Credit Suisse to fast-track top ju­nior bankers to re­tain tal­ent

The Pak Banker - - COMPANIES/BOSS -

Credit Suisse will es­tab­lish a fast-track pro­gramme for top­per­form­ing in­vest­ment bank­ing ju­niors, sources fa­mil­iar with the sit­u­a­tion said, as ma­jor banks step up ef­forts to at­tract and re­tain in their lower ranks.

The in­vest­ment bank told an­a­lysts on Thurs­day that it would make changes to its pro­mo­tion cy­cle in Europe, the Middle East and Africa, bring­ing it in line with the United States where the prac­tice was in­tro­duced in sum­mer 2013, sources fa­mil­iar with the sit­u­a­tion told Reuters.

A spokes­woman for Credit Suisse con­firmed the plans. The pro­gramme, due to start in July, will en­able top-per­form­ing an­a­lysts -- the first rung on the in­vest­ment bank­ing lad­der - - to be­come as­so­ciates in just two years rather than three, mean­ing they can reach vi­cepres­i­dent level af­ter 5-1/2 years rather than 6- 1/ 2. Credit Suisse's moves are part of a trend among in­vest­ment banks.

A spokesman for Deutsche Bank said the len­der told staff in Oc­to­ber it would shift its pro­mo­tion cy­cle so an­a­lysts move up af­ter 2- 1/ 2 years rather than three.

Cit­i­group Inc also plans to an­nounce a sim­i­lar ini­tia­tive re­lated to ju­nior bankers in the com­ing weeks. "Citi con­sid­ers tal­ent to be among our high­est strate­gic pri­or­i­ties. We have con­ducted an ex­ten­sive, holis­tic re­view of our tal­ent man­age­ment prac­tices, and we plan to an­nounce some in­spir­ing changes and en­hance­ments in the com­ing weeks," a bank spokesman said.

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