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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Greg did it over Zoom so who knows
Great idea, let's all speculate about every single possible outcome rather than just waiting twelve hours to find out.
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.
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.
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.
Agreed, 30k is a lot and you're explicitly allowed to work another position in the meantime. Good opportunity to travel/gain additional experience somewhat paid for and join or lateral elsewhere when deal flow and hiring should pick back up (1H2024).
Why the EFF was this moved to the Jobs forum from IB? Can a mod please move it back and please stop overmoderating?
no one can read that buddy
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
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
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.
HR confirmed 30k payout is in the month of original start date (July); not Feb. Im taking the deferral and running before too many people volunteer.