As the title suggests, how does the new carve out affect the EMEA teams at CS. Which teams will benefit and which teams will lose out? Will they be much less competitive in the EMEA region considering the new bank seems to be quite focused on North America?
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CS EMEA has been pre-bonus loss-making since always, subsidised by NA. I don’t think anyone has details unless they are MDs at CS but I would generally think it’s bad for CS EMEA across teams. The strongest groups are M&A and Consumer though the latter lost its head to Citi recently. LevFin was strong but clearly cannot operate without capital (and lost its head recently too). I think we are in a very different market than last year so people who suggest there will be retention bonuses… I’m not that sure it’s true for the majority (ie non-MDs). It’s significantly easier now to hire up to VP and it will be easier in 2023 as banks will implement layoffs.
Do you mean to say layoffs in EMEA (or UK) are expected in 2023? Any reasons why you’d think so, given SA/FT hiring has already slowed down and possibly headcount reduction would’ve already occurred in anticipation of a slowdown ahead?
Layoffs are expected every year until 2025 from a combination of attrition and targetted cuts (mostly in capital markets). By 2025, CS (+CSFB) headcount will be smaller than 2004.
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