UBS vs. American BB-s (think GS, BofA) for SA internship in London
Hey folks,
As summer internship offers are starting to roll out, I’m wondering what your thoughts are on the best BB-s to do an internship with for S&T. Specifically interested in the comparison of UBS vs. American BB banks. With UBS having huge growth potential but companies like GS/JP Morgan/BofA, etc. having long standing elite rep., if you were to have offers, how would you choose? A purely hypothetical discussion but would be great to hear from you
Very desk-specific. UBS S&T is pretty strong in Europe and has the same "longstanding elite rep" you attribute to US BBs. However, I have no idea what "huge growth potential" you see at UBS.... they are drastically reducing their risk-taking and don't plan to retain much of the CS activities.
Hi there, thank you for your reply! I’ll expand a bit on what I meant by ‘huge growth potential’. I had an interview with UBS just the other day and I asked the guys interviewing me if they see themselves continuing their career at UBS for while and if so, why. Of course, they said they’re planning on staying and both of them said that because of the CS takeover, UBS has the potential to become the biggest global bank in the next 3 years (and from the sound of it, that’s what the bank itself is aiming for) because of how they’re integrating CS into their operations, so that’s what I was referring to.
High risk, high return. The integration can go either way, but it definitely offers some potential.
To the public, Ermotti communicates a risk-averse strategy, which is why many assumed that S&T would suffer a setback - but this is relative to the balance sheet. In absolute terms, S&T will grow. Those at risk have already been kicked to the curb, and those that remain are now playing with a bigger basket. A great place to be.
In all seriousness: I'm unsure about the "huge growth". But after all, UBS is on par with American BBs in Europe. If you feel a vibe with the team - go for it. If not, don't.
ur number 1 concern should be if there is some significant differential in return offer rates. BAML is known to convert basically everyone, while Goldman culls half the class. All else equal, you should go to the bank with a more friendly policy towards returns because the scale of their platforms are all pretty similar. U won't get paid more at ubs as an analyst because they are integrating cs.
Thank you for your comment! From what you mentioned, what I’m wondering is this: how do I get the conversion stats - is it just a matter of asking HR or is there reliable public record?
Don't ask HR about this. There's a general reputation for each firm; you can probably find it on the forum.
Pick BofA. I think they had something stupid like 8 or 5 people (was a while ago i talked to my BofA contact but it was single digits) and they converted everyone.
GS has like classes of 50? Obviously not even 50% are getting returns.
Don't mess up your career chasing prestige or whatever at the start of your career. Go to where you can be sure of a high chance of conversion.
I did a spring week at BofA last year and unfortunately, didn’t manage to convert. Was really upset about it and had/have them amongst my top choices for SA this year. With that being said, due to a number of applications they’re receiving, it’s taking them a while to process HVs, so I’m not even sure when to expect an AC invite from BofA, whilst I’m already done with the UBS AC and have GS in a few days. I’m afraid that if either one gives an offer and makes it an exploding one, I won’t have enough time to wait for BofA AC + decision.
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