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