Credit Suisse demise - least attractive bank
Credit Suisse, once the best Swiss bank, is today barely surviving. Rumour has it that CS will be shrinking Investment Banking to increase focus on Wealth Management. The decline started well before Archegos, but Archegos losses and subsequent drop in share price (and thus drop in comp for senior bankers) led to the unseen exodus of CS bankers leaving for the competition. League tables reveal that CS places well below all other bulge bracket banks (worse than UBS and DB!) for the past three years and this does not even capture the departures of top talent and senior bankers - who were bringing the business in.
Recently, the sentiment on the buyside towards CS changed, in a similar fashion it did with DB few years back. It's becoming harder and harder to exit into top shops from Credit Suisse and it is very possible that Credit Suisse IBD will be either completely closed down in a few years or reduced to an insignificant size.
Either way, Credit Suisse should no longer be classified as Bulge Bracket.
Credit Suisse Exodus in Full Swing as More Senior Bankers Leave