Anyone hear anything yet? Was widely reported there would be a second post summer round in October. Worried because the last round was mostly seniors, and at this point there are many groups that have way too many analyst and associates, and with more (the deferred folks) to start in February.
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Pepper your Angus boyo (ded fkn srs)
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Pure speculation here (as someone who works at legacy CS and who’s been following and also who’s at risk of RIF) - reading between the lines, at this point, mgmt may deem that they can achieve whatever target they put out (up to 36,000 by end of 2024) by attrition. Enough people have left CS and they may sense that a bunch more will do so after the next bonus cycle.
I think the challenge is the attrition will be mostly high performers who 1. care about comp and 2. will have options elsewhere. Attrition is part of the plan but that's a high number to reach in a year. Not sure if UBS/CS is organized enough right now to do it, but in general better to reduce more selectively than lose all your top people. JMO but I think more rounds to come
People got let go last week but very minimal
At UBS or at CS?
UBS
Will deferred people actually start?
heard another round coming in end Oct / early Nov for some banks.
Redacted
UBS side or CS side?
Heard CS will cut more Nov1 or Nov15
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