Credit Suisse & UBS are paying juniors to defer start dates
And so it begins. A few months after consulting firms like Accenture, Bain and McKinsey & Co. started inviting new graduate hires to defer their start dates, and paying them to do something else instead, Credit Suisse and UBS are doing the same.
Instagram account Litquidity reported yesterday that the incoming graduates at UBS and Credit Suisse were invited to attend a Zoom meeting where they were offered $30k to defer their arrivals. IFR reported that the potential delay applies to around 250 students due to join the investment banking analyst program in July, September and October and that July joiners are being invited to delay starting until February 2024. Credit Suisse's and UBS incoming analysts are being given the same offer.
Credit Suisse declined to comment. Litquidity said the incoming juniors have until mid-June to accept the offer, which IFR said is available on a first come first served basis. If fewer than 50% of juniors decide to accept, IFR said the two banks will "make a decision" on how many of them they actually need, implying that reneging on offers has not been ruled out.
One headhunter who's been coaching students looking for banking jobs, said deferrals are becoming increasingly common across the industry this year, with many buy-side firms offering them too. He advised juniors not to accept: "Turn it down and turn up. – The job may not be there in the future. At least get sonething on your CV in the first six months."
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