The Swiss are finally doing what should have been done in the first place by completely gutting prime services and investing instead in the core leveraged finance sponsors franchise and advisory/M&A 
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The new chairman gets it. This is actually the best thing that could’ve happened to IBCM. Prime brokerage was totally awful from a risk/reward standpoint, and now the bank can actually allocate the lion’s share of IB capital towards its real profit drivers via advisory/capital markets and its #1 ranked sponsors levfin franchise. There is so much capital about the be deployed in PE (literally trillions in dry powder) and CS has a market leading position to rake in huge fees by originating all that LBO debt.
Coverage and advisory (IBCM) just had another record-breaking quarter and it’s comparatively such a consistently high-margin business — Swiss management finally realized where it’s competitive advantages lie. If you’re an IB analyst at CS, this is great news, and even if you’re in S&T this may not be all bad (for instance, positive for ECM, securitized products, and derivatives).