Hope everyone survived the first week of quarantine (for many) and managed to regain some losses in personal accounts. We're truly in a bizarre time and things are moving fast af everyday. Working around the clock to bring y'all meme relief services and key industry updates when bandwidth permits.
We're back with another update on current hiring processes and the latest word on incoming interns/analyst/etc. given market conditions have led to rumors circulating on job cuts and rescinded offers. Keeping this high level as we don't have the granular details but want to provide a sense of the general trend.
Incoming Hires (offers in hand): None of the bulge brackets and boutique firms have announced offers being rescinded en masse. Many firms (including Goldman, Evercore, Citi, BAML, JPM, Jefferies, Houlihan Lokey, Macquarie to name a few) have sent follow up emails to incoming hires letting them know that their offers are still safe but start dates are TBD. However, there appear to be some one offs saying that their offers have been rescinded, but appears to be very program specific.
Currently Recruiting: Recruiting processes have largely come to a halt given the disruption in traditional hiring processes and diverted focus towards business continuity / figuring out near-term revenue pipelines / people trying to figure out their own WFH plans. Needless to say, many firms are implementing hiring freezes and suspending/pausing current processes given the uncertainty over the next few months. Unfortunate for those that have received verbal offers or have spent energy over several rounds but not surprising. Base Case: don't count on those converting at the moment. Upside Case: you'll get a phone call / email saying congrats.
LitCap Outlook: Cautiously optimistic (classic). Don't want to get into specifics and get wElL aCtuAlLy'd by hardos but will say that this is different than '08 and is largely a temporary shock to the economy (assuming the virus is contained and life resumes in due time). Banks have better capital buffers, private equity firms are sitting on record dry powder, hedge funds... well there's always HF blowouts... Point is, KEEP YOUR HEAD UP. Take some time to sharpen your story, practice technicals, practice modeling and come back a stronger candidate for the job your targeting. To the gainfully employed: get in shape, read a book, reflect on life, learn to cook, catch up with family/friends over FaceTime, practice pong technique, blaze, send me fire content, idk. This is some weird unplanned shit and we all gotta figure out a way to make it tolerable and productive.
(P.S. in case you missed it, check out the Bloomberg article on #RONARIGs. Big W for the LitCap team on our hashtag creation. Thanks all for sending em in)
DM excerpts below (data as of 3/19-3/20):
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