Banks need to notify their interns as soon as possible about the summer situation, whether it is being delayed or virtual or the situation with offers.
Students are extremely stressed with planning for the summer and figuring out housing.
What do you all think about this?
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agreed! they have been telling us to wait and that they are monitoring the situation for a month and a half now. considering these offers started being handed out a year ago/last spring, and were supposed to start in a little over a month, we really need answers. i don't know what to do about my housing and I only have a short window left to cancel, not to even mention the stress we've all been under regarding the status of these internships we worked so hard for
If you can’t handle the “stress you’ve been under about the status of your internship” I don’t think you’re going to be able to handle the stress of the job dude.
Not sure I’d say your MD being up your ass about a deck for an “important” meeting tomorrow or whatever is as stressful as wondering if you’ll have an internship at all, if you’ll get money from the summer you might need, what the status of your full time job is and if you’ll be on the hook for thousands of dollars of housing you might not need.
Edit to clear up any misinterpretations: I am very aware it’s not just MDs making the decision. I’m saying I don’t agree with the commenter above me’s claim that if you think this uncertainty surrounding the internship is too much that you can’t handle the stress of investment banking. I’m saying I think this uncertainty is more stressful than the stress you’ll experience in this job (commonly caused by some senior banker being up your ass about a meeting or whatever that’s very soon and they think is very important)
Agreed. And with the situation in NY, it is NOT safe for students from all over the country and world to congregate in one place, possibly bringing the virus with them / adding to the spread
you're preaching to the choir here
You’re acting as though you’re the most important asset at the bank. Understand the need to know sooner rather than later, especially as it pertains to moving. But chill out. These people are trying to manage their business through a pandemic. They’re not just sitting around twiddling their thumbs saying screw the interns.
Why not just get an apt in NYC regardless? Even if internship is remote, it would have advantages vs what, staying with parents and fighting over space/wifi? Worst case scenario is that you "waste" money on an NYC apartment (probably a steal right now) and enjoy a summer working remotely there when you could've saved a little money not renting that apt. Big deal. Still more fun and what about later in summer when things ease up, youd be able to meet some of the bankers in person for beers and whatnot.
Very good point- I think things will be pretty clear come mid July. Therefore, if youre the intern that is in the city and you meet with bankers and get to know them- who do you think will get selected come decision time in early august.
Lol it shocks me how stupid some of your posts are... you realize there are cops stations at NY / NJ / PA borders right now stopping people from coming in and out unless they have a reason that corresponds with the associated state's quarantine measures right?
"Enjoy a summer working remotely in NYC" yeah it's all sunshine and rainbows with the dead streets, closed bars / restaurants / shelter in place mandate, and the ice trucks filled with dead bodies along the NYU hospitals... real peachy over here.
This is 100% false.
you are a fucking fool. I have gone to NYC, what you describe does not exist. Furthermore by mid July 100% non essential will be back to work (in my estimation).
Since the anonymous fucks can't do a simple search:
If you must hit the road Do your research beforehand. Go to the official website of the state and localities that you are traveling to — and those between. Some states and municipalities are setting up border checkpoints and screenings, which may affect your trip, though no state has blocked through travel.
Before a longer trip, speak with a health care provider and get your vehicle checked for maintenance. Contact hotels to be sure they’re still open.
Check for open rest stops along your route. They vary by state, but as gas stations are essential businesses, they make a good option for restrooms. Pack food or plan for drive-through and carryout options only.
Don’t leave the driveway without packing necessary travel documents, including health insurance cards, along with ample snacks, water and, of course disinfectant spray and wipes.
Truck stops and travel plazas are still open, but you may notice a few changes on the roadside. Many locations across the country have transitioned to curbside or takeout options. Additionally, some locations have installed tap and pay machines to limit person-to-person contact.
No state has blocked drivers from passing through on their way to their final destination.
Some municipalities are adding restrictions of their own. In New Jersey, the city of Newark, and the nearby towns of Irvington, Orange and East Orange are turning around drivers seeking to cross their town lines whose travel is seen as nonessential.
The restrictions came on the heels of New Jersey Gov. Phil Murphy’s executive order restricting movement in the state, which currently has more cases than anywhere in the country except New York.
Officers will stop drivers to determine their reason for being on the road and issue summonses for any nonessential travel.
“We’re doing this because we want to save lives,” Mayor Baraka said. “And the quicker we do it, the longer we do it, and the better we are at obeying this, the more lives we save and the quicker we can get out of this situation.”
Yeah bring all your documentation and good luck explaining to them that you moving to NYC to get some networking done is considered "essential travel". You get paid well though so fuck it, what's a few hundred dollar citation / summons right?
Dude chill the fuck out. I just wanted to help some interns. At least one found it helpful based on the comments. I don't care if I piss off 20 people like you if it helps one person. Seriously why would I care? Would you help one person if it meant getting MS on an anonymous message board? I'd hope so.
Interesting that your own post, criticizing mine, has its own share of detractors. Maybe just chill a bit. I know its a very rough time. Most of my friends live in NYC. But I think if an intern is getting nervous about the uncertainty, they can consider the benefits of maybe just renting a place.
I was waiting until some others called you out for how ridiculous this take is to make sure I was reading this correctly. I don’t have much else to add other than that you are a fucking idiot for telling kids to go rent out a apartment in NYC of all places now and that they will go to “bars with seniors in late summer” unbelievable.
Both the SB/MS on my post and the responses indicate that your opinion is only one side of it.
What's surprising is how emotional the criticism is. I get that you disagree. But for you to call it so completely unbelievable while someone else is like "very good point." Not saying someone else's approval makes you wrong. But like, you can't even believe what I'm saying. OK.
To be clear, I'm not advocating renting in NYC if you're 100% sure your internship is remote. But if you're nervous about it like OP and you're facing a decision, I don't see why its so crazy to just rent now on the theory that there's a silver lining even in a remote work scenario.
Honestly, there are so many problems that banks have to deal with right now and everyone is effectively firefighting constantly. Automatically extending FT offers or choosing to go virtual have so many implications that are unforeseen as of right now, so I am sure that they are holding off to plan for the most ideal environment. Summer analyst programs and recruiting are at the bottom of the list of concerns. Just look at earnings. Be grateful you even have the opportunity to earn a job right now, while almost every other industry are canceling internships. Everyone is dealing with their many problems, often far more impactful than just paying a down deposit on your summer housing beforehand. Before you guys start arguing with me in an illogical manner, just know that this is coming from one incoming SA to other, so effectively I'm in the same shoes as you all.
Yep. Count the blessings...
Can confirm.
gosh you freaking interns should chill. The Top management currently has a lot of other problems and most banks already committed to pay you.
imagine your entire division getting shut down 6 weeks after signing a year lease in a city you've never visited. happened to me in my first job post-college. shit happens in uncertain times. you can either sulk and hope the bank lets you know some good news or you can continue to pound pavement, keep putting lines in the water, and focus on things you can control.
your choice.
Lol at OP. Understand that it’s not an ideal situation right now for interns and a lack of clarity is frustrating, but management at IBs have much bigger fish to fry.
What’s a bigger issue for Management - internship program or realizing revenue targets for 2020 are being cut in half or a quarter? FT offer rates for this years summer analysts or how to handle pipelines of prospective deals or active deals all going pencils down at the same time. Headcount reductions, unvested stock based comp, figuring out how they are going to pay their current analysts this summer - I could go on. You get the point. Sit tight and be patient - everyone is trying to figure this out on the fly. Read a book or two or play some call of duty.
I get your slightly annoyance, but welcome to the real world. This pretty much sums up most trading days. You can be all smart and have a game plan, but at the mercy of central bank, politician, and some other dude's decisions. All we can do is be patient, and be that best prepared of the 'class' when it happens; the winner is the person that's best prepared.
I am sure you can find a bunch of other people who are also worried about where their housing need to be for the summer. Think about how you can hedge ur bets.
What is the downside of clubbing some other worried prospective interns and rent a place together already? How much will this cost you? What is the downside if you didn't sort out housing until the last minute? How much will this cost you?
Everything has a cost and you need to know what your downside and make a decision and if that decision turn out to the wrong then you have calculated the risks of alternative and given the information you had this one is the best decision.
Finally some sanity
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