There was an article on WSJ today about a CS M&A MD leaving the bank to join BAML. This comes after star tech banker Imran Khan leaving to join Snapchat, power industry banker Ray Wood leaving to join BAML (again).
Is there something going on within CS that is leading to these (seemingly) serial departures? Any thoughts or insights?
Lewis Steinberg: http://blogs.wsj.com/moneybeat/2015/03/02/credist-suisses-ma-tax-guru-t…
Imran Khan: http://www.ft.com/cms/s/0/acb1926a-7f71-11e4-b4f5-00144feabdc0.html#axzz3TGngXc4d
Ray Wood: http://dealbook.nytimes.com/2012/05/16/bank-of-america-hires-3-power-sp…
It is all cyclical. Guys get offered a big payday by firms looking to build out specific verticals. I wouldnt look too much into it.
Excellent question. I guess banking is like musical chairs. Highs of overhiring and lows of underinvestment. There was a time when CS was stealing BAML's bankers a couple of years ago.
Funny you mention tech. CS did Ali Baba and NXP, 2 of the largest tech deals this and last year. Both are non-US so that speaks to CS's top intl platform. Their US operations are good but have to compete against more banks. Especially after a bunch of ppl went to start Qatalyst 10 years ago.
sorry qatalyst got started in 2008 (so 7 years) but you know what i mean.
yes, clearly these three departures over two years are strong evidence of CS' downward spiral. Also, CS hasn't hired a single MD from a competitor to compensate, as there don't appear to be any news stories about that. CS must really be thin in the senior ranks by now.
Should be noted that a lot of CS talent was acquired (DLJ, FB) so it's hard to measure in that respect.
Lew Steinberg is the man
Always two sides to a story my friend
Could you please elaborate on what you mean by this? Would be interested to hear what the other side of the story is...
You're an idiot. Wall Street is a merry-go-round. Three departures that happened to be covered by the media do not a trend make. I won't bother to do it, but you can just as easily find stories about senior bankers at any firm leaving for another.
Hey now, you would think with a job like that Imran Khan would've moved out of his parents house by now.
Can only comment on energy and power but they've definitely lost good people in both those groups over the last couple of years. From what I've heard its mostly total comp and deferred comp % issues.
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