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.
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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.
as a CS intern screw IB I wouldn’t wanna work long hours anyways… just finesse straight into buy side at this point
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
Highly doubt this is true. Probably another troll
Not anymore...
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!”
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.
Busting your ass off for this to happen. I bet it's just a formality too, not willing to take many.
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')
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.
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
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
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"