Credit Suisse now forcing a lot of new analysts to start in February
Credit Suisse is now officially part of UBS, but some of the bank's most junior employees won't be sharing in the celebrations. Incoming analysts at the bank say they're being forced to defer their arrivals until February 2024.
"We were told last week that around 50% of us are being asked to defer," says one incoming Credit Suisse analyst in Asia. "I didn't choose to defer, but they chose me."
The mandatory deferred starts come after it emerged that Credit Suisse and UBS were inviting incoming graduates at both banks to defer their starts until February 2024 in return for $30k. At the time, it was reported that if fewer than 50% of juniors opted to defer, the bank would impose mandatory deferrals.
This is what appears to have happened.
Credit Suisse declined to comment, but multiple juniors at the bank told us they've been told to defer when they didn't want to. "No one really went for the voluntary deferral because everyone thought it would be better to get into the job market even though the deal flow is really slow," says one deferred analyst. Another said he knew no one who'd opted to defer, and has now been told to start in February instead of June.
"I think I'll take these six months as a breather," says one analyst now arriving in 2024. "But I will also look for other jobs elsewhere. People seem to think deals will pick up towards the end of this year, but I don't think you ran rule out a further deferral from Credit Suisse if they don't." One deferred analyst says he's trying to look on the bright side: "I get a few more months of enjoying life before work so will try to make the most of the situation."
It's not clear whether the deferred analysts will need to repay the $30k if they don't join Credit Suisse/UBS as expected in 2024. "I suspect it will be conditional on joining," says one deferred analyst.
While incoming analysts at Credit Suisse/UBS are being deferred, interns are arriving as usual. However, one Credit Suisse summer analyst says the bank's internships have been reduced from 10 weeks to seven weeks even though everyone will still receive 10 weeks' compensation. "I am very concerned about getting a return offer," he adds.
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