Lazard interns reassured that the bank isn't capping offers at 40%
As we reported last week, it was a difficult summer for interns at investment banks. However, it was less difficult than one rumour suggests.
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A post on Wall Street Oasis last week said that HR had informed Lazard bankers that intern job offers this year would be capped at 40% of the internship class. A spokeswoman for Lazard tells us this is categorically untrue: "This is factually incorrect. It is wrong."
The reassurance comes as the summer's interns at Lazard are still waiting to find out whether they will be "converted" and receive offers to work full-time for the bank when they graduate. It's thought they might find out this week or next.
Speaking off the record, one Lazard intern said she was worried about the 40% rumour and had been feeling nervous.
The trepidation comes amidst signs that it's getting harder and harder to get a banking job after university. High Fliers, a UK-focused research firm, says banks have cut their target for graduate hires by nearly 2% in 2026. This follows cuts of 0.1% in 2025 and 8% in 2024. Acceptance rates at Goldman Sachs and JPMorgan are now below 1%.
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