Leaving Top Group at CS for Santander?
Hi guys, I'm an incoming first-year at CS (I guess UBS now) and am having a bit of a career dilemma. I just got an offer from Santander to join their M&A team but would prefer to stay in one of the top groups at CS (think Sponsors/M&A), which I'm supposed to join. My start date didn't get deferred but there's still little job stability given that UBS wants to cut a majority of us in September and October. I've tried looking at other firms, but it seems like no one is hiring right now for investment banking. I'm also planning on doing on-cycle PE recruiting, and I'm worried about how the move to STDR would look. Looking for some advice on what to do going forward.
Would be safer to take the Santander offer, is this London btw ? Because the first round of cuts have been brutal according to another post on here
Thanks for the input. I'm joining the nyc office, but not sure if it's much safer there.
Oh cuts are coming. They just don't have to disclose as early as they did for their LDN office
Take Santander 1000%. Product groups at cs are prime layoff targets(they could 80% of them for all we know)
100% Santander. Everyone knows that a lot of CS senior bankers have gone to STDR. Wouldn't be a problem lateraling to a BB once market picks up. Meanwhile if you lose your job prematurely, there would be no lateral opportunity
If you want to do into UMM / MF PE, then going to Santander will be a big big uphill battle
Yeah, I do want to try for UMM/MF PE :/ but I'm also worried about how difficult it'll be to find other IB opportunities in this market if I get laid off in September or October
Having no job in a dead market will be an even bigger uphill battle
I would personally take Santander. If you get laid off at CS, chances of UMM/MFPE are basically 0. Chances aren’t much better from Santander but at least you have a story for HHs (can note that you had an offer at CS but chose Santander due to uncertainty). No one knows lay-off risks from CS, but it will clearly be brutal and you’re pretty exposed as a new comer on the desk (might not even have a chance to prove yourself if a whole team gets cut).
The above is just around recruiting and I’d think the additional personal risk of being laid off is also much worse vs working at a less prestigious bank. Can you afford to not work for a few months shortly after moving to NYC?
Being laid off is a worst case scenario for anyone - plenty of qualified people are looking for jobs right now and as a first year you don’t have enough experience to make you valuable. Know a few really strong people who got laid off from good banks and have been unemployed for 3+ months. It’s brutal out there and in my opinion a banking seat is a seat
I think you should honestly break it down like this - do I go do IB at a bank that exists OR do I return FT to a bank that doesn’t exist.
Would venture to guess the one that exists will have a job for you for 2 years.
I’d stay for the name and experience and recruit once I start
Is Santander offering you the same package as CS? From what I've seen Santander is quite a bit below market across the board
Bro who cares about an extra 10-20k when he's risking not breaking into the industry.
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