Credit Suisse's graduate hires have no idea what's going on
"We're completely in the dark," says one incoming sales and trading analyst. "I wish I knew what was going on."
Credit Suisse didn't respond to a request to comment on intentions for its student hires. UBS declined to comment.
The lack of communication comes amidst suggestions this morning that up to 40,000 jobs could go as a result of the merger, with most of them coming from Credit Suisse. The merger between the two banks is expected to take up to the end of the year to complete, but sales and trading jobs are being moved into a non-core unit where they will be wound down, and the future for European and Asian investment banking jobs is uncertain. UBS wants to save CHF6bn in staff costs.
Credit Suisse is still advertising for interns, including in off-cycle equity derivatives in London and Frankfurt and for the 2024 summer capital markets and credit programs in New York. The bank says applications will be reviewed on a rolling basis and describes itself as, "a leading wealth manager with strong global investment banking capabilities."
In the new reality these jobs are unlikely to exist. The sad expectation is that many existing offers for students this year are likely to be rescinded.
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