Santander poached some top talent from CS, including CS's former co-head of energy and a good amount of his team. That being said, I haven't seen them pop notably on Dealogic so curious what the sentiment is around them. Are they getting things done? I know from posts here that immediately post-CS implosion that there was a lot of growing pains particularly since the CS juniors were paid more, but wonder if that has settled now or how things are going.
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Based on the most helpful WSO content, here's what you need to know about Santander's situation post-CS implosion:
In summary, while Santander has made significant moves by acquiring top talent from CS, the full impact on their deal flow and market presence remains to be seen. The initial transition period involved challenges, but the current sentiment suggests that they are still in the process of establishing their footing.
Sources: Personal Experience with Houston Energy IBD - Thoughts on Industry Outlook? (Long Post), Is Goldman Sachs's NRG (energy IB) still not as good as other big players in Houston for energy? Which banks are dominating?, Santander hiring dozens more of Credit Suisse bankers as per Bloomberg, Houston Energy IB Rankings?, Santander on the up?
bump
milking the guarantees - no real deal flow
EVERYTHING’S GOING FINE SHUTUP AND DON’T LOOK AT THE LEAGUE TABLES
Not sure how sustainable the IB is
The energy team is the coverage team probably doing the best from what I’ve seen from deal announcement emails we get. Tons of levfin deals including lead lefts, not much in the M&A front or ECM. Other teams seem to still be getting off the ground
Santander has almost zero flow.
They are spending money but don't be fooled by this - doesn't always materialise into deal flow.
The issue is that many of these bankers can't originate without a big brand behind them. Its often the case with some BB senior bankers.
Most of the exiles to Santander will just be taking their guarantee cheques.
Santander seems to be the next Wells Fargo. It's a market hype train stimulated by the bank spending money on MDs.
Truist is probably a better example. Just delusional on what's likely for that platform after making a few hires from CS.
Wells is close - they push out a ton of kool-aid about being better at M&A - but rarely see them on M&A.
Eh. LevFin just did 1/3 of the fees of UBS and it’s only their first full year. People really underestimate how long it takes these things to get up and running.
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