Was very curious on people's thoughts on CS in comparison to UBS. While I realize CS has been a stronger brand in the last few years, I have seen UBS has made a rebound with its focus on pure advisory whereas CS has really struggled. Recently I have been reading that CS is getting hammered as there in no deal flow and their Investment Banking division has really suffered which can be seen in the league table rankings. In the meantime, UBS is 6 in the M&A rankings while CS is at 8 and UBS has $20 billion more in value from M&A.

What are people's thoughts on this? Is working at UBS at this time better than being at CS?

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Comments (44)

  • Analyst 2 in IB-M&A
Jul 30, 2020 - 1:35am

One UBS "on the rise thread" and now ppl really think UBS is better than CS as an IB franchise (for juniors) give me a break

Edit: the fact that this is controversial smh

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  • Prospect in IB - Gen
Jul 30, 2020 - 8:29am

I'd take CS over UBS any day. According to financial times league tables CS is still in top 10 for M&A, loans, bonds and ipos (where UBS only makes the cut for ipos). Also CS is well know on the street for having a great sponsors and levfin group while UBS is more known for its wealth management brand imo.

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Jul 30, 2020 - 8:33am

Get this UBS propaganda out of here. CS is top 3 IPO underwriter, DCM and leading SPAC underwriter. M&A down during a pandemic year big whoop. You sir are fake news


  • 9
  • 3
Jul 31, 2020 - 10:16am

Check your BBG buddy, CS #1 SPAC, #2 IPOs and top LevFin


  • 1
  • Associate 1 in PE - LBOs
Jul 30, 2020 - 8:36am

As a former CS analyst joining PE within the next month, it pains me to say that neither CS nor UBS are the smartest choices if you want to look at the long term. Barclays stands out to me as the remaining euro franchise that has a chance at growing in IB. However, as of today all are great choices.

  • Associate 2 in PE - LBOs
Jul 30, 2020 - 9:13am

Former CS banker, now at a MF (about to leave though). I would 100% take CS over UBS, Barclays, or Citi (and probably even BAML) as a junior banker looking for PE exits. The Sponsors team is probably the single strongest non top-tier BB group for PE recruiting, while M&A, TMT, and Industrials also place very well. Other generalist coverage groups should also give you looks at most MMs and some MFs. The brand of CS is still very strong, as it was easily the strongest of the mid-tier BBs in the 2000s and early 10s, which serves the juniors well today (CS alum at top firms, recruiters look at CS, older PE folks still look at CS as CSFB). Long-term trajectory shouldn't matter unless it is a very sudden and drastic fall ala DB. Maybe in a few years CS will be materially weaker in IB and in reputation but it hasn't happened yet for rep, which is what matters for recruiting. Nothing bad to say about Barc and BAML from what I know of them -- great banks (don't know anything about Citi IB except their M&A, media, and industrials teams are strong) with fairly strong cultures. Between Barc / CS / BAML I would pick more based on group -- if you could get P&U at Barc, M&A / LevFin at BAML, or Sponsors at CS 100% go for that bank, otherwise the top 3-4 coverage groups at any of those three will get great looks at MM and some MFs

  • Associate 2 in PE - LBOs
Jul 31, 2020 - 11:15am

Not if you're looking to go somewhere as an analyst. Strong brand name, strong exits to PE / HFs, and pay will be the same as BAML / Citi. If you are looking to build a career, go to Citi / BAML (especially with more senior stock based compensation) but for your first 2-3 years CS is very strong

  • Analyst 2 in IB-M&A
Jul 30, 2020 - 9:48am

CS just reported strong earnings today.

CS is a much stronger brand and has been restructuring over the past few years, but is now positioned for a renewed focus on IB growth.

Also, the standout groups at CS are truly standouts across the street. Still #1 in Levfin and top 3 in sponsors (as they have been for over a decade). Can't be said for UBS

CS is also consistently in the top 2-3 of proportion of its analyst class that places into PE across the street (according to internal HH reports)

UBS don't have any groups that carry the same weight

  • Associate 2 in PE - LBOs
Jul 30, 2020 - 10:37am

Agreed, just saw earnings. Also, CS is a much smaller IB than BAML, Citi, and Barclays (I believe it might have the fewest investment bankers among the BBs) and still does as well as it does. Relatively leaner teams combined with strong PE placement makes for a great junior place

  • Intern in IB - Ind
Jul 31, 2020 - 8:48am

Feel like Barclays has the leanest teams, at least in their top coverage groups. Like 3-5 analysts per group.

  • Analyst 2 in IB - Gen
Jul 31, 2020 - 2:41pm

Both banks are good, but CS is a league ahead of UBS. Its top groups are some of the most elite on the Street, and CS has some of the best PE exits of any bank.

  • Analyst 2 in IB-M&A
Jul 31, 2020 - 3:59pm

Friend at CS in IB told me his group is going to start fizzling out and no longer hire any more full-times. Seniors are jumping ship and encouraging analysts to look elsewhere as they will not be promoting anyone else in their group A2A etc... I'd be careful with CS.

A little confused about the comment who said CS over BAML/Barc/Citi, I am at JP/MS/GS and if would have to choose between those CS would be my last pick. I like how my firm in-houses M&A within coverage groups and the only other BB that follows this model is Barc.

  • Associate 2 in PE - LBOs
Jul 31, 2020 - 7:31pm

Purely from PE exits perspective. CS Sponsors and M&A, along with BAML LevFin and M&A, will give you a great shot at MFs and some UMMs, and even HFs. Stronger coverage groups (CS TMT / Ind, BAML C&R and Healthcare) will give you the same opps

  • Associate 1 in IB - Gen
Jul 31, 2020 - 4:08pm

Not at CS but do me a favor and go look at deal flow. CS advised on the biggest M&A transaction of the year, was lead left on the first post COVID IPO and leads the SPAC market. UBS is not in the same ball park as CS in many way. Much weaker brand reputation in the US across PE exits. Don't take a bunch of wannabes on this site as the truth there are a lot of salty college kids pretending to be full time bankers on here who write absolute nonsense that almost no one on the street agrees with

  • Analyst 2 in IB - Gen
Jul 31, 2020 - 4:24pm

If you look at yesterdays earnings report any of the comments here about CS falling apart seem laughable. It was a monster quarter for CS - IBCM fees up 61% YoY, debt underwriting fees up 83%, profit margin of nearly 30% in the IBCM unit. Highest net income in a decade. Overall, seems like a positive outlook for banking at CS as a whole. Still ranked first on Bloomberg's LBO Loans league table by a longshot. Also worth noting that CS's M&A revenues increased 13% while Barclays, Deutsche, and UBS fell 32%, 39%, and 23% respectively.

  • Analyst 1 in IB-M&A
Aug 1, 2020 - 1:52am

Really citing LBO loans as a good league table stat? CS is a great bank, no need to cite capital markets prowess. Focus on M&A.

  • Incoming Analyst in IB - Gen
Jul 31, 2020 - 4:45pm

Both banks are really good. Obviously, everyone wants to believe they are in the best bank, instead of affirming that by putting other institutions down, we should be hyping each other up. Landing IB is so hard, it sucks that you can accomplish something so monumental and then have people still talk down once you get a spot somewhere...

  • Prospect in IB-M&A
Jul 31, 2020 - 5:14pm

As others have said, from an analyst's perspective looking to exit it's not even close. CS still regularly sends people to megafunds (particularly from sponsors/m&a), and I would say it's on par with BAML from a PE perspective.

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