CS incoming full time IB analyst
I am an incoming IB analyst - should I be worried about my job? What should I be doing now? Is it even possible to jump ship?
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In the same shoe here. Just hoping for the best
Congrats on your first banana chimp, lol.
Thanks, will put that achievement in my CV soon 😂
Don't be worried. This is your life. You can jump ship at any time. Do what feels right and you can never go wrong.
Isn't the IB arm being carved out to First Boston? If that successfully happens, you should be fine.
this happens much later though, no?
Ahh I see. Looks like it isn't planned to happen until late 24 or 25.
I mean you still have the offer and can sit on it. What I would do is still apply at other banks and start networking. CS isn't an easy offer to get by any means, so you'll have that at your advantage. I also don't think letting them know about your CS offer and why you are even looking for another bank would hurt your chances... everyone is well aware what is going on there and the uncertainty.
I think most people will be understanding. If they aren't, you should feel a sense of comfort because do you really want to work with someone like that?
No more csfb spinoff. Ubs not even closing CS’ deal to buy MKlein&co lol
(Bloomberg) --UBS Group AG wants to cherry pick top dealmakers from Credit Suisse Group AG’s investment bank instead of supporting Michael Klein’s plan to build a new independent firm, according to people familiar with the discussions.
Can't find the article you're referring to, mind linking it?
Thanks
Despite all the bullshit going on, CS' IB division is no slouch and incredibly competitive. It's a signal to employers that you're competent and able to do the work at the highest levels. Their IB arm will be separate from the shitshow that is CS so I wouldn't be too worried. Would definitely recommend you start networking just in case.
Will be separate when? ~2 years to completely transition. Restructuring doesn’t happen over night and I don’t think they’re off to a great quarter this year either.
Not the guy you're responding to but can't they expedite that process?
Similar to SVB Securities which is continuing to chug along?
This aged well! Don’t speak when you don’t know what you’re talking about
Welcome to UBS
In the same boat man. Investment Bank will likely be divested by UBS. I think it's time to apply to Big4 and consulting, I highly doubt I'll get any FT role in IB in this market.
UBS will acquire CS IB and layoff more than 6-70% of the workforce according to financial media. Those cuts however may not come before end of 2023 or 1Q 2024 for new analysts. There are no lateral ops right now. The market's already being flooded with applicants from CS. I suggest as first years, you keep your heads down, recruit aggressively as soon as you hit the desk and lateral to another bank. You might not have the luxury of 2 years that analysts at other banks get before they jump to the buyside.
Source?
Source on the 60-70%? Only saw up to 30% of the 120,000 person investment bank part of the business from the most recent FT article. Not saying you’re wrong, just can’t find anything with those figures right now
30% of 120k = 36k. I suppose the 60-70% quoted by the poster above comes from 36k/50k of CS's current workforce given most cuts are likely to come from CS.
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