Credit Suisse IBD Groups

I tried looking up info on the IBD groups at Credit Suisse. Unfortunately, I didn't find much on prior threads. I was hoping some of you can go through the best and worst groups at the bank in terms of deal flow and culture. Thanks in advance.

 

Traditionally, CS Sponsors has been spoken of in the same breath as such top-flight groups as GS TMT, MS M&A, UBS LA, etc. in terms of deals and analyst placement. However, in this current market environment, that could be rapidly changing.

Their Tech group is also very good. Some might say their Energy group is also good, but their are too many other Energy groups (LEH, GS, etc.)on the Street that are way better for them to be considered as good as their Sponsors or Tech groups.

 

I know a few people there, some who started there and some who lateraled in. They've done some of the more high-profile deals of the past few years, including Sungard's take-private back in 2005 which was at the time the biggest tech LBO at $10B or so.

In general I think CS is strong across the board... not like some banks that depend pretty heavily on leveraged finance (or should I say, depended pretty heavily) to win deals or anything, they stand up pretty well on their own.

 

Love the M&A guys. Great people. But you will get slaughtered with hours.

"They are all former investment bankers that were laid off in the economic collapse that Nancy Pelosi caused. They have no marketable skills, but by God they work hard."
 

NY HC group doesn't do too much in reality - all the deal flow you've seen is done out the SF office, which is headed by the MD that runs biotech and is the co-head of Americas Healthcare. Also m&a isn't run in house by the HC group, all passed on to the NY M&A group.

The NY TMT group does do at least some tech deals - I know the NY group specifically advised on Alibaba's investment in Fanatics.com and David Wah does spend a good amount of time in NY.

 

Agree with the above.

TMT in general is a pretty fratty group, if that matters to you at all. They work hard (though by no means are they a true "sweatshop" group), and they have decent deals (or at least they did as of this time last year).

dollas
 

I'd like to know about CS M&A vs JPM M&A, as well...because CS keeps telling me their teams are "lean" and I will get "better experience," but I thought on the whole JPM M&A had a better reputation. And what are the exit opps for CS M&A vs JPM M&A? Decent placements for both?

 

I do know their M&A team is pretty lean ... I was talking to an alum and he said he completed 5 deals before he finished his second year ... they underhired in '08 and only ran 5 analysts in the group and then M&A picked up and they were understaffed.

 

Agree with above, but depends on office. Technology is great in SF/Palo Alto, but the leadership out of NY and culture sucks. I'd throw in Energy also. They're great group, but long hours. The M&A groups is picking up and has done great this year advising on many large deals and LBOs. The Media & Telecom group is great with good group of people and lots of deal flow. It depends on what you like. Same can be said for Industrials. CS also has great regional offcies. Its office in SF, Chicago, and LA are considered to be in top 3 for the respective city.

M&A has the worst hours. Trust me as I know someone who's an associate in that group, but you're getting probably the best experience, so it's your call.

 
Bruce Wayne:
Cliche answer - just apply everywhere. Key thing is to get an offer first and then worry about location afterwards...

I understand that, however ive been asked by bankers before whether i want to do west coast vs east coast banking. And ive been told by people who went through recruiting last year that in their first rounds they were asked for a preference.

 

CS has always been strong in tech, but I'm not sure where most of their execution is done. If you are interested in tech, I'd say that you should focus on being in SF as it will be much easier to pursue exit ops after your 2 years. You will also have better access to clients and network opportunities.

 

i'd be interested in responses as well, mostly because i would like to know how much restructuring work the bb's will actually have over the summer (as opposed to the smaller boutiques that are more focused in this area...)

 
wonder:
i'd be interested in responses as well, mostly because i would like to know how much restructuring work the bb's will actually have over the summer (as opposed to the smaller boutiques that are more focused in this area...)

I'm curious about this to. I'm not quite sure about what BB's actually do during the restructuring process, since boutiques are the lead advisers.

 

LFO&R was formed 2 or 3 years ago when CS merged their Lev Fin and Restructuring groups. very good group because in both good times and bad, you'll have work to do. also, i've heard the culture is very good.

 

Healthcare is pretty mediocre. Traditionally, the best groups have been sponsors (them and JPM are top 2), M&A, energy (best on the street), and tech (top 3, notch below GS/MS, well above all else).

FIG and Healthcare are both pretty weak. Industrials is solid, just got split up into two smaller subcategories though.

 

Energy & power group (NYC) is much better than oil & gas (Houston). Really, really good alternative energy group too between the tech group and energy & power group, probably 2nd only to MS, if that.

 

You're right that FS is the most difficult group to get into. Everyone wants to get in that group since they're the top on the street. Lev Fin works closely with Sponsors and is quite strong. They do most of the execution I'd say. The hours are also bit better than Sponsors on average.

The people in M&A are pretty cool and diverse, but hard working group. That's the case at any BB M&A group though. If you're willing to put the hours, it's a great group. I'd stay away from Technology in NY. The heavy hitting MDs are all in SF. I don't know much about Media. The energy group is strong in NYC also if you're into that.

 

Scott

Thanks. I appreciate the feedback.

From what I have heard the Sponsors group at CS mostly works with the BIG sponsors, does most of the financial analysis and the Lev Fin group works on execution (syndication, debt structuring etc.). Also, I have heard that the Lev Fin group also works directly on SOME LBO deals with some mid-market companies. Is that accurate?

How about the exit opportunities? Would you say that Lev Fin has similar exit opportunities at PE/HF/VC firms? If not what are the exit opportunities after working in Lev Fin at CS? Also, how many people work in the Lev Fin group and how many people do they take each year from the Associate class?

 

Lev Fin at CS actually doesn't really touch Sponsors deals, they just do capital raising for companies. All the LevFin work for LBOs will be done within Sponsors and DCM. LevFin is also the restructuring group at CS. The LevFin group does not really work with Sponsors all too closely, both do a significant amount of execution, though sponsors does considerably more, and Sponsors does work a good 10 extra hours a week. Hope this helps.

 

Lev Fin at CS actually doesn't really touch Sponsors deals, they just do capital raising for companies. All the LevFin work for LBOs will be done within Sponsors and DCM. LevFin is also the restructuring group at CS. The LevFin group does not really work with Sponsors all too closely, both do a significant amount of execution, though sponsors does considerably more, and Sponsors does work a good 10 extra hours a week. Hope this helps.

 

i would say if you are stuck having to work at CS, i would just kill yourself, before agonizing over which group to get stuck with.

livin large in miami
 

coltsreign:

you have no sense of humor. it was a JOKE. and 2> i rejected them:_)

but sponsors is the best one there, from what ive heard from friends at the firm

livin large in miami
 

coltsreign thanks for backing me up!

I realize that Sponsors is the BEST group at CS and obviously it is going to be my #1 choice. However, I think most spots in the Sponsors group are already taken. So, I am looking for feedback on other groups that I should consider. I am leaning towards M&A, Technology (NY) or Healthcare. If somebody could provide info on deal flow/culture/hours/people in these groups that would be great.

 

has long hours, but other groups work hard also. I'd say the experience you get is definitely worth the few (5-10) extra hours per week. You'll work o the highest profile deals for the firm and have exposure to great senior MDs. I'd say Sponsors/Energy (the other top groups) work just as hard also.

 

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