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Career Resources
Is SA happening?
What do you mean after graduation you clueless intern
ft recruiting happens in august how did you even get a cs offer 💀
Why are you calling the guy an intern when you are yourself a fucking intern, intern
Bc I graduate in 2024 and need an FT offer for after that?? When did I say im going to recruit after i graduate you bum
It sounds exactly like you are going to recruit after you graduate
I'm not in the wrong here brother
How difficult is it to recruit for FT Associate roles in the 2nd yr of MBA - assuming CS doesn't renege on the Summer Associate internships, but there is no return offer?
The way things are looking...probably very difficult. Recruiting without a return offer is tough in general and we all know more layoffs are coming. How many people in your program rerecruited 2Y WITH an offer? I would guess under 10%.
I was dead set on working at a BB. I'm incredibly frustrated right now.
Am I being unreasonable?
EB bro
I would recommend going to CS this summer if they honor the offers since there’s not many options right now. Full time recruiting is pretty difficult but some regional offices usually have spots and EBs in NY. You just have to proactively network beforehand
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The deal is closing in April or 2Q at latest, so I would not be so sure CS has a class or even exists by this summer. Ideally UBS honors offers, but they've been pretty clear they are going to wind down a lot of CS
OP, I would not renege the CS offer quite yet, but keep recruiting in the meantime... see if you can land a lower MM, that will take at least a month to actually get an offer and you should have more answers from CS by then
A lot of people who had 2020 SA offers pulled with COVID kept one line on their resume saying the internship was canceled so people knew they had a good IB offer at one point. Might be worth doing if you're headed to FT recruiting. People will cut you more slack for having a mediocre junior internship since this was so out of your control
Take lower shop over CS you think?
Such a terrible position to recruit from. I would start looking for alternatives asap because even if the SA program goes forward, continuing on to full time at UBS will be such a crapshoot. Look for anything above a regional boutique. Be prepared for a tough market, though. When I was lateral recruiting for analyst spots this winter (post layoff) there were only a few name brand banks with openings compared to a dozen smaller boutiques I spoke to looking for analysts.
Not sure how it is for internship spots or how it will be a year from now when you full time recruit, but best of luck man. I have friends incoming at CS and really feel bad for the class. UBS too honestly since there are planned cuts all around at the new entity. It sucks and it’s out of your control. You can be proud of getting the offer in the first place, though.
I’ll begin by saying that I am genuinely sympathetic for everyone in this position. By no fault of their own whatsoever, a class of interns and incoming analysts is now in a state of nervous precarity at best, and joblessness at worst.
The good news is this: if you had the background to get a role at CS, prestigious until not long ago, you’ll likely not experience much difficulty in impressing less prestigious firms. Of course, many won’t see this as a prize. There’s little WSO loves more than bashing MMs, and perhaps many in the CS crowd even partook in this condescension itself. I see it even in these comments. If that’s you, be aware that no one owes you anything, and that appreciation and humility goes a long way.
Whilst it would be ideal to end up at another BB, and you should absolutely try for one, given the current lateral market this appears unrealistic. At this point, I’d take IB at a solid (stable) MM over CS. The competence that landed you at CS will continue to serve you well.
If you’re so condescending about things that you’d rather risk unemployment than land at a firm you see as below you, recognize that there may be consequences for this choice.
What is so bad about MMs?
I don’t think anyone is knocking MMs, but I doubt any are recruiting currently for SAs. That ship has probably sailed and the market is materially tougher now.
Also, MM stability is always a bit of a crapshoot, look at Blair who had deep cuts.
As someone who recruited for banking in 2008 / 2009, I can tell you with experience that it is better to be safe than sorry and recruit. I had friends who interned at Bear Stearns, Lehman Brothers, etc in investment banking and many of them had their summer and/or FT offers cancelled/fired within 6 months/etc.
Biggest debate is taking “lower” shop or doing CS internship (assuming it would be safe) and recruiting for FT
Rt, I'm looking for opinions
Yikes, lot of commenters here talking from straight conjecture and guesses. I work at CS (for now lol) and we’ve been told point blank by HR that ALL intern offers for this summer will be honored (let me repeat that: ALL of them). I have zero idea (same as everyone here on this thread) what FT offers will look like or if there even will be any, but at this point you and any other incoming ‘23 CS intern are better off just taking the internship and FT recruiting from there.
great news for once!
How has HR relayed this message to you but not us interns? Lol
Thanks for the heads up, I'm going to guess FT offers will be damn near zero but it's understandable.
This is great news! But would love to hear it from HR if they are so sure.
Don’t play with my emotions
I wonder why HR isn't communicating this directly to interns if they're so sure? It's like how CS said all bonuses would
100% be honored then the Swiss govt overturned that the next day.
Your guess is as good as mine, man. I was told Wed/Thurs of last week this info and that this would be communicated to our incoming interns shortly… hopefully you and your class will hear ASAP so you don’t have to place your faith on an anon commenter like myself, but hang tight and wishing you guys the best!
What about incoming full time analyst offers?
Just heard the news from HR this AM that we’ll be honoring FT offers as well as interns. Was also told that this was communicated via email to everyone, so hopefully you guys have some well-deserved peace of mind on the subject!
I'll be honest. I wouldn't put all your eggs in one basket and rely on this comment. I think CS will honor offers assuming the merger won't close until end of year. If it closes by end of Q2, which is what UBS thinks, then it's not up to CS
Does this Mean incoming FT offers will be honored as well?
Sorry, but have yet to hear any concrete news on FTs
Mate - the bank won’t exist in 6 months. What do you mean ‘honour FT offers’?
What about incoming FT CS bankers.... has HR communicated that to you all?
I work at CS. I too heard, though informally, that all internship offers will be upheld. I understand it's a tough time but hang in there! It makes more sense to do the internship and re-recruit. All the best, may the regulators decisioning be with you !
Did you hear this from the HR, or from other team members?
Both friend, just hang in there and try to calm your anxious nerves. It will all fall in place.. it always does.
I wonder why HR isn't communicating this directly to interns if they're so sure? It's like how CS said all bonuses would
100% be honored then the Swiss govt overturned that the next day.
What about incoming full time analyst offers?
So, just to clarify, you think taking the internship & re-recruiting after internship would be better than taking an MM SA offer (I'm UBS)?
If you're at UBS you will likely be fine... keep connections warm for FT recruiting just in case, but you're in a different boat than the CS interns
Have you heard anything about incoming graduates?
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