London: Credit Suisse will establish a fast-track programme for top-performing investment banking juniors as major banks step up efforts to attract and retain their lower ranks, sources said.
The investment bank told juniors yesterday that it would make changes to its promotion cycle in Europe, the Middle East and Africa, bringing it in line with the US where the practice was introduced in summer 2013.
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 vice-president level after five-and-a-half years rather than six-and-a-half. Credit Suisse’s moves are part of a trend among investment banks.
Deutsche Bank told staff in October it would shift its promotion cycle so analysts move up after two years rather than two-and-a-half years.
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