- June marks the start of many summer internship programs on Wall Street.
- BI asked industry insiders where interns hang out when they're not pulling all-nighters.
- From bars to coffee shops, see 5 top places summer interns will go to see and be seen this summer.
In the next two weeks, hundreds of college students will descend upon New York City to begin summer jobs on Wall Street.
To kick off the annual ritual, we asked half a dozen industry insiders to tell us the top hangouts for Wall Street interns, known for planning out their career paths years in advance.
We focused on New York City because it's the financial capital of the world, boasting top investment banks like Goldman Sachs, JPMorgan, and Morgan Stanley. The people we spoke to include recent interns who are starting investment banking jobs or now work in private equity, as well as some who are still students but live in New York.
They told Business Insider that summer analysts will be spending most of their time in their office. That's because the No. 1 goal of an investment banking internship is to get an offer for a full-time job after graduation, known as a "return offer." To do that, interns have to prove their work ethic and commitment — often by joining the full-time junior bankers in clocking in 80- to 100-hour workweeks.
"I don't think I ever went outside of the office except to sleep that summer," one second-year investment banker said of their intern experience.
Still, it's summer — and even busy interns would be wise to find time to network with other future rainmakers. So where will they be in the few hours a week they manage to break away from Excel spreadsheets and the whims of their bosses?
From bars and clubs to coffee shops — here are 5 spots (plus a few honorable mentions) where you'll be sure to find Wall Street interns this summer in New York City.
Brass Monkey
This bar was mentioned most among BI's sources. Four industry insiders, from newly anointed bankers who were interns last summer to more senior professionals, said Brass Monkey was popular among finance interns. It's in the trendy Meatpacking District on Manhattan's west side, and offers three indoor bars plus a rooftop terrace.
An incoming investment banker who interned last summer in NYC described it as a popular place to begin a night out "for people going to and from dinner in the West Village" and other nearby hot spots.
"The first Friday and Saturday night, the line is crazy long. It's so funny," said an incoming intern who lives in New York.
The food menu offers standard American bar fare like nachos, chicken tenders, and buffalo wings, while the drink list features a ton of beers and $16 cocktails with names like "Summer Stock" and "Swizzle Me Timbers."
Phebe's Tavern
Four people told us about Phebe's, an East Village spot that's been around since 1968. It's an eatery during the day, offering standard bar fare, but also pasta and steak. (It also randomly claims itself as the top bar for Cincinnati Bengals fans in NYC.) But it's open until 4 a.m. on the weekends, when it turns into a "known intern bar," according to a former junior banker who works in private equity.
Indeed, this spot has been featured in plenty of memes on Wall Street social media pages and online forums, including Instagram account Overheard on Wall Street.
"It's an early-in-the-night spot that just fills up with interns," said the person who previously worked at a bulge bracket investment bank. "It's right next to the Bowery Hotel and always full of early-20s people running around everywhere."
Hair of the Dog
Established in 2012, Hair of the Dog describes itself as a place "where old school watering hole meets big time sports bar" on Manhattan's Lower East Side.
"It's a pub slash spots bar vibe for all the finance bros to hit," said a person who previously worked at a bulge bracket investment bank.
The incoming investment banker described it as a late-night spot for interns and people in their early 20s, saying it's "small, crammed, loud," with "old/new music mixes in a grungy location."
Blue Bottle & Black Fox coffee chains
Networking is a must for Wall Street interns, who are eager to make a lasting impression in an effort to score a full-time job. That tends to lead to 1-1 coffees with employees and managers during the work day. The people who spoke to BI said there are two go-to networking hotspots for the finance ilk, both of them coffee chains.
Black Fox Coffee is a New York company with three Manhattan locations — one of which is particularly popping with bankers.
"For midtown/Park Ave people, Black Fox Coffee at 550 Madison is popular for chats," said the former junior banker who works in private equity.
This person also mentioned Blue Bottle Coffee, a cafe chain that got its start in California, but which now has about 20 locations in the New York metro area. This chain is more ubiquitous, but you'll find the most finance folks at the ones closest to office hubs — like in Midtown on 52nd Street. (It's even been a standout for this Business Insider reporter to catch up with industry sources across Manhattan.)
Swingers & Spin sports venues
While their names may conjure up images of promiscuous night clubs, Swingers is an indoor mini golf course and Spin is a "ping pong social club," according to its website. The people who spoke to BI said they're spots for team events (the kind that companies will put on and pay for) in the summer.
"We would just have random intern social events there," said the former junior banker who works in private equity.
Some honorable mentions
Honorable mentions included Mr. Purple, another rooftop bar on the Lower East Side that a former junior banker who works in private equity described as a "classic meme-y NYC club." It's "a place for interns to feel like they can see and be seen," added the person who previously worked at a bulge-bracket investment bank.
Pianos, yet another Lower East Side bar, "has live music and usually a line out the door of people who are way too young," said the person who previously worked at a bulge bracket investment bank.
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