M. Klein / Credit Suisse
Anyone knows what’s happening with michael Klein’s team now that it’s reverse merging with CS?
What’s gonna happen to their investing arm?
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Hey Analyst 2 in IB - Cov, sorry about the delay, but are any of these useful:
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Fingers crossed that one of those helps you.
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I’m interested to hear as well. I was recruiting with them last year and made several rounds in. I asked an analyst what would happen if M. Klein retired or left for another top job. Analyst said they would do just fine. Asked the VP the same question and he said the company would fold within a week.
M.Klein is seriously legit in the space. I remember him bragging about having Warren Buffet on speed dial and called him up to block a merger that Kraft Heinz was supposed to be involved in.
What I’m getting at is Klein isn’t stupid and wouldn’t join a sinking ship without some confidence he would do better than just running his own M Klein and Co firm.
The analyst was definitely wrong, and the VP is correct. Without him that boutique wouldn't do well.
Klein is 60 years old and has made some serious money. He made a ton from the Lucid Motors SPAC just 2 years ago. CS paying him all that money and thinking he would be motivated to build their IB practice up was as negligent as some of the other things that they have done. But can't blame M Klein on creating another payday for himself... props to that. Why work soo hard at 60 years old when you can get paid millions to just whisper "advice" to the Saudis?
Honestly even if he was motivated to build the practice, who could have foreseen this shit getting as bad as it has. Klein’s one of the best doing it but sometimes you just get unlucky
None of the current junior team was around when the Klein / Buffet / Heinz call happened. Only MDs remain.
Anybody got some reassuring words for incoming CS SA in ibd? Feeling super down
Coming from incoming ft in ibd, at least you're not an incoming ft about to graduate. Sorry lol
I mean it's a lot of speculation, who knows? Just do what you can do- start reaching out to other banks. it's rough out there but give it your best effort
Keep your head up, there’s lots of speculation and fear mongering on here but no one will have more relevant factual information until tomorrow evening. This is a very tough market environment and there have already been layoffs across the street. You’re in a better place then those who were laid off as you at least have an offer as of now. In the worst case, you understand the interview process and I’m sure there are solid banks that would be interested in talking to someone who was going to intern at CS. Fwiw I’m at CS right now and share your concerns, not just talking from the sidelines.
You think they'll cancel the SA 23 class?
Seems ridiculous.
What group are you interning in?
I've heard that Industrials is still getting worked. Tech / HC / ECM is radio silent.
Journal article this morning said CS First Boston spin is in jeopardy.
I don’t see spin happening in either case: if ubs takes over then they’ll cut most of IB except for valuable seniors; if nationalized then I don’t think it’s politically feasible to use taxpayer dollars to keep CS afloat then let them have a second chance
Yeah especially with the Saudis balking at anything CS right now, like weren’t they meant to be the ones funding the spin out? I’m not sure where CSFB is gonna find someone willing to lend them what they need to spin out in the middle of this shitstorm or even with what little time the Swiss gov is going to give them if they did nationalize
about senior executives
I would be shocked to see it happen. I can see something similar to Guggenheim, where several of the rainmakers join an existing firm or make their own firm, but the chances of a spinout seem poor. A lot of talented CS staff already left to other banks. But to see UBS spin out a competitor would surprise me, especially one that would necessitate a lot of outside capital and would have the immediate taint of being associated with Credit Suisse.
LOLZ Guggenheim is not even close to same level as Klein. Hilarious
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