CREDIT SUISSE REPUTATION 2020
Thoughts about Credit Suisse in recent years and in the coming years? Best groups? Culture? Exit opps? How do they stack up against other BBs?
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How does their FIG group stack up?
They've been on some cool deals (buy-side for Schwab - Ameritrade) but it's not their best group
As someone who recently went through the recruiting process I’ll share my thoughts on CS (not claiming to be true or insightful, but will give you a sense of how undergrads are valuing CS).
CS has some very strong groups, namely financial sponsors and leverage finance. Other groups are strong but not top of the street: TMT, industrials, M&A, healthcare. However there are also some groups with reputations of underperforming (real estate, for example). CS tends to do well from exits, especially from top groups, but still mostly in line with Citi, Barclays, and non-top BoA groups.
While most would prefer the other mid-tiers, CS is able to get strong talent because of 1) hopes of landing top groups and 2) they recruit so early and other banks dont usually accelerate until summer so people are “forced” to sign.
The biggest concern about CS is that they will scale back IB in the next 10 years but I think this is unlikely despite what people may think. I’ve heard the opposite anecdotally from CS bankers and there are also instances of CS publicly announcing they will continue to bolster certain IB groups (TMT, for example). Unless there is an exodus of MDs from top groups I would expect CS to continue to compete with the rest of the BBs and hold their spot in the league tables
Agreed with above. Top groups are very strong, better than the top groups at barclays, citi, B of A (with some exceptions). Where they fall slightly behind is with their below average groups. The average groups are on par but their bad groups are bad bad.
Overall CS is very strong in enough areas (sponsors and lev fin is great, they punch above their weight class in equity, one of the best at tech after the top tier banks) and I'm sure they'll hold their mid-tier BB spot
Go to an EB
For some reason WSO rags constantly on CS but the firm has placed really well at UMM and some MF PE over the past 3-4 years (particularly from M&A and FSG, but by no means entirely from those groups), especially compared with other mid-tier BBs (BAML, Citi, Barclays).
I have hard data on this, 789 profiles of PE associates scraped from firm websites and LinkedIn. CS places more people (absolutely and per-capita) at top UMM than BAML, Citi, and Barclays. This may be true for MF as well, but that is harder to say decisively for the biggest MFs, as they don't list associates on their websites and have more people overall on LinkedIn with vague titles.
Have heard this anecdotally but never been able to see data. Good find. +SB
What about the Equities side in Global Markets? What are some top desks there I know CS is known on the FICC side for HY and IG, and Structured Products. But what about the equities side?
Don't let WSO fool you. CS is highly respected inside the industry and out.
Top groups are lights out for exits and deal flow, and (many people don't realize this) many of the middle-of-the-road coverage groups have great placement as well.
CS also has great culture from what I hear. Good tone set by senior bankers, very few groups are "sweaty" despite strong deal flow
Yeah, I agree. Let's keep it real, they're a mid tier BB, but a very strong platform along with BofA, Citi, Barclays, with some kick-ass groups that are top of the street
Has Gottstein said anything about his plans for investment banking in the future?
Also curious
This is Reuter’s: “Under Gottstein's predecessor, Tidjane Thiam, Switzerland's second-biggest bank had repositioned itself to focus on wealth management while whittling down its investment bank.
Gottstein now sees "optimisation potential" within Credit Suisse's investment banking and capital markets division, which has posted consecutive losses over recent quarters, but maintained the necessity of keeping the business.”
Wasn't he a banker himself? I think he is trying to go the other way than the old CEO and promote IBCM more so than private wealth
Yeah he was. Hopefully he puts capital into IB and trading. Switzerland doesn't need two UBS's
Any thoughts on the future of the Global Markets (S&T) division under this CEO?
CS is still very well-respected within the finance world. Yes, they have been losing market share in deals, but reputation typically takes a few extra years to catch up to the league tables. The best group is the financial sponsors in terms of placement, but other groups with strong placement are their leveraged finance team (a separate group) and their strong coverage groups (TMT, industrials, and healthcare. I have heard power is solid but don't know too much about the space). The difference with CS and other mid-tier banks, from what I have seen anecdotally, is that CS completely disappears in its weaker markets (like consumer retail). However, placement is more about the candidate. If you are at a coverage or M&A group at any of CS, Citi, BAML, or Barclays, expect looks from virtually every headhunter and private equity firm.
Also, CS has the legacy of First Boston and from its reputation in the late 2000s, when it was probably a top 3 bank on the street (and FB was arguably the best M&A house, while DLJ was the best leveraged finance team on the street). It has gotten weaker with time, but the legacy of First Boston and DLJ and the great placement CS had in the 2000s and early 2010s continues today
'Disappears in its weaker markets (like consumer retail)' is just not true. They are the house bank for Nestle and probably have a 20-men army standby for Nestle
Didn't know that, I always thought CS retail was one of the weaker groups. Generally, the strongest coverage groups at CS are sponsors (basically a product group), TMT, industrials, and healthcare (from what I know, and in no particular order besides that sponsors is considered the strongest). FIG is also strong there from what I know
What other groups would you consider weak? Seems like industrials, healthcare, TMT, FIG all do well with Sponsors at the top. Have heard RE and O&G are also decent. Not sure about C&R besides your comment
How does CS do on the West Coast?
Tech SF is a strong group. Next in line behind Qatalst, MS menlo, GS TMT (plus JPM SF and Evercore SF).
CS has a fantastic LA office with Sponsors, leverage finance and gaming. Top two in LA are Moelis and CS
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