bluntlysaid

Here is a list of banks summer associates should avoid*. Of course, this list is completely irrelevant since most people already landed their summer jobs and are locked in. Regardless, I’ll probably update this list throughout the year so it may turn out to be useful** for next year’s class.

• Citi: Yet another round of layoffs.
• GOLD LIST: Sorted by # of Layoffs in New York. Go to dealbreaker for more detail.
  • 7000 Bear Stearns
  • 3000 Citi
  • 2000 Lehman
  • 2000 Merrill Lynch
  • 2000 Morgan Stanley
  • 1500 JPM
  • 1000 UBS
  • 1000 Bank of America
  • 1000 Wachovia
  • 750 Credit Suisse
  • 500 Goldman Sachs
  • 250 Deutsche

*Disclaimer: I am 100% against investment banking. I think that the hours and stress zap years out of a person’s life. The six figure paycheck does not make up for the stress.

** The point of a summer internship is to land a full time job upon graduation. The odds of achieving this goal are greatly diminished if the firm experiences significant losses between summer break and graduation. Then again, the class of 2010 will most likely graduate during an upswing in the hiring cycle. The banks that laid off the most people in 2008 will probably need to staff up more aggressively.