CS adopting Jeffries-style bonus clawbacks?
Seen on efinancialcareers that CS will be clawing back cash bonuses if people opt into them, along with the (probably true) claim that CS bonuses will definitely be bad this year due to “2021 events”. Clawbacks may not affect juniors though.
The topic is interesting enough , I hope it will evolve.
Doubt bonuses will be bad due to the even bigger exodus they’ll go through if employees don’t get paid what they deserve
Love the optimism, but look at DB. They didn't have nearly as hard of a fall as CS and they still haven't recovered.
Honestly man, would recruit somewhere else full time
There are several Bloomberg articles on this, and those clawbacks will only effect Directors and above. AN, ASO and VPs should be not affected. At my alma matter (target for CS) this years Summer ASO class is a little bit of a bloodbath as a lot of MBAs are passing on CS to go to other BB banks. So, I would hope that CS doesn't screw themselves even more with Citi type of Bonuses...
Stern kid?
Nope, went to Wharton. Last year 11 folks signed up to Summer with CS (according to the careerpath portal). As of now, the number stands at 3 (might go up a little tho, as the final deadlines to accept are in Feb)
Oh wow. At CBS we are seeing the same. Many ppl indeed passed on the offer and turned to other banks/EB instead. Think the few offers being accepted are from FSG or Tech. The weaker coverage groups are being passed.
For those who received the offers however, they would still take CS over DB/UBS and maybe other lower tier middle market/EB.
This is what I saw my class is deciding the offer (not league table but just CBS MBA deciding the tiers).
Tier 1: Centerview (arguably haven’t seen anyone turned down the offer); Evercore (some int’l students would turn down Evercore for GS due to reputation in home country); GS (also group dependent but have seen ppl passed on the cross market group for lower tier EB/BB).
Tier 2: PJT, MS, JPM
Tier 3: Moelis, Lazard, PWP, BofA, Citi, Barclays, CS
Tier 4: Guggenheim, Houlihan, Greenhill, Rothschild, Jefferies, RBC, WF
Tier 5: William Blair, Baird, Lincoln, Harris, DB, UBS
Tier 6: FT Partners, Cain Brothers, Miller Buckfire, Stifel, TAP
Think tier 5/6 are very subjective as they are speciality shops or focus on middle market.
And again, this is purely a perception thing that I learned from talking to other MBA students - dealflow / culture / exits all blended.
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