It's been pretty clear that Credit Suisse has opted for some intense cost cutting measures, but I still got a laugh from reading DealBreaker this morning.
The following is the exact extract from the 'front lines'
CS now requires bankers to pay for their own mobile phones. New reimbursement policy “piggy backs” on personal phone plans. CS will now not reimburse employees for domestic data usage and reimbursement for voice will be limited to certain thresholds. How bad you have to be to ask your employees to basically “share your family data plan with me”. So now if you work at the bank you need to provide a line to your wife, son and CS. Further, if you choose to get reimbursed for business calls using your personal phone (again, only option now), employees need to submit personal phone records so somebody in back-office can see what business calls you have made. Some people have decided to pay extra (again CS will not pay for domestic data, only business calls based on predetermined threshold) and get a separate line in order to avoid
Are the days of business class roadshows around Europe over and done with? On a side note, I was very impressed by the culture of CS when I attended a networking session at their offices last week. The firm seemed very appealing to work at, but say in HK and New York, are there deep structural issues? Thoughts?
"The firm seemed very appealing to work at..."
Is that b/c the building was nice and shiny? I'm sure it's all roses when you have to issue a fkin cat bond on yourself
You're in credit/debt research and you've got THAT level of reading comprehension? One sentence before what you quoted:
I'll second that as well. I like the culture somewhat better than the other BB firms to the point where they're the only BB firm where I'd be excited to work for the company as a whole(there's a few specific groups in other BB's I like, but I haven't been as impressed by the firms as a whole).
Haha thats very true. What country are you located in? How are the CS deal sizes?
This is going to be true across the street. BYOD (bring your own device) will be the norm pretty soon. GS and MS are already rapidly phasing out blackberries for all junior folks. And domestically they aren't going to be reimbursing you because the data from these applications that are used is extremely small. Senior folks will continue to get whatever they want, though.
What about flights and hotel rooms? Less international travel/NY training courses?
The BYOD stuff was happening regardless of the tight times, though. It's seen as a way to get with the millenials. Millenials don't want two phones.
If you're going to make me use my personal cellphone for work, reimburse me or GTFO.
Flights for associates and up (not junior analysts, and not sure if this applies to them): Business Class flights to any destination above 5/6 hours. Hotel depends on the "approved hotel" list, which every bank has. I also have heard that bankers have been paying for their phone plans as early as three years ago... this isn't news.... Frankly, it’s like $100 a month for the teams that don’t travel outside the U.S. much. Expenses are highly scrutinized at CS.
Culture-wise... CS does this thing where it hires an army of nerds, and therefore the entire place is a nerd shop... Note, this does not mean better banker or higher caliber, just think of the place as a very "safe hiring" bank, focusing on bringing in simply nerds. I think other banks have a better distribution of nerd-athlete-experienced banker/analyst assembly (of note, I believe JPM does a great job hiring a range of hire types). Since this place is stacked with nerds, the analysts who exit end up going to well-known HFs, Pes, Long shops, and any other type of fund (activist, PE, etc.). Also, CS reputation on a resume is extremely well regarded… I know a guy who has almost always gotten a buy side interview cause of the brand since it is well known that it is a nerd shop.
Can confirm all of the above. Phone plans have always been self-paid, but they do re-imburse all your calls while you are travelling. They are very, very risk averse when it comes to lateral hiring. You see talk about banks hiring the LSE or the HYPS grad over a hustler, right? This is that bank.
What the fuck are you talking about? CS hires nerds? Yes - all banks hire people who tend to be good with programming when they need to hire somebody for their quant desks. Just like all banks will hire someone that can drink like a fish when they need an equity sales guy. This is not a high school from a shitty B-rated film. You don't have nerds and jocks. Just people wanting to make some $$$ with various levels of interest outside of work. Grow the fuck up.
Angsty nerd detected
Credit Suisse - Current state of the firm? (Originally Posted: 12/19/2012)
Can anyone please fill me in on the current state of CS? Are they still as strong as they used to be? Any particular pros/cons that you guys can think of?
http://finance.yahoo.com/news/more-credit-suisse-tech-bankers-depart-13…
Just lost 3 more bankers
YTD 2012
http://i47.tinypic.com/2crmy9y.png
Looks like that is Europe alone.
Possible, I didn't select regions but only have a European subscription
http://dealbook.nytimes.com/2012/09/24/graphic-mergers-and-acquisitions…
4th overall, 3rd in the U.S.
What group? CS has a lot of problems.
M&A
At the moment, it appears to be their one bright spot.
Sounds good thanks guys. Any opinions on their recent restructuring efforts?
Maybe avoid thier big offices. They are trimming the fat pretty agressively in those groups as you can see in the headlines, the way CS groups are set up (according to a current employee) is that they have been doing a lot of capital efficiency analysis on individual offices and slashing those that underperform. NYC and London are the most bloated and are most likely to see more cuts.
Meh, M&A still strong but declining.
cs culture still sucks as always
Care to elaborate? I've heard from some outside of CS that it is a sweatshop. Have heard from one individual in CS (good group) that he has very nice hours. Have spoken with a few CS bankers who are quite friendly and seem to be great people to work with.
In terms of LA office at least- they are a POWERHOUSE if you're looking for 2 year analyst stint and out to a top mega fund/mm PE firm...they are superselective tho but i know people that take them over Moelis LA/MS LA/discussion for GS LA
i agree with whiskey5 thou, their culture is super cut-throat and not enjoyable at all SAs and FT people have said
CS LA over Moelis LA? My friends on the west coast say that Moelis is the powerhouse in LA, not CS. They're from UCLA if that makes any difference.
CS LA is great. CS NY is like fucking a goat without lube and having to cuddle with it after.
yeah was just about to say you should shoot for regional offices for CS, LA being the best. SF healthcare and tech groups are also a great option.
when you say sweatshop, every investment bank is a sweatshop.
Obviously ibankers work long hours, but I'm talking on a relative level.
When an analyst at a competing investment bank (higher in the league tables too) tells you that his buddies at CS are being worked like they're in a sweatshop, you get a little concerned. Especially given their longer hours aren't reflecting more closed deals, but might just be straight pitching.
+1
*PHENOMENAL
Pretty sure Moelis LA has poached the last two heads of CS LA in the last three years; Kent Savagian and whoever else before him. CS LA is good for sure, but if their top guys left for Moelis I am not sure how good they will be in the future...
What who said CS LA was great? A senior at my school was forced to worked to the bone and he had eyesight problems after a year on the job.
Unless he was staring at a blank screen (wouldn't be surprised with the level of facetime required in LA), that level of work/intensity what makes it so great.
And anyone trying to compare Moelis and CS in LA. Moelis hands down. End of discussion. It's a sweatshop at its finest.
do you go into investment banking as an analyst and expect a 2 year vacation? anywhere you go assuming a legit shop, you will be worked to the bones.
as for eye sight problems... blame genetics
Agreed
Does anyone have insight on how analysts from Credit Suisse's LA office have placed recently?
CS is a top bank and doing well as always. Top 5 more or less across the board. Tough to measure 'culture' at banks that have thousands of employees. Like any IBD stint hours will be tough, pay will be solid. I would still go there over just about anywhere aside from GS, JPM, and MS
While I mostly agree with this, would be interested to hear other posters' opinions on the strength of the bank at the moment (not just culture). There has been some news recently about a potential shakeup with regards to CEO Dougan. Have read in Bloomberg about CS closing an office in MEA and shrinking Hong Kong and London offices. Obviously it's a tough time in the banking industry, but you don't see this kind of news about GS/JPM.
Look, CS is a miserable place to work. Everyone is either worried about being comped like shit or getting fired altogether. Turnover in the mid-senior ranks (group heads and MDs) is extremely high. The people themselves are pretty chill and laid-back overall, so the working culture is good, but the business culture is awful. It's a bureaucracy of epic proportions, expenses are scrutinized and disallowed to a ridiculous degree (even VPs need special permission to travel and see clients) and wealth management, not the investment bank, is the crown jewel. I would stay away if given the choice between CS and anywhere but UBS or BAML (though I would also be worried about joining DB at the moment).
That said...if your plan is to leave in a year or two anyways, those factors may not be as important. But it's a depressing environment.
For the Swiss banks I agree that wealth is important, and growing in importance over the last few years. I think "culture" is extremely simplified. It does vary between different offices. I will tell you now that CS LA is a shithole and they will work you to the bone but certain offices like CS Toronto tend not to be so hierarchical. Casual Fridays believe it or not.
Your points are superficial. Please see my post above for cultural issues overarching all the offices. If you're not ready to work hard, or if casual Fridays are a big draw, you need to reconsider priorities...
Doing really well in PB and European M&A seems to be on the decline.
The Future Of Credit Suisse (Originally Posted: 05/19/2014)
A settlement could come early as today announcing a deal where Credit Suisse would plea guilty to helping US citizens avoid taxes, and they must pay $2.5bn fine.
Also, there are rumors that Brady Dougan (CEO) and Urs Rohner (Chairman) will step down. Urs Rohner's resignation could come early as today. A Swiss newspaper reported that a resignation from Rohner was being drafted over the weekend, and Dougan is facing serious pressure from Swiss Politicians to step down.
What is the future of Credit Suisse? Do you see a guilty plea hurting CS's ability to bring in big deals through the door? Will it hurt recruiting?
In terms of two phones most of the analyst in my bank carry two devices. Then again we have corporate iPhones.
I tried the single phone thing and hated the battery drain and also not knowing if a buzz was personal or for work. Keeping things separate is nice IMO.
short answer: no, unless the tax evasion stuff was related to IBD clients, I think this mainly hurts their PWM and private banking business more than anything else (aside from reputation).
all of that said, I think this is just more fuel for the left leaning media to throw at the anti wall street fire. swiss banking laws have always been at odds with US laws, it was only a matter of time until this happened. I think it's a moot point long term.
Haha I posted this exact same topic in the trading forum three days ago and got no responses. Anyway, I think this wont impact IB very much at all but could have a bigger impact on S&T. My main question was what effect a guilty plea could have on trading. Wouldn't some pension funds, real money AMs, etc. be unable to trade with a "criminal" because of mandates (correct me if I'm wrong)? Also, I read that Blankfein already stated that GS may have to cut some business ties with CS if CS pleads guilty. I would be curious to hear what those businesses might be. Lastly, I think the greatest risk in all this is Dougan stepping down and being replaced by anti-S&T CEO. If you look at UBS vs CS stock price, it isn't hard to see why shareholders would be inclined to push CS in the direction of UBS. If Dougan is replaced, I think S&T would suffer the most, same as before.
I will never have my work/business email on my personal phone
Future of Credit Suisse (Originally Posted: 03/15/2007)
Where do you think CS is headed in the future? Will it continue to pick up some momentum or will it continue to be second tier BB?
since when was CS a second tier BB? :confused:
get your facts straight!
well it has certainly lost some ground over the past few years. do you think its making a comeback?
CS is a second tier BB.
I thought BB refers to the top 3 or top 6 banks - depending who you talk to... and it is tier 1A. Since when does the term Bulge Bracket = "second tier" ???
Credit Suisse is still Bulge Bracket and tier 1A is is still more prestigious than UBS, DB, BS, BofA, etc.
It has no doubt lost some edge over the past few years, not on the same level as the tier 1 banks
outlook for the future?
Id have to say UBS is above CS right now, althought with talk of Moelis leaving, that could change very quickly. Anyways, CS has lost some luster over the years, but I do believe Brady Dougan, who is the first American to lead the bank, will right the ship.
It never ceases to amaze me at how these boards attract so many "experts" at rating banks. There are too many individuals that are so biased toward GS or MS that they refuse to think that maybe some other banks offer significant opportunities to the individuals that work for them.
Yes, GS is the gold standard. However, it is not the end of the world to work at a bank such as CS.
Who cares if CS is better or worse than UBS. People should be thankful to have the opportunity to work for anyone of them. You will get great experience and be far better off in your careeer than the average college graduate.
Why do IB companies get away with having people work such ridiculous hours? Because the rewards are so great.
Let's get off the rankings kick. Judge a company by it's culture as it relates to you.
CS like UBS and DB will give someone much better opportunities than an average college graduate. I would say CS (formerly CSFB) was right below GS/MS at #3 during the tech boom. Since then it has gone downhill to due to DLJ merger fiasco and many senior bankers leaving ship to other places as well as the Mack era, which was disastrous for the company. It also recieved a lot of well deserved negative publicity for tech era IPOs and pricing scandals.
However, Brady is trying to clean the image of the firm and has done a well job since beginning of 2005 and the firm has gained market share and become one of the top 6 in league talbe should you care about that. Like most banks, it has some groups that are at the top (i.e. 1 or 2) and some mediocre groups. CS has been on lot of high profile deals over the past year. While it's not GS/MS, I'd say if you have an offer and like the culture, don't choose it because of name. If you're good, you will get opportunities. The same could be said for any other BB.
IMHO, UBS/CS are tied in M&A, UBS better in IPOs, and CS slightly better in lev. fin/FX
This issue of CS came up in 1994... it came up once more in 2000 after the DLJ acquisition... and it's coming up yet again... why is CS always getting the "what's going to happen with CS" dialogue? Also, whenever a head CS guy leaves, inevitably it's because "oh, there were management issues with the Swiss". Whatever.
Maybe the Swiss just suck at managing Americans.. Let's see how long Dougan holds up.
too conservative....you're seeing that at UBS.
CS is more lenient with the balance sheet, but still nowhere close to American banks like Citi and JPM. It has nothing to do with managing Americans.
scott- what group at CS are you in?
It also really depends on where the firm's strengths are. CS LevFin and Sponsors in LA are near #1 in the region. Has a good presence in the Vegas gaming industry and in Hollywood (although JP has recently announced increased focus on Hollywood deals). Because of CS' Sponsors group it is also well known within the PE community-one that shows no signs of slowing down.
what about CS FSG presence in NYC? would you say they are near #1 there as well?
The CS sponsors group in NYC works with the LA office often - different cultures but same work-type experience.
what are the cultural differences between these two offices?
Does anyone have any info on the CS offices in the CEEMEA region?
How is their latin america group?
swiss people will always need credit nuff said
Death of Credit Suisse (Originally Posted: 06/04/2016)
25 bankers leaving for Wells Fargo. The exodus from cs is picking up. Is this the end of their investment banking franchise?http://mobile.reuters.com/article/idUSKCN0YQ015
Love having two phones. Brother really appreciates me not having to burn through my family plan's data when streaming videos. Extra memory for movies, music, games also nice.
25 bankers?
What is dead may never die.
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