How will UBS’s acquisition of Credit Suisse impact job seekers?
UBS and Credit Suisse conduct large-scale recruitment in Hong Kong yearly. Now that UBS is acquiring CS, many students have been wondering what this will mean for grad jobs and finance internships in HK.
Questions include:
❓ Will there be no more recruitment by CS in the city?
❓ Will headcount increase at UBS?
❓ How should I prepare for interviews?
Let’s tackle each question.
▶️ Will there be no more recruitment by CS in the city?
At the moment, it’s unknown exactly what kind of reform plans UBS will enact. Therefore, it’s important that students keep a close eye on both banks. The acquisition does not mean CS will disappear. Look at HSBC and Hang Seng. HSBC acquired HS yet HS didn’t disappear. Both banks continue to operate independently. Thus, it is possible the same will happen with UBS and CS. We recommend that students take a ‘wait and see’ approach.
▶️ Will headcount increase at UBS?
Firstly, it’s important for students to remember that the PB business of UBS and CS are highly renowned. However, once CS started to experience turbulence, many of its clients began to take their business elsewhere, including to UBS. After UBS completes its acquisition of CS, CS employees can use this as an opportunity to use their networks to continue providing services to existing customers. The business development of UBS could also help increase its market share.
Moreover, middle-ranking employees may be let go after the merger is completed and instead, junior staff will be hired. Therefore, we expect that graduate / internship headcount at UBS may not decrease (in fact, it could actually increase) and thus, we advise you to keep a close eye on them.
▶️ How should I prepare for interviews?
Now that you know that there may be more opportunities at UBS on the way, and that CS may not completely disappear, we can look at how to prepare for a UBS interview.
1) Both UBS and CS make use of Apt Tests and they both like using the Cut-E system. The more challenging questions will need to be done fast (e.g. in 6-10 mins). Other questions will test your speed and accuracy.
2) Over the past few years, CS has used simpler behavioural questions in interviews, such as why CS, why this division, etc. UBS however, has used more complicated situational and technical questions, so be prepared. Questions include those like:
- Describe some market news, analyze its impact on the stock market, and predict future developments.
- Describe an experience where you and your team could not reach a consensus.
3) Finally, there’s the UBS Superday. You’ll typically interview with up to 4 people together (including an Associate, 1-2 VPs and 1 MD). In addition to tech and CV-based questions, UBS also likes to ask brain teasers to test an applicant’s creativity and critical thinking skills.
This turn of events definitely impacts job applications so follow us closely for more recruitment news!
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