Credit Suisse interns told they don’t have jobs and need to reinterview
I heard today that the Credit Suisse summer interns were told they need to reapply to UBS. Apparently they will have 2 rounds of interviews, including a hireview and a superday. Really brutal if true… sorry interns.
Can confirm.
Absolutely brutal for cs. Though the interns should be happy there was even a summer internship to show up to(and get some resume experience).
Yup. And starts like this "as part of your internship with CS, you will have the OPPORTUNITY to be CONSIDERED for the 2024 UBS graduate program".HireVue and Superday. July-Aug 5th. Job offers given the 14th.
That’s really rough. So the CS interns have to apply through the general UBS GTP app? Unless the GTP deadline has somehow passed, the app doesn’t seem to be yet. That seems like a short timeline…
LMAO
as a CS intern screw IB I wouldn’t wanna work long hours anyways… just finesse straight into buy side at this point
Sour grapes
Yeah those buyside firms are dying to hire someone who did a fake IB internship lol
Buyside without an internship is very difficult even if you have GS IB with a return offer... a CS internship where you had very little work to do and no return offer isn't going to impress too many on the buyside
How is this different from any other internship, where you need to work for a return offer that isn’t guaranteed just because you got the internship?
you dont have to do multiple rounds of interviews and a superday at the end of an internship
In case the post is talking about Europe, it's quite common to go through ACs at the end of your internship in order to convert. Rothschild/SocGen in Paris, Partners Group in PE for their Graduate programme. It's also typical for several regional/MM boutiques in France for instance to proceed this way for their graduate recruitment.
no shit, 99% of us will never intern at rothschild or socgen in paris. just cause 2 banks in 1 specific office do it doesn't mean its normal. tf is your comment?
Good grief what an out of touch comment from that guy. Shouldn't he be more concerned with the mass riots in France right now, instead of yelling at US based interns who now need to re-interview that over in a tier 3 financial center like Paris that things happen differently? Dude you're not even in London and just proving my experience that everyone at SocGen is an insufferable douche. Now go eat a baguette and run along.
LOL
Americans getting triggered when they find out there are other countries in this world
And btw I'm based in London and worked in the US as well. Don't be misled by the title - just never updated it since joining WSO. I probably started IB when your main priority was being the most popular guy at junior high.
Forgot how annoying it can be to talk to entitled little shits who think they are the center of the world just because they went to an Ivy League
Bro really thought he cooked
Yeah ngl some of these banks located in Europe do this stupid thing too...
Highly doubt this is true. Probably another troll
Nope it's true
its true, my friend is at CS
Not anymore...
Ok I'm confused. Are interns interviewing with the new UBS team they're going to, or is it basically square one where they don't have offers and need to reach out to other banks entirely?
I am curious though what the interns were doing this summer since I can't imagine many companies were mandating CS during all of this.
Still up in the air in regards to whether it's square one - although it does seem like it from the email.
Workload for interns varied widely based on group. Some stayed well past midnight most nights while other groups had minimal work.
This is completely true.
“Once application is completed, you may be invited to record a video interview and attend a Superday consisting of competency and commercial interviews with representatives from Credit Suisse and UBS. These will take place from late Julv until August 4. We'll communicate hiring decisions starting the week of August 14.”
Ends with a cheeky:
”We hope you decide to apply!”
Well that answers my question. Wtf? Was this because there were really no live deals to evaluate the interns on? At this point, they should know who they want to keep or not, unless UBS group heads aren't in on the loop.
That’s my assumption, there doesn’t seem to be much deal flow and they don’t need this many analysts anyway.
skeptical if they’ll even retain the delayed analysts come February
the hirevue is a real kick in the balls. they don't even give the interns the courtesy of an actual face to face.
i do get it from the business standpoint, but brutal.
Wow and I thought my summer was bad.
Sounds like UBS are rubbing it in the face of CS with the word choice of that email.
There is deal flow. I can’t speak for every group, but every intern in my group is staffed and working long hours. We were all under the impression that there would be an end of internship review and return offers, not a whole new interview process.
Apps open on the 13th hahaha
Busting your ass off for this to happen. I bet it's just a formality too, not willing to take many.
Better messaging than "you are all not getting offers". At least there's a "chance" you get one with UBS.
I liken this to networking with a team you want to join, who rejects you lightly by saying "go ahead and apply online, here's the link!"
Of course but CS interns should be with the mind to continue recruiting elsewhere. Don’t put all your hopes in this bucket.
This sounds like a worst-case possibility. It’s plausible that the former CS interns will receive some kind of priority in UBS FT recruitment if and only if they did a great job as a CS SA over candidates completely unknown to UBS, but also plausible that UBS isn’t intent on taking many FT analysts, and really doesn’t plan on taking much if any of the CS SA class but doesn’t want to burn bridges explicitly.
The truth about rejection is this — sometimes it’s respectful, sometimes it’s not, sometimes there’s closure, sometimes there’s not, sometimes it’s personal, sometimes it’s not, but at the end of the day, the outcome is the same. And, brutally, the outcome is all that matters.
This sounds like a worst-case possibility. It’s plausible that the former CS interns will receive some kind of priority in UBS FT recruitment if and only if they did a great job as a CS SA over candidates completely unknown to UBS, but also plausible that UBS isn’t intent on taking many FT analysts, and really doesn’t plan on taking much if any of the CS SA class but doesn’t want to burn bridges explicitly.
The truth about rejection is this — sometimes it’s respectful, sometimes it’s not, sometimes there’s closure, sometimes there’s not, sometimes it’s personal, sometimes it’s not, but at the end of the day, the outcome is the same. And, brutally, the outcome is all that matters.
This sounds like a worst-case possibility. It’s plausible that the former CS interns will receive some kind of priority in UBS FT recruitment if and only if they did a great job as a CS SA over candidates completely unknown to UBS, but also plausible that UBS isn’t intent on taking many FT analysts, and really doesn’t plan on taking much if any of the CS SA class but doesn’t want to burn bridges explicitly.
The truth about rejection is this — sometimes it’s respectful, sometimes it’s not, sometimes there’s closure, sometimes there’s not, sometimes it’s personal, sometimes it’s not, but at the end of the day, the outcome is the same. And, brutally, the outcome is all that matters.
That's really unfortunate - not unexpected, but still awful. To this day, I wonder how much the CS shills on this site over the past couple years influenced people taking that summer or full time offer. The stock had imploded, newsflow everywhere about the struggles and yet people still took those offers (and I assume if you get a CS offer, you could've recruited competitively at other places, even if less 'prestige')
It's weird how they had the hardest shills on here.
It's weird how they had the hardest shills on here.
I personally disagree with this statement. Deal flow and senior team at CS remained strong despite the news these past few years. A few waves of exits resulted but key seniors were retained and CS managed to poach talent back. The stock was doing terrible but the advisory IBD business was doing fine. The spinoff plan was very promising and the seniors were very excited about the structure and created a strong morale in the IBD.
There was no one that could’ve predicted the turmoil in the banking sector that started with the fallout of SVB which caused multiple bankruns (including CS in Europe) which ended up forcing this rescue by UBS. So saying that taking a CS offer was a poor decision is a bit like saying you should have predicted all the bankruns, no one knew this was going to happen.
This is true. It's easy to woulda coulda but CS was consistently 5th or 6th in the league tables next to Barclays and right behind the big 4 US banks. Obviously that's way in the rear view mirror but there was a ton of heritage to the CS brand going back to First Boston and DLJ.
Briefly spoke with someone who was an ex-CS banker (has been a senior at a more operational role at buyside firms for almost a decade now) and it sounded like it was great for early career experience but eventually caps out. Their career has been insanely impressive IMO and has worked on strategic/operational initiatives as a direct report for one of the big name legendary investors (one of the MF PE founders).
The CS shills were relentless. Even post collapse their thesis was that it was going to be some premier boutique that shed all of their dead weight
Current cs interns, what is the mood?
Current CS IB SA in APAC but didn’t receive the email
It's probably in your spam inbox
Not really. APAC interns at both UBS and CS have completely different arrangement than US and UK, and that's why we didn't receive the same email.
wow, it has been time since I have visited IB forums -
this sucks, good luck to all.
Do you know which period of intern is affected?
Confused at what people thought would happen here
No shit. The bank died. There’s no magic return offer
Sucks but was always unlikely that you’d just straight up get a job at UBS
Welp we thought we don't have to do online assessment again but here we are lmao
What is an internship if not a 3 month job interview?
I get that they shouldn’t get automatic offers, but why wouldn’t they be evaluated like any other intern.
You’re interning at a bank that won’t exist come your college graduation lol
Why should you be assessed as a UBS intern when UBS has no obligation to take CS employees (particularly interns)
I could imagine a version of events in which CS interns who performed well are given a genuine advantage in UBS FT recruitment. Maybe that’s still the case, but they don’t want to spell it out; maybe it’s not.
I could imagine a version of events in which CS interns who performed well are given a genuine advantage in UBS FT recruitment. Maybe that’s still the case, but they don’t want to spell it out; maybe it’s not.
How does this news affect people who are suppose to start FT after graduation?
I'm guessing you will know before anyone else?
You should already know if you are in the summer start or Feb start. No one knows anything beyond that
This is my biggest fear as someone that’s looking to break in
Seems idiotic to interview people when you have 10-12 weeks of work experience with them.
Seems like they just cba to put the effort in to assess them. Otherwise why do a HV over just a quick HR screen? Assume HR have been told to cut a certain % and instead of taking all the time to collate feedback from everyone they just do a couple of interviews and rank candidates based on the few lines of feedback they receive
Doing a Hirevue after a 10 week internship is outrageous. Isn't the only point of a HV is to see as many candidates as possible? Pretty sure they won't have that problem with an intern class? Can HR really not be bothered to set up interviews with the interns, if so that's terrible from them. Imagine busting your ass the whole summer just to have to sit in front of your laptop screen and record answers to "Why IB?" and "Why CS? (lol)"
It's not why cs...it's why ubs.
This is a takeover. You are interviewing for a different bank
Tbh the monkey shit is invalid here. This is an accurate comment given the situation. It seems like the CS group heads and UBS group heads aren't talking, otherwise this already would have been handled.
At this point I doubt many Summer Analysts were banking on converting to FT at Suisse anyway.
Shitty situation but given the circumstances it's better than just blanket cutting the entire SA class or pulling offers before the program even began.
Awkward as hell though. After applying and working for CS all summer the last act is getting on a Hirevue and explaining why you want to work for UBS lmfao. What are they even supposed to say? "I would like to join a bank that is solvent"
Realistically, you could say something like “I’d like to continue working with [people/teams that they would with at CS and will now be part of UBS],” but yes, calling it a discourtesy is a charitable way of putting it.
Tbh it also just sounds like a way for CS/UBS whatever to get the interns to actually grind this summer. If you had the prospect of converting vs not converting at all and having to rerecruit elsewhere, I'd imagine you wouldn't slack off as much.
What value is created by an intern grinding? More turns of the deck?
I'd think that the internship experience speaks louder than performance in an interview. Seems like UBS just doesn't need/want to hire too many people.
CS has a decadeslong history of dishonesty. F them
Very poor move from UBS as the morale amongst interns will be extremely low. Would have been much smarter to simply lower return rates and trust the judgement of the current CS teams before providing interns with FT UBS offers.
That would seem like a reasonable idea, however UBS really dgaf about CS, our morale, thoughts, etc. at all. And they don’t really have much motivation to. All I wanted was for these kids to at least lay eyes on a DCF or LBO, try and get some networking done. Personally, I’m going to put in a good word for the couple interns who I thought did a better job into whatever black hole UBS might provide for us to give feedback, and then gtfo myself the week after if I’m not laid off first.
I think they are trying to clearly message to the CS interns that they should be looking elsewhere, and making it clear that everyone will have to re-apply is a pretty clear answer there. It's good to give clarity before the summer is over at least.
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