Coronavirus - Firm Hiring Updates
We are currently living in a wild time with Coronavirus (aka COVID-19, prickly boi, 'rona, whomstvirus, BoomerRemover (sorry)) changing the way societies operate across the globe. At the time of writing, NYC, Chicago, SF, Boston, and other major US cities have ordered shutdowns of bars/restaurants/theaters and the CDC is recommending limiting gatherings to no more than 10 people. Universities nationwide have gone virtual (a real downer for seniors who are unable to live out their last semester and potentially walk the stage with the friends).
With this has come the question of recruiting and incoming interns/analysts/associates across the street and if their jobs are safe. While the situation is changing by the day, the team at Litquidity Capital has summarized data received from hundreds of individuals over the weekend:
To summarize: it really is too early to tell how long the effects of the virus will last and how companies will weather the disruption to their business as usual. At the moment, the general response from major financial institutions is "your summer internship is still on for the summer". Citi, Goldman, JPM, MS, and other bulge brackets (BBs) recently sent emails ensuring summer internships are still in place, though there is speculation that training may be conducted virtually if the situation continues into the summer. Regional offices of the BBs, regional banks, small funds, etc. are all across the board in terms of internship status (more of a case-by-case basis depending on the firm's capitalization and need for new heads).
Spring internships largely appear to be canceled, with some individuals reporting that they're currently being onboarded virtually. Current hiring processes have either been placed on hold indefinitely or moved to virtual.
We'll continue to monitor the situation for any major updates. All we can suggest for the time being is: enjoy the free time (if healthy), pick up a hobby, scroll through ya boi's memes, get those hinge matches up, STAY TF INDOORS.
Stay classy,
Lit
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