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Actually, Bank of America Merrill Lynch IS sending its graduates to New York for training this year

Bank of America tower to which you may not be going

We were wrong. Yesterday, we suggested – as per an article on Dealbreaker, that BAML was having second thoughts about training its EMEA summer analysts in New York this year. Apparently, they were to be trained in London instead, in order to save money.

We have now heard back from BAML and they assure us that people will be sent to New York as usual. Any reports to the contrary are incorrect.

We understand that rival US banks Goldman Sachs and JPMorgan will also still be sending their analysts to New York for as long as 7 weeks for their initial training.

“The New York training is a great perk,” said a spokesman at one bank. “It would put people off if we removed it.”

Comments (2)

Comments
  1. I am a returning front office summer at BAML and I confirm this information.
    This is terrible…This decision, added to what’s going on in the industry at the moment… it really makes you think twice before joining an investment bank… Most of my peers were highly motivated by the prospect of starting the job with a couple weeks in NYC..No everyone is wondering what is the next thing they will remove… maybe no more free cab or meal allowance for late work ? maybe no salary hikes for 3 years like credit suisse?
    Seriously, we are talking a lot those day, and this really broke our confidence that maybe Merrill would avoid hitting too hard on EMEA new staffs since the bank is trying to rebuild its franchise there.
    Seems like we were wrong, and I can tell you that lots of my peer are HEAVILY disappointed…

  2. Well, looking at the edit of the article, I am really surprised….seems like we misunderstood the mail we received. In such a case, it would be a great signal sent to all of us, and everything I said would be irrelevant. Still, most of the returning summers have understood it as I did. Time to clarify this with HR people…

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