Credit Suisse Scandals
In light of everything happening at CS and the Archegos scandal, should junior employees be worried (Associate/Analyst)?
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Absolutely not. If anything, should be concerned about MDs being poached by other banks (Jefferies, Qatalyst, RBC etc). CS reputation and brand image not gonna change tho, still a solid BB with certain top groups (Sponsors, M&A, LevFin).
Agree with the above, no lasting issues. If you are between offers Archegos isn't really a factor - every big bank has a scandal every now and then
This is no ordinary scandal. It wiped out huge amounts of restricted comp for senior mds and they have been dropping like flies. Entire groups have been guttted
Which groups?
In no way did this comment deserve 4 MS… CS seniors have been leaving like crazy to other shops and that's the entire value of a platform
your job isn't at risk at as a junior but anyone who's saying that there's no change in CS' outlook is fooling themselves, imo. The seniors are being poached / exiting like crazy and that has a lasting impact on a franchise. It's hard to take a bullish longer-term view that CS is going to be as good as it was in the past. Don't think it's disappearing from the face of the earth but not exactly on an uptrend here.
lol MS from the one junior who thinks an exodus of seniors is actually positive for the bank. don't worry buddy, you can get that CS tramp stamp on your lower back lasered off.
Boss shut your washed up mouth do you really think VP in IB is prestigious, you’re talking down to 22 y/o analysts that will lap your WHOLE career trajectory next on cycle process hahahaha. Good luck with your director promotion, I’m sure you feel insecure when PE associates half your age keep you working on the weekend
Agree with above. You don't have too much to worry about if you're just looking to do your two years and exit, but there will be scars from the Archegos fallout. CS has avoided absolute Armageddon with several of the kingpins staying (for now), but a lot of rainmakers have been poached and several groups here have been completely gutted.
Which groups?
FIG is dead. Industrials was gutted. Tech was hit really hard. Healthcare was hit pretty bad and biotech was completely gutted. Media & Telecom was hit pretty hard. Just about every other group lost at least some seniors. A handful of M&A seniors also jumped ship, and quite a few seniors that carried sponsor relationships jumped ship, which is especially concerning given how much of CS's deal flow is from sponsors. On the bright side though, the biggest guns in FSG stuck around.
Can you please share some insight on the LFO group currently? What is the reputation within the bank and the overall analyst experience there?
Top group. Not sure how many people exited, doesn’t seem like many.
most of the senior MDs have left across all groups. Heard junior bankers are having a good work life balance as there are not enough deals to go around
Undergrad here. If I’m gaming around 11-12 at night, I’ll also see an alum on ~3/7 nights. Guess this explains why lol.
They’re at a top CS group too, so it’s not like it’s a group with weak deal flow to begin with.
Have a friend in PE who was working with CS on a transaction that was apparently a disaster- seniors left mid-process, turnover at the junior level as well, and apparently they just did a truly terrible job as a bank. There was a co-advisor I guess who stepped up and dealt with it all, but he said CS was more of a train wreck then he expected.
Don’t think this impacts anyone at the analyst level looking to exit to PE just because the reputation will last, but would not want to be an associate+ there right now
CS was so good in terms of sponsor deals… now, not so sure. Anyone that work at CS shed light?
Bump also curious
Still very active - the LFO and FSG teams mainly stayed (the heavy hitters are still here) despite the mass exodus seen in other teams (as mentioned in this post)
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Had a co worker join the prime broker group this past summer... Just before the Zurich raid. Overall though, I would not stress about the general damage to brand equity but I would be concerned about some of the exits at the top for each of the groups. Group>> firm so I would focus on how hard the group you are looking at has been hit.
FIG was completely gutted, I’m not even sure what’s left there. Nearly every rainmaker / big hitter senior went to Jefferies. Couple HC MDs also moved to JEF. Energy also gutted, unsure of where they ended up.
I honestly don't know if I simple don't understand the word "completely" or what. The MD who did the Schwab deal is still there and another MD that did the S&P deal is still there. It was a heavy hit for the group but not "completely gutted”. I am actually pissed that they got one of the mandates that I've been working on the pitches for a few months. From what I've seen, their team runs very lean and only hires to the precise needs, so a few departure has a huge impact to that team.
Can anyone shed some light on how their tech is doing right now? Both NY and SF
Like the rest of the bank, they had some high profile departures (including heads/co-heads of TMT sub-verticals), but overall still has decent deal flow / pipeline due to strong sponsor activity / FSG team.
Think the head of internet left to Chowbus and became the CFO?
Biggest loss to tech was Homan Milani, brought in all internee deals.
group head (Kirk kaludis) leaving wasn’t a big deal. Wasn’t bringing in deals and wasn’t respected within the group. Many under departures also fall under this category but can be misleading as headlines.
that said, lot of VP departures which don’t make headlines but certainly do hamstring the group
Any word on REGAL
Is CS FSG still top for PE exits, or would Barclays/Bofa be better?
Prob negligible / get offers first
How is CS Industrials looking? Hours? Deal flow?
Lost a couple of their biggest rainmakers over the summer but counteracted by recently bringing in more senior talent.
Any thoughts on CS Houston? What’s the culture and deal flow like?
Heard there was exits out of that group
Heard there was exits out of that group
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