Are CS scandals overblown?
Title, do the CS scandals really affect day-to-day at the firm?
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Yes way overblown. None of it has much, if any, impact on IBCM
I mean ofc it affects the firm but not IBD at all from what I have seen
Lol love the username
Read the lawyer's debrief of the archegos scandal if you're bored. Paints a pretty bad picture of crappy management/organization was within the IB.
Yes probably overblown, but it does trickle down to IBD - good quality MDs don't want to go there, or have left there, because of the issues which trickle down to bonus pool. bonuses aren't too impacted at analyst level but it's still hitting the overall bonus pool. yet another new CEO whose job is to restructure the investment bank side, plus 3 profit warnings this year... yeah your day to day as a junior in IB is not that different but there aren't many other places having this many issues and it does impact morale, hire quality, and comp in the end
heard ib sa return offer rates were low (could also be attributed to market conditions but many similar sized banks returned a lot of interns), but could be wrong plz correct if so
My group gave 16/19 offers
damn. so i guess the person who told me was covering for the fact they weren't given an offer
https://www.bloomberg.com/news/articles/2022-08-21/credit-suisse-invest…
Thoughts?
Bump
This doesn’t sound great. Does specify M&A will stick around but so much of CS’ deal flow is cross-product (ie getting M&A advisory by also offering financing) that wonder how things will play out. Kind of baffling that IB division keeps losing billions each quarter - how is that possivle
yes the scandals suck and a lot of MDs have left but the bank has done a decent job of not wrecking the analyst experience. fairly high return offer rates were given (80-95% in most groups) and bonuses were also probably in the middle for BBs, ahead of JP and MS but behind BofA. culture in most groups is also pretty strong most of the MDs who stayed are pretty chill to work for
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