31, 2020

I just meant that if one bank reneged on offers while a bunch of others didn't, they would certainly have a tougher time recruiting going forward.

I know an offer is an offer and kids will still want it, but it has to be tougher to recruit when people can't trust the contract they're signing. Personally I would've definitely kept recruiting if I didn't trust the offer I got to actually materialize.

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    • 1
Mar 31, 2020

I could see some banks giving automatic return offers as long they already have enough capacity to bring on an entire desk or even full team but couldn't see how this would work out when obviously some firms dont intend to bring 100% of everyone back in addition to some desks/teams not even having capacity to do so.

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Mar 31, 2020

side note, what happened with LEK?

I heard they gave their summers FT offers but cancelled the internship?

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Mar 31, 2020

Yeah I know somebody that was supposed to intern there. Can confirm. I think the firms that will need that manpower going into 2021 will definitely do that. Although highly unlikely I could even see banks doing it that spent a lot of effort on recruiting for certain desks & divisions as long as they have the capacity.

Array

Apr 1, 2020

I know Jane Street is doing full pay + auto-return offers as well, but these sorts of places are so different from a BB. Anyone at a bank have any sort of insight?

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Apr 3, 2020

that's a lie. Jane street has not done that

Apr 30, 2020

heard the same story

  • Intern in S&T - FI
Apr 30, 2020

Seems like Citi was an anomaly. Every other BB is more or less on track to not giving auto return offers

Apr 30, 2020

Can speak to my BB we will be having several interns in my group in FICC derivatives (I know that we only have one spot for full-time analyst). Highly doubt that everyone is going to get an auto return offer.

  • Intern in S&T - Other
Apr 30, 2020

Has there been any discussion of what shape the internship will take? Like how a virtual intern is supposed to be able to actually learn?

  • Intern in S&T - FI
May 3, 2020
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