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Old 30.04.2015, 10:42
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Credit Suisse

Hello everybody

I have a questions in regards to the Credit Suisse.
What is your opinion about this organization and is it good to work for them?

Thank you,
Julie
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Old 30.04.2015, 12:12
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Re: Credit Suisse

Any plan of adding information which could make your request remotely meaningful? Applying as a cleaner or senior manager?
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Old 30.04.2015, 12:17
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Re: Credit Suisse

Hi Julie, not an easy question.
A lot will depend what level and role you will have.
What the project is, and what team.
There is nothing consistant at CS.

You will speak to one person who hates their job and another who would not want to work anywhere else.

I think the main issue at CS is, if things are bad there is not much you can do to fix it. Things change slowly.

Good Luck
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Old 30.04.2015, 12:35
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Thank you for your kind reply!

I am a private banker working for the private company at the moment and was thinking that larger organization can be more stable and structuring in
regards to working hours,vacation etc.

Thanks again,
Julie

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Any plan of adding information which could make your request remotely meaningful? Applying as a cleaner or senior manager?
I was asking about the company culture in general. Or more like "private company" versus "large organization" in Switzerland.

Last edited by 3Wishes; 30.04.2015 at 15:46. Reason: merging successive posts
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Old 30.04.2015, 12:41
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Re: Credit Suisse

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I am a private banker working for the private company at the moment and was thinking that larger organization can be more stable and structuring in
regards to working hours,vacation etc.
Larger companies simply have more regulations - you either love them or hate them.

CS have a major re-org every few years, with intermediate re-orgs happening in between. Market areas are carved off, merged and then remerged. Groups are created expand, expire build and then get swallowed back into the line.

Its a giggle!
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Old 30.04.2015, 12:42
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Re: Credit Suisse

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is it good to work for them?

Thank you,
Julie
Good for them , at least, if you are good:-).
As others have suggested a lot depends on what position you are being offered. I know people who are working in CS for last 25 years and seemingly happy (and sometimes proud) about it. There are others, long timers in UBS, who joined CS and switched back to UBS. So there can't be a definitive (or definite) answer. It is a large organisation and like all large organisations have rules, norms and structure that change slowly and just like others there are family days, social events, meet Federer events and so on and so forth.
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Old 30.04.2015, 12:44
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Re: Credit Suisse

Seems much the same here as anywhere.

Big company -politics -bureaucracy +benefits +security +flex working etc

Small company +friendly +low bureaucracy -benefits -security

Unlike e.g. the US, small company basic benefits are OK, though generally not as good as the banks. CS and UBS both offer very strong benefits, both have a very bureaucratic setup and are going through a lot of structural change.

CS in particular seem unable to decide if they're into wealth management or investment banking - you have to decide yourself what the direction of the new CEO could mean to your role.
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Old 30.04.2015, 13:27
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Re: Credit Suisse

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Thank you for your kind reply!

I am a private banker working for the private company at the moment and was thinking that larger organization can be more stable and structuring in
regards to working hours,vacation etc.

Thanks again,
Julie
You also need to check the offer, previously CS were paying high rates and bonus. Now they are replacing people on lower rates.

Also in Zurich some contract day = 8.24 hours + lunch + breaks.
You are in the office longer but commute is shorter.
Some CS teams do a lot of working from home, as there is not enough desks.
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Old 30.04.2015, 13:43
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Re: Credit Suisse

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Seems much the same here as anywhere.

Big company -politics -bureaucracy - security +benefits +flex working etc
FTFY.

There is little security in large companies these days - especially financial institutions in Switzerland. Most have seen significant layoffs in the last few years, and that looks to continue. The pressure to cut costs ever closer to the bone isn't going to go away.
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Old 30.04.2015, 15:37
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Re: Credit Suisse

security is gone nowadays.... there is nothing holding companies from laying off people... and credit suisse is no exception.
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Old 30.04.2015, 15:45
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Re: Credit Suisse

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The pressure to cut costs (and lower working standards) ever closer to the bone isn't going to go away.
The banks have to be careful - they can't keep lowering costs (salaries + benefits) without impacting moral. It won't be long before the cost of working in a bank (longer hours) will not justify the salary and they'll stop attracting top talent.

Offshoring was another work of genius - instead of spending 10m on a project using a CH based IT team working in the same building as business - and having worked with them for the last x years, you spend 4m on an IT teams based in India. 6m saved!!!!


Except the project is delivered late because UAT was twice as long and fixing everything required another year of releases - costing 3m. And at the same time you had to finance another internal team in CH to manage the offshore team, provide test management, requirements documentation (business and technical) - costing another 3m.

So instead of spending 10m - you spend 10m and the project takes twice as long!!
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Old 30.04.2015, 15:56
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Re: Credit Suisse

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The banks have to be careful - they can't keep lowering costs (salaries + benefits) without impacting moral.
Preachin' to the choir m'friend.
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Old 30.04.2015, 15:57
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Re: Credit Suisse

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So instead of spending 10m - you spend 10m and the project takes twice as long!!
That reduces the rate at which you spend the millions . Also helps Indian economy, creates a upper middle class (by Indian standards), that evades taxes and dumps a heap of black money to 'swiss' banks. Thus helping Swiss economy
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Old 30.04.2015, 18:54
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Re: Credit Suisse

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CS have a major re-org every few years, with intermediate re-orgs happening in between. Market areas are carved off, merged and then remerged. Groups are created expand, expire build and then get swallowed back into the line.

Its a giggle!
gotta love that summary. So true not just for CS, but really most large organizations...
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Old 30.04.2015, 19:25
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Re: Credit Suisse

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That reduces the rate at which you spend the millions . Also helps Indian economy, creates a upper middle class (by Indian standards), that evades taxes and dumps a heap of black money to 'swiss' banks. Thus helping Swiss economy
Aha. You really believe that? Pretty amusing. A project that is ONE year late not triggering additional financial losses probably just happens in a dream-world where there is no connection between IT and Business.

And if this is the level of business acumen that you deem to be professional, but hey it helps the Indian upper middle class, then please tell your next Swiss client what to expect - in case you are involved in such negotiations.

I am sure they will thank you for your honesty I do.
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Old 30.04.2015, 21:19
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Re: Credit Suisse

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That reduces the rate at which you spend the millions .
Seriously? You do realize that delayed projects mean financial losses, right?

Also - and sorry to say that - why would or should a Swiss private company be particularly concerned about helping to build a middle-class in India? They couldn't care less. The only reason MNCs ever offshore anything is cheap labor aka cheap production costs (at least at first sight, as eventually if calculated properly, costs are usually higher). And once wages go up - as they normally do - they'll just offshore somewhere else.


Dodgyken is right and what he says not only applies to IT (I work in an entirely different function in another large organization and can report the exact same procedures and concerns). I dare say morale has already largely been replaced by disillusionment with the kind of work you have to do these days in large corporations, even on a middle-management level. If companies don't realize this soon and go back to appreciating their people rather than looking at them as an irrelevant cost factor, they will inevitably run into a massive problem before long. Of course they all claim how people are "their best asset" - well, actions speak louder than words.
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Old 01.05.2015, 00:18
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Seriously? You do realize that delayed projects mean financial losses, right? Also - and sorry to say that - why would or should a Swiss private company be particularly concerned about helping to build a middle-class in India? They couldn't care less.
Seriously? You do realize that there is something called a 'sense of humour', right?

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The only reason MNCs ever offshore anything is cheap labor aka cheap production costs (at least at first sight, as eventually if calculated properly, costs are usually higher).
And how is it calculated 'properly'?

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Aha. You really believe that? Pretty amusing.
It was supposed to amusing!!

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And if this is the level of business acumen that you deem to be professional
I don't know about you, but the guys making the decision are senior managers of the corporation and I hope that they choose the right sorts of people in those positions who have a better business acumen than you or me .

Last edited by 3Wishes; 01.05.2015 at 00:41. Reason: merging successive posts
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