CS Incoming Analyst global Zoom session
Just received an email from global campus recruitment for incoming analysts... Zoom meeting today... what's gonna happen? Email had no other content besides the meeting invitation.
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interested
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How else would they cancel offers?
By email, just like many other firms did when they rescinded offers.
Greg did it over Zoom so who knows
>me, thinking frantically to what bank has a top brass person named Greg
>having another cup of coffee and remembering it's a Succession reference
You...
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Better.com lmao
anyone else got it?
Is it a positive or negative sign if I haven’t received an email yet? I’m an incoming FT IB analyst
What’s your location and group?
did anyone who didn’t receive the zoom link get the update email?
Great idea, let's all speculate about every single possible outcome rather than just waiting twelve hours to find out.
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Is the analyst call tomorrow? Or Today?
What time is the call?
8am ET
12pm UTC
Following
Following
Did anyone not get an email yet?
Following
Following
for anyone who didn’t receive the email, can you guys say which location/group?
bump
I got an email and I’m with UBS, same with other people who I interned with who are also joining full time
Can you clarify? Are you an incoming FT at UBS or CS? Did UBS or CS send you the email?
Been with UBS the whole time, did my internship there and will join in July and UBS sent me the email.
Wait you’re saying you got an email from CS saying you’re joining UBS??
No I’ve always been with UBS but got the same email as some of the CS people. Did my internship with UBS and my other friends from the UBS intern class got the email too.
what was the call about in the end?
Bump what happened
Is this only for IB or other divisions as well?
Key points:
1. Program is NOT canceled - offers will be honored
2. There will be two start dates. One class will start July 2023 and the other Feb 2024. Asking for volunteers to defer to Feb 2024. Volunteers will get a one time special bonus. If not enough volunteers then they may need to voluntold people. This applies both to CS and UBS and UBS has an identical call at this time with the same message.
3. No update on when signing bonuses from our original contact go out
4. If you take the deferral, there is no non-compete so you are OK to work for a competitor during that time to pay the bills (this was specifically said by HR and not me reading between the lines)
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They offered $30,000 to defer our start date to February 2024. Said they need 50% of people to volunteer or they will choose people
I think the payout is now not later
Incoming analysts...or interns?
Also....do not defer lol. They will conveniently not offer you full time at end of 6 months.
Think.of that 30k like a severance payout.
Analysts. Interns will have their internship honored but with a shortened duration (7 weeks instead of 10)
This is for US IBD right?
I get what you're saying - same time though a bunch of MBAs going into consulting had their start dates pushed back to Jan 2024. The market right now sucks so by 2024 things may have picked up a bit as far a deal activity and so forth, so they may simply need more people by then.
Don't get me wrong, I'm not simping for banks here either and don't trust everything HR might say, but just giving some perspective
The big difference is those consultants aren’t joining a firm that was just taken over and needs to terminate a bunch of people. If you’re CS, it makes no sense to defer. Your best bet is to start asap in July to at least get some months of experience on your resume and the brand name. The $30k deferral is nice but you’ll be paid for nearly two months just doing training and studying for series exams alone. CS has nearly zero deal flow and a continuing senior banker exodus so you’ll still be cruising like your colleagues who chose to defer.
I think there are legal repercussions and they won’t not honour the contract later
You sweet summer child.
At will employment.
Also, let's say ubs plan is to operate as separate entities until December, merge fully (office moves etc), and then do a large swath of post integration layoffs in spring 24.
Which first years are more at risk? The ones started in July who have gotten over the 3 to 4 month learning curve and are finally cruising in the role being effective? Or the analyst that joined a few months prior and is still making mistakes?
Also...who has a leg up on recruiting after layoffs?
Do not defer.
Any update about the return offer for the incoming CS SA?
No updates, but definitely look at FT opportunities.
incoming CS analyst here. Honestly I’d just take the 30k and wait for half a year. It’s not a bad trade off and get more time to recruit for full time directly. People might still fire you even if you come in half a year early, and I’m sure with this many incoming people (combined for both CS and UBS) they’d have to fire some heads next year anyways. Im not worrying CS going back on their commitments next year, after all both UBS and CS are European banks and heard from insiders of the bank saying they’d honor it. 30k is a lot vs suffering 6 months. If you’re worried anyways you should definitely take this break, read more on your own and travel, and spend time with family cuz the next 2 years will be busy af.
Shitty timing as I assume some already locked into leases already. $30k would be hard to stretch in NYC for 6 months. With that said, if they need to force 50% to do it then what your wish for may not even matter.
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For those considering deferring-
https://www.reuters.com/business/finance/credit-suisse-bankers-leaving-…
Why the EFF was this moved to the Jobs forum from IB? Can a mod please move it back and please stop overmoderating?
Did they mention anything about the Associate program?
Heard they'll have to fight one another to the death until headcount has been sufficiently reduced.
Can’t tell if this is a joke but I heard UBS doesn’t need associates so checks out
Since 50% of the 2023 class will be deferred to feb 2024, does that mean return offers for interns CS+UBS will be WAY WAY less
no one can read that buddy
What’s that supposed to be?
Indeed, see a screenshot below.
MD: Can you convert this image to PDF? Thanks.
What is this??
Apologies, here you go:
Does anyone know if it is 50% across the entire UBS + CS class or just the CS Side?
50% across both.
Any guidance on when the USD30k deferral bonus is likely to be paid?
Feb 2024 before starting
In the call they stated it would be paid on the start date, so looking like Feb 2024.
Does anyone know if you don’t take the deferral and you get told to do it, do you still get the 30k?
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Are you sure? They call it a "voluntary deferral program", and it seemed like it was only if you elect to defer do you get the 30k?
does anyone know if incomings from
CS are going to be signing new offers with UBS now that the program is maintained?
What should we do if we already signed a lease? I’m starting to freak out
How many of ya'll are deferring?
I'd take it for sure, you're literally getting paid $30k (the annual pay of a preschool teacher) to do nothing. I have friends in the same boat in different industries and they're getting paid like $5-10k to defer. If you've signed a lease or have visa issues those need to be considered ofc
Think in this market as a starter you want all the experience you can get asap instead of deferring it. Makes you a better candidate in the short run if you want to lateral, by deferring it you are taking some risk that if the market goes worse you are really at the short end of the stick potentially with 0 experience
On a scale of 1 to 10, how bad would it be to nab the cash and jet off to Mexico or Thailand to rage for a solid half year? I've always wanted to explore the world but the time or cash always seemed to be MIA. Short-sighted yes, worth it... maybe? Idk
money isn’t paid until February I think
Money is paid at the beginning of your original start date (Confirmed by HR).
honestly, that's what I'm doing, even if the cash is being paid later, i'm going to travel on an interest-free credit card before I'm thrown into this shit show
I mean honestly everyone's freaking out but I mean c'mon, it's just a fucking job guys. If anything this experience shows how the firm doesn't care about you and you should enjoy life while you still can
According to IFR, "If fewer than 50% of juniors decide to accept, the two banks will "make a decision" on how many of them they actually need, implying that reneging on offers has not been ruled out."
Not to fear monger, but it might be wiser to take the money than get the axe.
Not true, they will make the decision on who to delay. They are Committed to having the class start at this point in time. Who can predict the future? But at this point in time, the delayed start is to ensure all can start.
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At this point, the easiest thing to do would have been to renege offers for both analysts and interns. They're still committed to the programs and are making payouts. I think it's safe to have a little faith.
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