CS VS UBS

Intern in IB-M&A

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?

Comments (45)

Controversial
  • Analyst 2 in IB-M&A
Jul 30, 2020

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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Jul 30, 2020

Tbh I think UBS is a little bit better right now. CS looks like its going down the drain very quickly

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  • Analyst 3+ in IB - Ind
Jul 30, 2020

.

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Jul 30, 2020

Bump

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Most Helpful
  • Prospect in IB - Gen
Jul 30, 2020

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

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

Array

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Jul 31, 2020

I don't think CS is top 3 in any of those things except maybe SPACS.

But still, CS over UBS by a mile.

    • 3
Jul 31, 2020

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

Array

    • 1
Jul 31, 2020

It's really not that crazy of a comparison. Why do CS kids have the biggest egos

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  • Associate 1 in PE - LBOs
Jul 30, 2020

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.

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  • Intern in IB - Ind
Jul 30, 2020

Took a Barclays offer partly because of this long-term outlook. Will be interesting to see who takes over once Jes is gone.

  • Analyst 1 in 
Jul 31, 2020

If you mind me asking, what group were you in at CS? I'll be interning there next year and am currently networking for group placement

Funniest
Jul 30, 2020

if I wanted to be a banker, CS

if I wanted to launder money, UBS

Jul 30, 2020
thebrofessor:

if I wanted to be a banker, CS

if I wanted to launder money, UBS

If I wanted to be a banker and a spy at the same time, CS

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  • Associate 2 in PE - LBOs
Jul 30, 2020

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

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  • Analyst 1 in IB - Gen
Jul 31, 2020

Comparing CS to Citi/BAML is like a bad joke

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  • Associate 2 in PE - LBOs
Jul 31, 2020

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

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  • Analyst 2 in IB-M&A
Jul 30, 2020

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

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  • Associate 2 in PE - LBOs
Jul 30, 2020

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

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  • Intern in IB - Ind
Jul 31, 2020

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

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  • Prospect in IB-M&A
Jul 31, 2020

Is this even a question? Look at the deals CS is working and you'll know

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  • Analyst 2 in IB - Gen
Jul 31, 2020

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.

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  • Analyst 2 in IB-M&A
Jul 31, 2020

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.

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  • Intern in IB - Gen
Jul 31, 2020

Currently as CS and this could not be less factual

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  • Intern in HF - RelVal
Jul 31, 2020

What group, railroads coverage?

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  • Associate 2 in PE - LBOs
Jul 31, 2020

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

  • Analyst 2 in IB-M&A
Jul 31, 2020

What about CS LFO&R? This forum is in love with that group but you seem to skip over it

  • Associate 1 in IB - Gen
Jul 31, 2020

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

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  • Analyst 2 in IB - Gen
Jul 31, 2020

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.

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  • Analyst 1 in IB-M&A
Aug 1, 2020

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.

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  • Incoming Analyst in IB - Gen
Jul 31, 2020

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...

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  • Prospect in IB-M&A
Jul 31, 2020

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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  • Intern in IB - Gen
Jul 31, 2020

https://spacinsider.com/league-tables/
For everyone catching up on the SPAC hype

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  • Analyst 2 in IB-M&A
Aug 1, 2020
Comment
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  • Intern in IB - Ind
Aug 1, 2020