Is it a positive or negative sign if I haven’t received an email yet? I’m an incoming FT IB analyst

 

Anonymous Monkey

Is it a positive or negative sign if I haven't received an email yet? I'm an incoming FT IB analyst

did anyone who didn’t receive the zoom link get the update email?

 

Betterif your zoom call starts off looking like this you are in for a bad time OP

 

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? 

 

Wait you’re saying you got an email from CS saying you’re joining UBS??

 
Most Helpful

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)

 

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)

 

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

 

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

 

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.

 
sanmao44

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. 

 

Did they mention anything about the Associate program?

 

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

 

Does anyone know if it is 50% across the entire UBS + CS class or just the CS Side?

 

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?

 

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 

 

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

 

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. 

 

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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