There has been a lot of CS First Boston posts / inaccuracies / future SA & FTs wanting to reneg here on this forum recently. I am currently a mid-level banker at CSFB so happy to take any questions or address any concerns. Will try my best to answer to the best of my knowledge as the situation remains fluid.
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When is the logo change gonna happen?
It started to make its way into pitch decks and we were asked to change our email signatures to incorporate CS FB. We are basically staying with CSG in the interim and the plan is to be independent and find a new office next year.
Got it. Will the LinkedIn logo be changed as well?
No more 11 madison ave?
How is the morale at the firm currently and what do you think about the spin-off?
Morale is neutral right now to be honest. There’s still execution risk of the spin off and I expect attrition to continue to happen at all levels. I think the spin off was the best thing we can do given the circumstances. Every year, IBCM does well, but a different part of the bank would f up and screw us at year end. So it’s more if a eat what you kill mentality now
How would the 9000 job cuts affect CSFB and their boutique-like model (i.e. leaner teams)?
What are thoughts on m. Klein team? Super high caliber
Super high caliber and was instrumental in getting external capital for CSG and plans to do so with CSFB. He’s worked on a lot of large M&A deals recently and gets IB as a business
Do you think CSFB will compete at all for league table rankings in DCM/ECM?
Yes to ECM but not so much in DCM (assuming you mean IG). DCM uses a lot of capital and we are moving to a capital lite model.
What do you think this means for DCM. An exit entirely?
Where do you see CSFB in league table rankings in terms of M&A, LevFin, and general IB revenues.
I think it would be lower to start but pick back up once external capital is secured and the implementation of the Jefferies model is complete, particularly for the LF business.
Thanks for this. Go explain this to the CS analyst below who thinks it’s gonna be larger than current CS…
can you elaborate on the jefferies model for the uninitiated?
Is this a positive or negative move for Financial Sponsors? Additionally, how will this effect exit opportunities? How does a merger with M & Klein even look like? Will analyst be cut?
Too early to tell. They are still trying to implement the Jefferies LF model so that would drive FSG activity if/when it’s complete, but still carries execution risk with the entire spin off. The senior FSG team hasn’t seen a lot of attrition vs other teams so exit ops should still be decent. I don’t think they will cut a lot of analysts. It’s a two year analyst program so it’s easier to just not promote, if needed.
Will the boutique model offer more compensation for analysts and up?
No immediate plans that I heard of regarding all in comp increase. There was mention of more cash mix vs stock in bonuses (but that’s more applicable to VP+). Think most of their comp focus will be to retain senior bankers or attract external senior bankers as they rebuild benches given how much attrition happened In the last 1.5 years.
How will deal experience change under M Klein? Especially with the merger of the two firms. Will it get better?
Historically, CS has been more capital markets focused (LF/ECM/DCM). Going forward, there will be more focus on M&A
Incoming SA in capital markets. Do you think I will still have an experience that can be leveraged for an offer elsewhere? I want to work somewhere where capital markets are a strong part of their business (Citi, JPM, BOFA, etc). Will CSFB even try to compete with these guys or will it be largely middle market capital financing? A different model, but Lazard historically has worked on big deals in DCM.
Can CSFB compete with PJT and Evercore?
Think the best comp is Jefferies here
Thank you for opening this post to answer question.
As for the job cuts, do you think IB risk management/ support staff in US offices should be worried? especially for staff not in NYC office?
I think it depends. Capital is being cut everywhere and certain businesses are fully exiting so that’s where some of the cuts would be, along with natural attrition and potentially just hiring less FT folks (as the 9K reduction is planned till 2025). I think it might matter if you are outside of NYC (eg Raleigh) AND support CSFB as I’m not sure if it makes sense to have support staff at a random locations in the interim once the full spin out happens from a cost perspective. Wouldn’t think there will be heavy cuts to core risk teams as that’s how archegos ended up crushing us. But take it with a grain of salt cuz idk for sure.
How do you think does this affect APAC?
Don’t have much insight into APAC unfortunately but l think they were the worst hit region with senior banker departures. Also CS FB is intended to be a U.S. focused investment bank..
For information, heard that CS was 1st in the league table for SEA & top 5 in Greater China. I'm not sure how it'll turn out but do you think they'll want to keep this momentum going? Thanks!
What do you mean when you say CSFB will be like Jef? Credit Suisse typically ranks in at #6-8 in league tables over the past few years. Will that continue with CSFB?
When I said be like Jefferies, meant from a business model standpoint. Having an advisory platform with strong capital markets capabilities. Folks drew parallels to the elite boutiques but I wanted to caveat that Lev Fin will still be a focus going fwd. also the Lev Fin platform is expected to be structured similarly to Jefferies from a capital perspective.
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After discounting for the "town hall hype" I actually think is a good opportunity as I said in the other thread on this topic.It will be a separate entity owned by CS for the majority and external capital. An IPO has been rumoured. If what you say is true, then it means it will need to continue using CS balance sheet and capital, which is exactly what CS is trying to avoid.I understand the internal speech, but realistically CSFB will be a smaller, nimbler firm which cannot pitch the same deals because it won't have the balance sheet size to underwrite them. In terms of comparisons, it has PJT-style heavyweight in MK but most of the bankers who stayed are Jeff-quality (at best).I'd give it a chance but it's a bet: it will hire significantly and it won't be easy to shake off the sleepy Swiss culture especially in EMEA. Not impossible though… good luck!
Exactly, not sure where the “current analyst” got that the balance sheet / LF book will be larger than it is now as it was always the intention to be smaller and “capital light” and some teams are forced to find other external capital.
CSFB entity will eventually only have fraction (if at all) of a balance sheet compared to CS. Going forward, work that FSG does will be very different (no more LBO financings) and plans for LevFin is still tbd. That said as long as the teams are intact I don't see any foreseeable risks for the juniors in those groups
This is highly inaccurate. CS will continue doing LBO financings and providing commitments.
I find this very hard to believe. It sounds counter-intuitive to what CS is trying to accomplish.
It’s hard to believe because it’s 180 degrees away from what CS has stated they’re planning on doing.
Oh so you’re moving to a less capital intensive model with a bigger leveraged loan book…got it.
You're in the LA office, you probably don't even know what's going on. Also, if you're talking about the Head of Sponsors, seniors will lie to maintain morale because there's nothing else they can do. It's your job to not believe everything they say.
What will happen to the EMEA activities of CS IBCM given that CSFB will be US-focused?
They will likely be downsized. A good chunk of the upcoming IB cuts will be in EMEA, so I was told.
How is the M&A group at CS now?
Feels strong. They were on the recent publicly announced Kroger/Albertsons deal. M Klein has worked on a lot of jumbo M&A deals and they want M&A to be a big focus going fwd so should have some tailwinds here
How do you see their M&A competing with the likes of EVR/PJT/LAZ?
Are there any chances that IBCM SA internship offers could be rescinded for 2023?
I personally have not heard of anything. Honestly I would think they would not do that from a PR perspective. It’s easier to keep everything as is but decrease the SA -> FT conversion rate if needed.
Why would they rescind SA offers and ignite another PR disaster, when they have a much simple option of not handing out as many return offers
No. Zero chance.
as a junior in college, fascinated by the opportunity of being at ground zero of a new and potentially growing IB practice. how would you recommend I network? and do you think there will be recruiting for FT in late 2023-2024 and how I can leverage this?
bruh this isn't an interview - you don't have to pretend you're "fascinated by tha chance to be there from the ground up!".
It will be like working at any other bank. Especially by 2024.
Lol this is exactly what I would say during an interview.
lol, i mean i gert the point and can see it now. but I actually wasn't trying. the way I see it being a non-target. I feel like this is a great opportunity to be at a firm that could potentially be like Jefferies or PJT. yes I know it's a few years but still, the early mover advantage is real and which is why i was really curious how recruiting might be
recruiting will be the same as any other bank
probably more like jefferies than PJT. Paul Taubman was the head of IBD at MS and brought over some heavy hitters in the M&C group (the top coverage group at MS). they then picked up the blackstone IBD team which was very strong at the time.
Sure M Klein is good but he's not coming over with the BX IBD team and the MS M&C team, he's starting with a falling mid/lower tier BB's IBD team that has been losing lots of their good MDs.
Where do you get the mid/lower BB part. Some folks are just deranged.m / like trashing.
Look at the league tables. CS is consistently top 5 in many products and industries (e.g, top 3 LevFin bank, top 3 Sponsors, top 2 SPAC, top 5 R&C, etc.).
And broadly speaking, CS is consistently a top 10 bank on M&A, with sweetspot being top 5-8 I’d say it’s the norm.
Here 2021 M&A league tables: http://www.mergermarket.com/pdf/MergermarketFinancialLeagueTableReport…
Not sure wtf people are smoking when they say the things they say.
There’s been a lot of talk around poaching MDs, but do you know if the spun off bank will look to hire lateral analysts and associates from other shops?
I wouldn't think so in the near term as CSG/CSFB is still in downsizing mode. A lot of ANL/ASOs left outside of the normal cycle and we didnt replace them. This is the classic "natural attrition" that they continue to comment on.
Curious to see how this year's recruiting will go. Will they advertise themselves as CSFB for on-campus recruiting at targets?
I think so - folks were told to change their email signatures and I am pretty sure i saw a public deal press release mention us as CSFB.
Which public deal?
Do you think there's any chance they house M&A within coverage groups like the GS / Barclays model?
I don't have insight on this from a CSFB perspective but for general context - Barclays did away with this model this past year. Believe that leaves GS as the only BB whose coverage teams model in-house
Not that i know of.
What is left CSG’s investment banking division after the spin off?
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