Covid-19 Full time / Internship Update #3 (4/8/2020)
Dear LitCap shareholders,
Hope everyone is staying tf home and helping to flatten the curve. We're back with our third installment of the rona-adj. hiring updates series trying to provide you with the most up-to-date information we've gathered.
Latest major updates we've gathered are as follows:
- Goldman Sachs, JP Morgan, Citi, and Moelis have pushed out their internship start dates to July 6th and internships will be reduced from 10 weeks to between 4 or 6 weeks
- Citi, JPM, GS have indicated that interns will still be paid for the full 10 weeks
- BMO US starting internships on June 1 remotely. Will announce in May whther interns will be able to come into the office starting in July or if remain remote
- Moelis and Citi have extended full-time offers to incoming summer interns (analyst and associates) upon completion of the internship. Kind of wild and unclear how this will actually play out but our take is that the interns are not on a level playing field if they are working from home and this could lead to an HR / PR nightmare. PwC has done the same with respect to return offers
- Evercore is expected to push internship start date a few weeks out (not yet confirmed)
- Big Law and Big 4 are largely moving to virtual internship programs
- Nasdaq has gone virtual for internships
- Rothschild sent an email reassuring internships are in place and planning to start in July
Summary takeaways (the TL,DR): Internships are increasingly being moved online as firms assess the covid-19 situation. We expect to see other large banks follow suit in extending full time offers to all interns assuming they have a pulse and don't completely shit the bed, as all banks are followers towards a consensus. Most of this intel is big bank related but assume this will be the case for full time hires across other sectors (HF, PE, AM, etc.) and other industries, as we're clearly still in an uncertain environment and quickly approaching summer.
Some of y'all gonna have a fire senior year in college and others will have to earn their stripes the good ol' fashion way. Who knows, some of you may be in the same virtual training with Bernie Sanders:
If you can’t beat them, join them pic.twitter.com/hRIz3h9AQ1— litquidity (@litcapital) April 8, 2020
Also be on the lookout for a wild Kyle Forgeard ZoomBomb during a diligence session this summer.
As always, please reach out with more intel via DM or email (firstname.lastname@example.org) and we'll continue to provide updates to keep the information litquidity flowing.