Internships in investment banks finished a few weeks ago. Students who spent their summers at investment banks have, for the most part, received offers – or not – and are now preparing to go back to university. Except at Goldman Sachs. At Goldman Sachs, some interns still have no idea whether they’ll be working for the bank or not upon graduation, and won’t know until the end of next week at the latest.
“Goldman Sachs still haven’t told me anything about the offer,” says one former summer analyst who’s been on holiday and come back since the internship ended, and is still none the wiser. “Other banks tell interns whether they have offers on the last day, but Goldman Sachs’ policy is different – everyone’s still waiting.”
“We won’t know the final outcome for another week or so,” says ex-Goldman intern. “The picture still isn’t very clear.”
Goldman declined to comment. The bank is known for being very systematic when it comes to hiring and promotion decisions though, so we surmise that every employee who came into contact with each intern is likely being grilled on their appropriateness for a role. The firm also calls every single intern to let them know whether they’re receiving an offer (or not), which takes time.
One former Goldman analyst says that when he completed the internship a few years ago, interns were informed of their fates in batches: “Some found out before the rest.” Some of this year’s Goldman interns have already been informed whether they have offers too.
Even so, Goldman’s tardiness stands in contrast to the likes of Barclays, UBS and Nomura, which extended intern offers a few weeks ago. Morgan Stanley, meanwhile, closed its 2017 EMEA analyst programme to applications on 26 August – suggesting it’s expedited its hiring process this year.
Goldman’s delay opens its juniors to accepting opportunistic offers from other banks. The head of one London finance recruitment firm said they’re unlikely to accept them: “People will hang on to see whether they’ve got an offer from Goldman – they’re not going to jump in and accept something else. It’s just another example of Goldman’s exceptionalism.”
Unfortunately, by the time Goldman’s summer analysts do discover they’ve been rejected, other banks’ offers may no longer stand.