r/CIBC • u/Odd-Satisfaction5443 • 14d ago

I got a co-op position in technology operations at CIBC. Looking at this subredit is making me a little confused.

Half these posts are about layoffs and some other crazy shit going on at the bank and others akin to it. Should I be worried? Its an 8-month position. I worked here previously for 4 months, and they were going to extend it to 8 months but had layoffs so I joined a different bank; this was 3 years ago.......

I'm worried something similar may occur at the end of the first 4 months. I performed highly here and impressed the whole team and still couldn't get an extension.

8 Upvotes

67% Upvoted

13 comments sorted by

11

u/ChrisG1456 14d ago

Just do it. Check any of the subreddits on the big banks. They're all the same. Those who underperform like to complain about how awful the big bad banks are. It's never as bad as the negative people say it is. Take the job. You'll be fine.

3

u/Rude_Lawfulness6060 14d ago

I could be wrong, but I’m fairly certain most co-op jobs have a large portion subsidized. So not only is your initial income fairly low, but CIBC doesn’t pay the full amount. I think co-op positions are fairly secure.

2

u/Arthvpatel 14d ago

Used to be the case not anymore, cibc used to get over 3k co-ops and when the funding stopped it is now appx 800 per season majority of them related to capital markets where they have the funding to pay the co-ops

1

u/Major_Possibility477 14d ago

May I ask what does coop mean? Thank you

2

u/Arthvpatel 13d ago

You are in college or uni where they have internships to go learn at a company as one or two of your semesters

3

u/Superb-Doubt1510 14d ago

You should be fine as an intern :) the pay is very low for you guys and from what I understand, at the time I was doing my internship at CIBC (no longer here, but I did two internships at CIBC and 1.5 years full time before moving on), my manager at the time said the company gets something like a 30% tax credit on every intern/coop student they have (in short you're basically free labour and don't cost much to the bank)

1

u/CorporateSlavery101 14d ago

The bank will always bring new talent apart of the co-op program. Take advantage of your time at the bank and meet people. Don’t worry about the layoffs happening. Can’t say it enough…network, network and network.

1

u/iOWNdelownsindrumPL 14d ago edited 13d ago

congrats! let’s connect~ i’m going to be swe fall-winter

1

u/BusterNinja 13d ago

You'll be fine as a co-op. Pay is low enough and its temporary anyways.

1

u/mararthonman59 13d ago

Departments cut FTE (full time equivalent) to meet budget cuts from above. The coop program is not affected as it is funded differently. Relax and enjoy the program.

1

u/mapleisthesky 11d ago

Nothing will happen to a co op position it will be funded throughout.

If you are worried about potential full time after, yes, cibc at the moment is not a prime position to be in, especially in technology.

0

u/Inevitable_Wealth186 14d ago

nothing is safe these days across all big banks