Things aren’t great at banks these days, and they’re likely to get worse before they get better. Sure, they’re holding off (for the most part) those very attractive layoffs until the coronavirus situation cools down, but adding headcount is not at the top of their to-do list right now, not when they’re already trying to figure out how to keep these damned interns entertained and busy this summer. And that is not great news for the new class of analysts also set to get started over the next couple of months, especially if they are hoping to start at Evercore.

Recent college graduates who were due to start at Evercore later this summer will get $15,000 if they defer their start date until January and $25,000 if they wait until next summer to join, said recruiters who are in touch with incoming employees…. Banks have nowhere to send these new employees. The offices of banks and investment firms, like most in white-collar industries, have been largely empty since March. The hands-on training that is important for new workers is now impossible, as are the kind of social events that would normally help integrate them….

No bank has rescinded offers en masse, but all are tweaking their onboarding and training to go virtual.

So, I guess, hopeful future Evercorers, go ahead and take that gap year in, uh, your parents’ basement? Sounds like a rollicking good time.

Wall Street Firm Will Pay Junior Bankers Not to Work [WSJ]



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