I just interviewed for a position at Credit Suisse. While the interview went very well, the manager and employees admitted that they want to hire me and they need another worker, I was told that the bank recently went into a “temporary” hiring freeze. I was told that this would not last very long (maybe a few weeks) as it was due to budgetary issues, but I was wondering if there was anyone on this forum who works there and could provide some more info on the freeze.
Can’t talk to your CS specifically, but my shop, as well as several others, have been on a hiring freeze for quite some time now (before the credit markets exploded). That was the traditional seasonal freeze, where they stop hiring because it doesn’t make sense: they don’t want to guarantee a year’s pay for 5 months of work. My understanding is that things have gotten even tighter since the recent volatility. That is not to say no hiring will be done, but it is difficult to get it approved. If they say its a temporary freeze, perhaps to keep costs down prior to quarter end, then its likely that the freeze could be lifted after quarter end…but again, I am just speculating.
This has taken place at quite a few investment banks, partially due to the credit markets but also due to the fact that we are nearing the end of the year and it’s just another issue for them to think about how to pay out bonuses to people that have only been at the firm for such a short period (sometimes an issue they would rather not deal with)
They told us to “temper our year-end bonus expectations”
is the feb bonus for associates only? i thought analysts get their bonus in august.
i’ve never heard of someone getting hired after the employer went unfrozen on the other hand