With summer in the Northern Hemisphere officially over on August 31st, summer internships in investment banks are firmly in the rear window. - Unless you interned in the investment banking division (IBD) at Goldman Sachs; Goldman's ex-IBD interns still have summer very much on their minds.
This is because Goldman's IBD interns, in London at least, don't find out if they get to convert their internships into full time offers until a few weeks after the internships end. It's not entirely clear when they'll be told, but they haven't found out yet. The information is likely to be communicated in the next few weeks.
Goldman isn't commenting on the lag between the end of its IBD internships and the point at which it informs its IBD interns about offers, but it's understood to be nothing particular to this year's plummeting investment banking revenues. It's also understood that people in other Goldman divisions (eg. sales and trading) receive offers sooner.
Nonetheless, the delay is a perennial headache. It means that Goldman's interns, some of whom are in the final year rather than the second year of university, don't have clarity on what's going on and can't apply for openings that might exist elsewhere for people who were good enough to get a GS internship but not an offer. Banks have a history of trying to poach each other's interns, and unwanted Goldamnites could conceivably tout themselves around.
Instead, they're left hanging on. Meanwhile, other banks and Big Four firms make offers before their internships finish or very soon after. "I had a back-up offer somewhere else," says one recent GS intern. "But it's already expired and I still don't know if Goldman want me."
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