Will First Boston have any of its residual prestige from both 1988 and the past decade from when CS was really kicking ass? Or is FB's prestige now just a relic of the past? Will it be a major player at all anymore?
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You sound unprestigious
I think a lot of the prestige is probably dependent on where it places in the league tables. Also depends on the type of talent Michael Klein is able to attract. As an incoming SA though, my biggest concern is getting that return offer lol, can worry about prestige after lmao
Bump cuz interested in what others have to say 🤣
PE recruiting outcomes impact desireability, which impacts perception on wso. Lot of CS alums across funds so don't see this changing much in the short term. Without the same sponsors franchise, they will plummet in deal tables. Long term this could eventually affect incoming analyst classes experiences/resumes -> worse PE recruiting outcomes -> worse perception and "prestige"
General public perception is for sure lower (for good reason) but it's exaggerated by the memestock crowd.
They will still have the sponsors franchise, no?
Yeah it'll exist for relationship purposes like the ones at EBs, but with the capital-light boutique model (even with some financial backing from CS) they won't be able to contribute as much capital to loans. That'll reduce their ability to compete on pricing and hit volume targets for M&A, private placements, syndications etc. That doesn't positively contribute to their ability to win mandates.
I know CSFB will have a separate balance sheet but I assume whatever agreement there will be between CS and CSFB will ensure they still work closely together, and so I was thinking CS may allow the subsidiary to somehow use their balance sheet when it comes to sponsors / levfin considering FSG is currently their most prestigious group.
I'd assume the same. They should also have whatever their Saudi investors decide to pump into it. There's just no way it'll be the same amount of capital as pre-2021 considering CS' situation and how they've publicly called it a capital-light business model. (I don't think the prestige of their groups factor in to their decisions though :) )
If you're an incoming SA, I wouldn't worry too much about the reputation materially affecting your PE recruiting outcomes if that's your goal and concern.
I think they will allocate some capital to their winning groups like those you mentioned.
As for the overall structure of the bank, it will be a Jefferies type of business model.
More like Second Boston
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