https://www.reuters.com/breakingviews/credit-suis…
Of course, it's way too early to say, but this article inferences that CSFB is shooting for top 10 in league tables and could be worth ~$4 billion
"Few Wall Street bosses dream of being number six or seven in the league tables; Klein might be an exception."
Thoughts? Am thinking this is unlikely.
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Doesn't seem overly ambitious. CSFB will effectively largely still carry CS's advisory momentum, obviously with the execution risk of the restructuring and a also some loss of advisory momentum from the downscaling and reduction in financing capabilities. Still, if the execution is pulled off, I see CS effectively having a Jefferies-esque capital-light business model, and given that CS's advisory practice right now is top 10 on league tables, I think CSFB will be comparable (in terms of advisory deal flow/league tables) to where Evercore/Lazard/Jefferies right now (aka top 15, and especially for Evercore and Lazard, hanging around the top 10 mark).
Also, ~$4B valuation isn't that crazy. Lazard and Evercore are valued at a bit more than $4B currently and Jefferies is around $8B (although Jefferies has considerable non-IB operations still). CSFB will likely be much larger than PJT, I don't know why that article is so intent on comparing the current situation to PJT/Blackstone.
Agreed, PJT is tiny and far smaller headcount both from seniors and overall
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