Citigroup Cancels Its 2010 Summer Program
If some law firms are not willing to invite members of the class of 2010 to work for them over the summer, why should banks?
We just received word that Citigroup has decided to cancel its 2010 Summer Program for 2L summer associates. A tipster sent us this email that students at Penn Law School received this morning:
Dear Students,I regret to inform you that Citigroup is not having a summer class for the Summer of 2010 and has cancelled all of it on campus interviews. Your bid will not be lost as we will consolidate it before we process the interview schedules. I apologize for any inconvenience this cancellation may cause you. Please do not hesitate to contact me if you need further assistance.
All the best,
Did you know that Citigroup got legal talent fresh off of the law school tree? Well, they don’t anymore.
Let’s look at what the program used to be after the jump.
As of this writing, Citigroup still advertises its CitiSelect program on its website. In reads like a pretty standard summer program for those who want to be in-house counsel without putting in the soul crushing years of due diligence at a law firm:
CitiSelect is much more than just another summer- or first-year associate program. We’re looking to groom our next generation of legal executives by investing in them from day one. Each summer associate who is offered and accepts a permanent position will receive compensation comparable to that of the law firms associated with the program. Selected participants will also receive an incentive payment post-graduation.
We know things are tough for in-house lawyers trying to hang onto their jobs. In April, we reported that Wells Fargo laid off 15%-20% of its in-house legal department.
With all of the laid off transactional talent out on the street panhandling for derivatives, it’s not entirely surprising that a bank like Citi doesn’t need to build the “next generation of legal executives” right out of law school. But it is just another option that is being closed down on the class of 2011.
Good luck guys. Citigroup may not be hiring, perhaps City Wok could use some help?
Earlier: In-House Counsel Layoff Watch: Wells Fargo Could Be Making Cuts
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The ship done sank
Kash? Hot? First?
Third?
Such a shame. I recall the perks of working for Citigroup (i.e., free haircuts in the lower level at the Park Avenue location) during college.
How you like me now?
Obama and his comrades surely had some input in this decision.
Ah ha. Proof that PE is a fraud. Citigroup was formed in 1998. Should be way after your college days, old timer.
Shocker. Please don't devote a whole post to Lehman Brothers' OCI cancellations.
PE = ULTIMATE FAIL. Citigroup formed in 1998.
I wish Duke had waited to schedule interviews so I wouldn't have wasted half my bids on firms that pulled out.
But Citibank (City Bank, actually) goes back to 1812.
- Not PE
This comment is addressed to the idiotic posts nos. 7 and 9.
Your lack of research and diligence disappoints me and poorly reflects on your generation. Citibank has been in existence since the early 1800s under various entity names. The Citicorp building alone was built in 1990, which pre-dates your misinformed 1998 formation date. You will never work for a peer firm. You make me frown.
GOLDMAN SACHS REMAINS
"You make me frown"? LOL
http://www.cnn.com/2009/US/07/27/gates.arrest/
Elie,
Please click on the link above to see how wrong your argument was about the gates scandal. Thanks. Also, 11 CitiBank does not = City Bank. Completely different name which you hopefully realize is extremely important for numerous reasons I will not go into.
I guess they don't want to/can't use any of the billions of dollars of government aid to hire a few SAs . . .
Elie that typo in the title is making me cringe. Please remove the errant "s" from the end of Citigroups.
Good luck on the Bar exam PE.
PE might be the biggest loser in America.
PE, I don't know what's worse, a law student keeping up a pathetic shtick for so long or a partner in any firm defending himself to anonymous commenters on a blog. What do you think?
PE = illiterate fraud
This comment is addressed to post no. 19.
I am afraid the title of biggest loser belongs to your father. If he is deceased, my condolences, but that would make you the biggest loser.
"In reads like a pretty standard summer program for those who want to be in-house counsel without putting in the soul crushing years of due diligence at a law firm."
Elie:
1. IT reads not IN reads.
2. If you bothered scrolling through the CitiSelect program site, you'd see that the program requires law school graduates to spend 3 years as an associate at a law firm (Davis Polk; Paul Weiss; Skadden; etc.)
PE = pathetic person
Guys, PE is not studying for the bar. He is a rising 2L at a law school that I shall not name.
Seriously, those who claim to have the wherewithal to out PE need to step up.
I gave PE's mom "hybrid tough love" last night.
@$$ l0b$t3r
I lied, jobs died. But this isn't about me. I have great health insurance.
I'm Barack Obama?
Suffolk cancels its law school
PE, please settle this once and for all: Is Kash hot?
PE = Penis Envy
DOJ SECURE
PE = Penis Envy
DOJ SECURE
PE = Penis Envy
DOJ SECURE
If you think Obamanomics is working, talk to someonw who isn't.
"Hey Shooter, you wanna go grab some dinner at Red Lobster later, my treat?"
@ 23
Trust me, the CitiSelect program participants don't work even half the hours that firm associates do. They receive signing bonuses, an associate-level salary, and end-of-year bonuses commensurate with what the firms are paying out. Oh yeah, and they leave by 6:30pm every night. Sounds like a pretty sweet deal to me. Or else they're just lazy...
I know why the caged bird sings. Andy by "caged bird", I mean PE. I do not want to reveal PE's identity for fear of reprisals.
I'd like to see what people think about the disabled woman who is asking the California Bar to allow her to take the bar exam. She even got the governor to ask them!
http://gov.ca.gov/press-release/12895
@ 23
Trust me, the CitiSelect program participants don't work even half the hours that firm associates do. They receive signing bonuses, an associate-level salary, and end-of-year bonuses commensurate with what the firms are paying out. Oh yeah, and they leave by 6:30pm every night. Sounds like a pretty sweet deal to me. Or else they're just lazy...
@ 23
Trust me, the CitiSelect program participants don't work even half the hours that firm associates do. They receive signing bonuses, an associate-level salary, and end-of-year bonuses commensurate with what the firms are paying out. Oh yeah, and they leave by 6:30pm every night. Sounds like a pretty sweet deal to me. Or else they're just lazy and have no work ethic.
@ 23
Trust me, the CitiSelect program participants don't work even half the hours that firm associates do. They receive signing bonuses, an associate-level salary, and end-of-year bonuses commensurate with what the firms are paying out. Oh yeah, and they leave by 6:30pm every night. Sounds like a pretty sweet deal to me. Or else they're just lazy and have no work ethic.
PE: I am a journalist working on a piece about pseudonymous online posters that inspire love/hate relationships among their readers/followers. I was referred to this site by a lawyer friend, and I have been reading your postings for the last few weeks. Can we have an offline conversation? No need to reveal your identity or other details unless you want.
Lat,
Why does your comment engine suck? Surely there's some way to confirm that a comment has been posted when it takes 2 minutes.
43 - no one loves PE. We all hate him. Some of us just find his musings more entertaining than others.
What a shame. CITI could have housed the summer in the many vacant repossessed homes they have dotting the landscape.
This was a legal position. The banks cancelled all their rainmaking positions too for law kids too.
Goldman, Citi, Credit Suisse, JPM, UBS, and a few others used to come to HLS OCI every year to recruit as IB associates (skip the two years of soul crushing analyst work).
No more.
Does anybody know if the CitiSelect program participants work even half the hours that firm associates do? Any word on when they get out each day?
This was a legal position. The banks cancelled all their rainmaking positions too for law kids too.
Goldman, Citi, Credit Suisse, JPM, UBS, and a few others used to come to HLS OCI every year to recruit as IB associates (skip the two years of soul crushing analyst work).
No more.
43 = PE
39-
People who depend on the government to do and pay for everything for them need to expect and accept it when the government does so incompetently.
43 - all interview requests for my brother should be directed to me. I'm his agent too. Now if I could just figure out how to post my picture.
Very truly yours,
Stan Emeritus
"If some law firms are not willing to invite members of the class of 2010 to work for them over the summer, why should banks?"
Class of 2011.
"If some law firms are not willing to invite members of the class of 2010 to work for them over the summer, why should banks?"
Class of 2011.
43 + PE = online orgasm.
PE is a Seton Hall student. There I said it
ash robster
Obamanomics is destroying America one job at a time.
I need not explain high finance to you legal grunts, but I feel compelled to set you straight. No, my fine establishment did not need to cancel the summer program. Still, after spending a delightful afternoon at Rick's Cabaret with a man you know as Partner Emeritus, I was convinced that I could save more money for executive bonuses if we refused to hire the peasant class next summer. The Obama regime's regulatory fist is making it ever so difficult to hide our compensation techniques, which we only do in an effort to protect the simple folk from confusion. Nevertheless, we must now find transparent ways to receive just compensation for our management services. So with that said, and in a moment of generosity, I will provide a tip for those of you who will be unemployed due to this manuever:
Open up a savings account at our establishment, which is garnering a hearty 0.00325% APY. After all, a penny saved is 3.25 1,000ths of a penny earned! And you never know when you may need that money for a rainy day.
-The Executives' Executive
59 suck it
Mr. 60,
I offer a perfectly forthright explanation and tip and you attempt to insult me with you peasant class tongue?! Again, while I need not expain myself to the grease in the gears of my money-making machine, the only thing I will be "sucking" will be a bottle of crystal at my Tuesday Executive Team Building Brunch. Good day sir.
-The Executives' Executive
I wonder why more corporations don't have large in-house counsel staff like this. It would probably save them a lot of money as opposed to paying the marked up fees of firm associates. Plus with a few more staff an in-house counsel office can just as easily manage a bunch of contract attorneys doing a doc review.
You'll still need some partners who have gov't connections, trial skills, etc. Those that actually provide invaluable worth can then get $1500/hr. Just pay them $1500/hr and avoid paying $500/hr for some associate who is doing work a million people do.