CS First Boston Top 10 on League Tables?
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.
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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