Credit Suisse Summer 2020
Does anyone have any news/rumors on any changes CS (NYC) will make to Summer 2020? Obviously nothing is confirmed yet since they haven't sent out any additional updates but I'd imagine there must be an announcement soon given recent moves by other banks.
Just got email from HR. Postponing the start date and shortening the duration but no specific dates mentioned yet. Full pay for the summer despite shortened program. No mention at all of a digital/remote program. “More updates will be provided”.
Anyone else able to confirm? Also locations?
This is for NY IBCM - HR sent email this morning. They said "all locations" but I can only confirm NYC
any news about full time conversion ?
No mention of it in email
any more info?
I also recieved the same email from nyc hr just now. Same case for private banking in hk.
is this for all offices? do you guys foresee full remote program? FT offers like moelis/citi?
not mentioned and said more details to be updated
Honestly kinda hoping for a remote program at this point
Why would you ever prefer that?
I don't prefer it persay, but my hype for the internship kinda died when this whole pandemic started. I think either way we're gonna get a different experience from years past. That also doesn't include the logistical challenges for some people having to sort out housing for a shorter amount of time. Although the situation is fluid, I, like many others, just want more concrete details on what is happening this summer.
I just wish they would clarify the details asap, suspense is killing me :(
Did Barclays provide update in the last few days?
Nope, nothing since March 19
They hate us :/
Any news for HK interns?
deleted
Also IB SA in NYC but I haven't received this email?
email on the weekend?
Any other details?
NYC global markets - only received the first email as outlined above which said "more details to follow". Did not receive anything with specific dates. Have heard a number of other banks have pushed to July 6th so would not be surprised if this is true, but still awaiting confirmation on date and FT offer policy
Same. Can confirm that the four European BB's have been rather vague about everything, i.e. start date, duration, pay, FTO, etc., unlike US peers..
Not crazy...takes a couple extra days to head back to headquarters, walk through that red tape back there before giving the go ahead back in the US. Works that way with large business transactions/risk also, not surprised to see them moving a bit slower on this.
Pure speculation, but I feel like since they are slightly smaller or less prestigious than Citi, MS, GS, JPM they probably want to do just enough to keep up with those big top few firms and not hurt their future recruiting, but don't want to burn cash for the sake of it, therefore they'll be reacting to Goldman's and JPM's decisions rather than blazing the trail
What's the conversion rate for the NY office typically?
Just heard from CS recruiter that they'll follow up with a more specific email later this week. She said it should answer all of my questions (confirmed start date, potential of remote/digital program, and potential of automatic full-time offers). This is IBCM NYC but I believe these communications pertain to all CS SAs
Wait you explicitly asked about automatic full time offers? Mah Man
hey if he did he did, he is looking out for tha gang, i respect it
Ofc my G even threw in a "like Citi and Moelis have" after
Lmfao there we fucking go keep the grind going. Was this over email? Care to share how you worded it? I may email my bank
"Given the cirucmstances, is Credit Suisse considering extending full time offers to all interns, similar to Moelis and Citi?
Should the current situation continue, is Credit Suisse considering remote internships?"
nice
any updates?
Not yet. Will post when they email
CS analyst here, internships will not be cancelled. Can understand your frustration but stay tuned for update this week/next.
will CS follow the suits of Citi and Moelis to give 100% FT offers?
No. In fact, quite the opposite. After the internship ends we will singlehandedly fire all of you.
HR Update: program will be July 6 - August 21st (extended end date). No mention of full-time offers and no mention of remote/virtual. Wording of email sounds like they expect us to report in-person and they mention "updates to come on travel arrangements"
not sure how I feel about the delayed end date, my classes begin five days later
who cares, your classes will be online anyway.
Which city and when did you get this email?
NYC IBCM - a half hour ago
Sounds like CS is being promising. At least not so bad now. Good job everyone.
do you think we will be working remote?
Didn’t sound that way at all since they mentioned travel arrangements. Sounds like they expect a normal internship. I emailed HR and asked if it’s safe to secure housing yet or if the dates are still tentative, so I’ll post here what they say
They did mention this though, “Despite any adjustments we make to the program, our summer interns are the primary funnel for our 2021 full-time class and we want to see you succeed in getting there.”
Does not mean that everybody gets a FT, just that there will be FT offers which we know
Would you mind quoting the entire email if possible? : )
hahaaaha you are the crazy BAML intern, we spoke about you in the office
"...Our primary goal is to enable you to learn and grow by first-hand experiencing our firm’s culture, people, businesses and the impact we make globally. Despite any adjustments we make to the program, our summer interns are the primary funnel for our 2021 full-time class and we want to see you succeed in getting there.
The current planned start date with Credit Suisse is Monday, July 6th and the program is currently slated to go through Friday, August 21st. We will notify you shortly with updated details of the summer program and also instructions in making travel arrangements...."
this doesn't mean anything
is it still in-person internship or virtual? any news about the FT conversion?
In person. No news about FTO. Since they plan on having a real 7 week internship I’m assuming FTOs will be decided as normal
NYU housing ends on the 15th. Is Airbnb the only option in regards to staying that extra week since they extended the end date?
This is the only bank that sounds like they are planning to have people in the office at some point in the summer the SA period?
Yeah lol I’m confused how CS makes this announcement the same day JPM announced a full virtual program. Not sure how they’re on such different pages with this
Exactly this is a shitshow, and now some "Analyst 1" is going to come out and rant about how we're all "whiny" and "ungrateful" fuck off and go back to turning your comments
Yea
I agree. Either the BB's were not communicating as much with each other as we thought they were or CS is taking a more optimistic viewpoint of the whole situation. Either way it is super strange
The real question is obvious - will they still be giving the summer interns CS patagonia vests?
That's why I wanted the internship in the first place...
Is CS the only BB that hands those out to interns? Never heard of interns getting those
CS summer analyst from my school said they did last summer...made it sound like it was given out to everyone, idk, maybe not
Is it fair to say that FT offer rate will be lower than previous years given the economic downturn and resulting slowdown in ECM, DCM, M&A, LevFin, CRE + other types of lending, and other profitable business arms of the firm?
Unfortunately, this is one of the few years where it isn't fair to say anything. Literally anything can happen, could be all auto-offers or could be 20% return rate. Unfortunately only time will tell, all the theorycrafting and hypothetical scenarios in the world won't help. It's just that unpredictable of a climate homie
Yeah, this is exactly right. Nobody knows - and if anyone did, it wouldn't be the "prospects" and "interns" on this site anyway (myself included). All we can do is go in this summer and perform. And even for those lucky enough to get return offers that doesn't mean job security will be as high as usual for FT analysts
Any updates?
They're taking quite awhile to get back to us after last week's email... Anyone else think they ma change their mind and do a virtual internship?
Really hoping for a virtual program now
How come ? Don't you prefer in person
Don’t wanna speculate but I doubt they’d walk back on their announcement from barely a week ago this fast
There is no point in speculating! Presumably, they haven't made a decision, or else they would have let us know.
Any word on when group assignment decisions will come out?
They're going to have to send out a new contract and more official docs, maybe they want to delay sending those out until they're more certain that we will go in person on July 6th...Right now anything really is possible, maybe in a few weeks they have a better sense and are more confident, reach back out with the contract or with another alternate plan (virtual?).
Right now the plan is their best guess, but they honestly probably don't really have anything else to tell us...
I still don't understand how they possibly plan to have people from all over in their offices by July IN NYC of all places...
Agreed, same situation with a friend interning in the London office. Right now plans are still physical, which really seems like an impossibility. Hopefully the fact that they haven't announced virtual is good news though, it means that the not giving out of FT auto-offers was based on the idea that we'd still be able to come into the office and actually get a chance to prove ourselves in an actual internship. With the eventual realisation that the internship will have to be a bs virtual internship that disadvantages many candidates and doesn't provide a meaningful way to differentiate between interns, auto-offers may very well be extended. Wishful thinking, but CS has got an awesome culture and on a comparable level to Citi so it's possible
Today, I received an email from HR that it is now considering virtual internship program. HR, however, highlighted that it is still just an option that CS is discussing at the moment. Nothing mentioned about automatic full-time offer.
Would you mind sharing what location you belong to? Thanks
Received the same email, I am based in APAC.
What location and group are you? I'm supposed to be at NYC office and didn't receive this email...curious if they're just waiting until later to send to us, or if will have different plans for different offices
which location?
Update: Was emailing back and forth with NY IBCM HR, I asked if it's safe to secure housing for the revised July-August internship dates and they replied "We are still finalizing details of orientation and training, and we’ll share another update with you shortly."
is this for the internship?
yeah IBCM SA
So NYU has cancelled summer housing for 2020 and refunding all deposits. I have no idea where I'm going to live for the summer if they go forward with in person on July 6. What are you guys thinking for housing? I am very surprised they have not updated us yet its been close to two weeks.
chill lol, its not rocket science to book a airbnb for the summer dude
Do you know how expensive airbnb is dude
I'm in the same boat and am growing a bit concerned myself.
you students nowadays are drama queens
I really doubt that we’ll be able to do this in person. I’m waiting until the next email before I think about booking housing.
Remember we’re starting in July now so we really have a month and a half to book housing before it gets late.
definitely wait to book housing.... you guys seriously think CS is gonna be the only bank on the street to fly in their interns from all over the world for the summer? you’re buggin...wait til at least the next email because you can get an apartment within a week of move in in New York, if not also other major cities. everyone here needs to take a deep breath or maybe a xan lol..
The last few emails have been sent on Thursday...keep refreshing my email...
Damn how come only some people got the email updates? HR didn't send me anything
NYC S&T
Anyone hear from HR or their teams about any differences once we start the summer? Be it logistics, working from home some days, hours, intern programming etc.
Curious if anyone has found out any other info
I reached out to HR and heard back yesterday that there is no update yet but they’re aware that housing options are changing (NYU dorms closed, etc) and are working to update us...still not sure if that means we should find new housing but maybe if we’re lucky we’ll hear before June lol
Edited - they just sent out an email
Wasn't from head of recruiting so maybe not everyone got it yet. Basically just said we know there's some questions, we'll be in touch with more details, if you have questions or concerns feel free to reach out
yea and they plan to update us mid may again
Yeah I didn't get any email today. Should I be concerned?
it was from the recruiter I communicated with so I think she realized people had questions and sent out a quick update. the mass email I received was addressed to global markets interns and the recruiters are group dependent so it wasn’t from the head of campus recruitment
They love saying “feel free to reach out” but never have answers when you do
HR Update NY IBCM: no changes, still planning to do the internship in-person starting July 6th. Another update will come mid-May
My money is that it will be virtual. They probably didn't have the capabilities before but ramped up in the past couple of weeks to be able to do so. No way they would be one of the few banks on the street making their interns come in.
I would think interns would want the internship in-person. I'm not sure how you judge group culture over zoom, let alone network... Especially given that CS hasn't handed out automatic full-time offers, I can only imagine the cringe shit people will be doing over zoom if it is virtual.
Should we expect an update this week? And, do you guys think that auto-FTO are possible?
I would expect something this week, I've heard further updates mid may but of course idk for sure
Depends...if they go virtual I think we get offers, if they somehow can manage to get us into the office then not
Any updates?
To those who expect auto-FTO: you do realize that several other BBs have gone remote and still not offered FTOs, right?
I’m not getting my hopes up.
The most comparable firm to Citi is CS so if any firm was to follow through, CS would be the most likely so firms like JP going remote is irrelevant. Was a very realistic assumption before, but the hope has been dwindling day by day unfortunately
But the fact that they said we'd be in office and then switch to virtual might tip the scales in our favor, as opposed to if they said the whole time "virtual". Pure speculation, can hear it both ways, but I think the odds of it at least get a bit higher.
can you share the email?
Delete
Proof?
PM me
Sorry to hear this. I guess this should be in Singapore, right?
How will they make it up to interns? Completely unheard of for a BB to just cancel an internship and offer nothing in return
I’m quite surprised to hear this though. APAC non-S&T here, have not received further updates regarding format/FT offers
any news for NY?
they didn't give us an update this week...
Yeah this is kind of worrying...
Why? It’s obviously going to be remote (or some short training program like other BBs have done). Banks are rumored to be out of office until September/October. Really doubt we get to go in July 7th or whatever. They’re just waiting until the last minute.
What is the historical full time conversion rate for interns in IB and S&T?
(100 minus the current 10yr/2yr spread)%
Very funny, haha, but that would mean that during times of impending recession the offer rate would be higher! #InvertedYieldCurve
I will be joining S&T in APAC region and never heard anything about CS cancelling the program.
SA or FT?
Echoing this. Joining HK S&T this summer and haven't heard anything
is this an SG thing?
anyone heard back from NYC HR?
Nothing....honestly, a bit weird at this point...it's now less than 6 weeks from the supposed start date and still don't know if I'm making housing and flight arrangements, getting 2 monitors to work from home, or buying a whole lot of beer and a beach chair...
I think you should get the beers and beach chair regardless. God knows we could all use a little stress relief these days...
I guess you just got your answer....a monitor or two and definitely the beers
Any word on group placements?
For those who are joining APAC region, do you know which desk you will be at?
Are other banks being this inconsiderate with their communication?
Supposed start date is first week of July but we'd almost certainly have to cancel any housing plans that we make because the internship will need to be remote (despite what CS says).
No information on group placement? No communication from HR? Still waiting on our "mid-May" update.
UPDATE: Email from Head of recruiting.
Going Virtual, July 6th start, taking away the relocation bonus, no real mention of what program will look like and how we will be doing work. I guess more news to follow. NO mentions of Full-Time offers...
"As we have communicated, we continue to review the current situation with a view towards protecting all of our employees. Given the current challenges, we have decided to move our program this year to be a full virtual internship experience. This means that you will not be expected or permitted to come to the office. While this is a departure from what many of you expected, we believe that it is the safest option and that we can deliver a good learning experience through a remote setting."
note: full salary still promised (less relocation stipend) regardless of ammended internship dates
This is true. Curious if OT will be taken away/will ever even be done...
Annoying getting that bonus taken away, live in NYC, was going to live at home and pocket the cash, but I guess 10 weeks salary for 6 weeks of sitting at home is aite
Still no update for London, bruh it's getting a bit ridiculous
Did you’ll get a confirmation email when you filled in the survey? I didn’t get one.
No
APAC S&T Intern yet to receive news about format. Anyone same?
any thoughts on conversion rate this year...
Ngl I feel like it's gonna be lower than in the past. Pessimistic side of me is thinking 50-70%.
Has anyone been speaking to their groups? Did any contacts at CS reach out to y'all?
I would personally be suprised. With Citi and others giving auto offers I feel like their will be some PR pressure for the banks to have high conversion. CS is historically on the higher end of conversion rates so that's in our favor
Got my revised contract, global capital markets
Same for IBCM
Still waiting for group placement...
global markets is now a 5 week program (July 6-August 7) - other groups too?
Strange cause IB is 7 weeks
yeah they came out with the 5 week program today out of the blue
is it for NY IBD? So Global Markets gets shortened to 5 week and IBD is still a 7 week program?
Region? Haven't heard anything yet over here on confirmed dates/length
NY
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