CS TMT exodus?
Yesterday's article showed that 5 MDs from CS TMT all left to Jefferies:
Cully Davis, (co-head of the Americas equity capital markets origination group)
Bill Brady, (chairman of the global technology investment banking group)
Steve West, (co-head of software investment banking)
Cameron Lester, (head of global internet investment banking)
John Metz, (head of global enterprise technology banking)
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While I understand that a couple of MDs leaving a firm usually doesn't make or break the franchise, it did seem a bit unusual to see 5 MDs leave to the same firm at the same time.
So for those who are familiar with SF TMT scene or CS TMT, should this move be considered as a big blow to CS tech? Or is this simply a process of restructuring/firing top guys? Do they still have enough deal generation strength?
I feel like cs tech has been doing pretty well for the past couple years, and im curious to hear your thoughts on this haha.
I'll call my guy and get back to you.
Bunch of NYC guys left over last few months.
Jefferies lost four Tech bankers to UBS last year. You never know, Jefferies may've offered a really sweet turnaround comp package to all of them in order to start a rebuild over there. Jefferies has been losing bankers left and right, so they may be looking to add to headcount and turn things around.
Meanwhile, guys may be getting out of CS before comp gets hit. CS is about to go through some serious restructuring, so it's possible we may see a lot of in and out there. It looks like it could be happening at DB with Jacques Brand leaving, head of Natural Resources leaving, a bunch of Healthcare senior guys jumping ship.
NYT coverage on this: http://www.nytimes.com/2016/05/19/business/dealbook/5-more-bankers-leav…
" On Tuesday, five technology bankers, most with decades at Credit Suisse, defected to Jefferies, according to six people briefed on the moves, who spoke on the condition of anonymity. Another consumer banker quit last week to work at Royal Bank of Canada, three of these people said.
Departures have accumulated over the last several weeks. A few more bankers who cover health care resigned this month to join Centerview Partners, while another banker who handles private equity relationships went to Goldman Sachs.
A major reason for the exodus, according to people with direct knowledge of the moves, was concern that investment banking had become less of a priority for Credit Suisse, which is based in Zurich, since Tidjane Thiam, who had been the head of British insurer Prudential and a newcomer to investment banking, became chief executive last year.
He recently unveiled a plan to realign the investment bank, and its traders and deal makers, to serve the needs of private banking and wealth management. In other words, bankers were concerned there would be less focus on efforts like trading, mergers and acquisitions, and initial public offerings, and more emphasis on low-risk activities that cater to wealthy clients. "
Is TMT bundled with Financial Sponsors and Industrials in most countries?
No.
I don't think any bank does that.
In Australia, CS combines those three groups into one supergroup.
For all you guys throwing shit,
No worries. I've got a guy who deals in top tier shit. I'll call him too.
Is a move like this a bad omen for juniors in the group? Im interning at another group at a european BB with similar transition
UBS also hired a bunch of ppl from Jefferies
Essentially the reason Jefferies hired the CS team (to replace the MDs they lost to UBS). Just a question of who CS'll poach a team from in turn...
yeah now im waiting to see where CS will bring its MDs from
I am always very curious how these conversations start with senior bankers. These guys obviously planned to leave together, so I'm wondering how this all starts.
Also hearing that a couple CS TMT MDs are leaving for Macquarie, as well.
.
today's news: Credit Suisse just lost 3 more tech investment bankers
http://finance.yahoo.com/news/more-credit-suisse-tech-bankers-depart-13…
Wally Cheng to MS, Christopher Nam to Mizuho, and Jeremy Hux unknwon
..damn
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