M. Klein / Credit Suisse

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? 

PennPalstudent

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.

None of the current junior team was around when the Klein / Buffet / Heinz call happened. Only MDs remain.

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 

What group are you interning in?

I've heard that Industrials is still getting worked. Tech / HC / ECM is radio silent.

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

Analyst 1 in Risk Mnmgt

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