The necessary question: CSFB prestige?
Where does the new CSFB fit in terms of prestige and exit opps? Will it still be compared with BBs or is it more similar to EBs? What will exits look like from the group? Certainly seems to be a step up from the CS format.
Personally, I see it as a PJT-in-the-making, though it may take a few years to develop.
Quite optimistic at where CSFB can go especially with Michael Klein at the helm and the relationships that exist with FSG. Best of all worlds if executed properly.
In my opinion, this is a fantastic opportunity for those joining the industry. There are not a lot of exciting growth / transformational stories in banking, because it is a declining industry (relatively speaking).
Timing it as SA intern in 2023, coming back FT in 2024 and riding the wave of a growth mentality, newly public company, sounds really cool. Less risky than a startup, but more entrepreneurial than traditional IB. More structure and products than a boutique, but less bureaucracy and bullshit than a BB bank.
I also think that they’ll have a natural selection bias in the talent they manage to attract. Risk averse folks may be prone to join the “safer path” of other BB banks (and that’s ok!), but that will naturally mean CSFB will hire the more entrepreneurial people, and will result overall in better outcomes for CSFB.
Do you think that exits into MFPE will be possible from FSG at CSFB? Unsure of how group will do, especially if it changes its tune on trying to maintain talent.
That group doesn’t change. You’ll work on same deals as you’d work on any other good levfin/sponsor bank.
Weaker than JEF out of the gates (best comp) but with better leadership. Probably volatile for 5 years with long term upside. Discussed it with a few friends - it would take a multi year very high 7 / low 8 figure a year guarantee at this stage for me to move, and I think a lot of the kind of people they want would say the same.
Is that kind of guarantee much higher than market, if you don't mind me asking? Have no clue about comp at your level.
Literally 99% of MDs do not get paid that much idk what you're on, maybe ~$1mm per year guarantee at most places unless you're the Chairman of M&A
It’s 2x and a number that’s much larger than most banks will guarantee. JEF has done that (and more) though because they are fighting for market share, and I’ve seen those numbers come out of Citi / BofA and some mid market firms but never out of JP, GS, MS They will want a very long commit’ent as well.
Typically the “takeover” premium for a move is 30-50%, but CS is going to need to rebuild a lot of businesses from scratch, and that’s the price of a settled MD who is a large producer.
Generally, in a balance sheet light ‘model, to hit those numbers you need personal production of 30+ consistently and 100+ in a bulge bracket model.
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