Young talent to be given fast-track.
Credit Suisse will establish a fast-track program for top-performing investment banking juniors, sources familiar with the situation told Reuters, as major banks step up efforts to attract and retain their lower ranks.
Reuters reports that the investment bank told juniors 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 program, 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 5-1/2 years rather than 6-1/2.
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 2-1/2, two separate sources said, declining to be named since the moves are not public.
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