Malcolm Price to leave Credit Suisse to join Wells Fargo
https://finance.yahoo.com/news/credit-suisse-seni…
pretty big blow to CS Sponsors team
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Oh shit that is pretty big, I feel like I've read sponsors was the one big group at CS that didn't have an insane amount of churn besides the sale of the spg and I'm assuming Price is pretty good in the space considering the success of FSG at CS historically
That is huge for Wells! They also have Gudofsky who ran TMT banking at CS and Andy Rosenburg who was head of FIG.
But I remember during recruiting, Wells placed a huge emphasis on building out their sponsors team as traditionally that lacked. Glad they are backing up what they talked about during the interview process
“Is Wells Fargo a BB?”
"word on the Street is that WF is MM no cap fr fr"
Surprised UBS let him go. This likely signals that UBS has little interest in continuing the flagship sponsors franchise that CS operated.
There's a lot of uncertainty around UBS and what they plan on doing. Why wait to possibly get the axe when you can jump ship to Wells which is growing IB and you get to run the sponsors group there?
I think it was a no brainer for him to do that. Gudofsky who was head of TMT did the same well before the CS collapse
I don’t think the global head of the bank’s best IB group is waiting around clueless in the dark like a junior banker would be. There has to be a reason why UBS / CS let him walk, especially when it was reported by Bloomberg that CS is paying retention bonuses to top bankers.
https://www.bloomberg.com/news/articles/2023-04-28/credit-suisse-paying…
Wdym let him go ? All the heads were told weeks ago if UBS wanted to retain them and Malcolm most likely decided to leave along with some of the other seniors
oh wow, WF is seriously growing
ya man about time. so much potential. It's exciting to watch
Bump
Big move for wells
Arguably the most important person who makes CS a brand over the past two decades
Entire CS sponsors team is about to be Wells Fargo FSG
I doubt they bring on any juniors. Probably just Ds and up?
Not sure-- this is new territory. Depends on how fast WF wants to flesh out their FSG, they only revived it ~6 years ago so they could make a big push to grow right now. Have friends there in REGAL & FIG and they are making a big effort in their IBD. Uncertain how it'll all pan out though in this downturn.
Is this actually a possibility? What will this look like for wf interns
Shouldn't change anything
Sponsors team will probably be somewhat stronger by 2024 Q2/Q3. If you signed an offer for SA 2024, sponsors could be the move given you'll be joining FT in 2025.
Theres a lot of uncertainty in that, but that's the name of the game.
Any idea who UBS is actually going to take? If not CS FSG, what else is there for UBS to take? I am guessing UBS still wants the revenues from CS IBD, so I don't understand why they aren't putting in more effort to maintain one of CS's highest performing groups in FSG.
Who does Malcom cover? Just Apollo right?
This has been in the works for months now as Tim O'Hara (ex-CS exec) wants to continue lifting folks out of CS selectively - the plan is to bring a number of FSG folks over across different ranks. There are a couple of team lifts in the works now.
UBS didn't let him go...they just didn't care...the head of AM and PWM at UBS made sure to speak with the CS AM and PWM teams to tell them everything will be alright while the UBS IB head didn't bother.
Interesting, is it just FSG or are they lifting any other groups? I only ask as I know the Head of Capital markets at CS was looking to jump as well. Separately, do you have any colour on if they’re focusing solely on seniors or looking to bring in the full teams, juniors included?
There'll be chaos at UBS IB, them wanting to mostly exit whilst acquiring CS can't end well
There have been inter group MD calls though for the IB side. I think everything is just up in the air now with the Barclays hires.
I don't think this is true. I know some coverage group Heads already heard from UBS whether they would be retained so I think Malcolm chose to leave
Which coverage groups are desired by UBS?
Santander just lifted 8 senior bankers (including DH and Jeff Cohen) This was one of the aforementioned trees. They are planning to bring more juniors over time (ASO+)
You think Malcolm is going to make Wells FSG almost as good as CS FSG? The lev fin is there..
Sorry to clarify...some of the team lifts are with other banks (not all WF). Most of the lifts are VP+ and maybe 1-2 juniors (aso etc) but I am not aware of any full team lifts. think that is impossible given most established banks already have an existing team. When you say Head of Cap Mkts, are you talking about LF, D, or E?
That makes sense, I was just wondering if WF was planning to pull in more VP/D/MDs considering how barren their FSG platform is currently or try and get other seniors for like TMT (Wah might just retire though) or NR/Energy/Whatever they call it. If that were true that’s huge vs solely hiring Price who I’m sure is going to big for them anyway
Personally I’d heard DH was looking to leave
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