Looks like CS will take around a $5B loss on the Archegos blow-up. What does this mean for their overall business? Seems pretty devastating (especially after a rough couple of months with the Greensill and Revlon issues)
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As a first step, key people will leave https://www.zerohedge.com/markets/credit-suisse-fires-risk-chief-others…
Then they will probably develop new processes to avoid or minimize future situations like this.
Any impact to junior personnel as a result of this? Noticed an uptick in recent LinkedIn job postings for a few of their IB groups
Revlon was Citibank not Credit Suisse
Yep you're right. My bad
Head of IB is being replaced... pretty big news. No idea what that means for juniors (if anything) but damn... he screwed up enormously.
what does head of IB have to do with a prime brokerage fuck up? Is this related or something different?
Absolutely no idea. It’s just in the WSJ article that he’ll be leaving at the end of the month.
The Head of IB covered traditional IBD (CM&A now) and Global Markets. They were under the same division called 'Investment Bank'. His background was in Global Markets.
Credit Suisse combined IB and Global Markets last year. That’s when the current head of IB became the Head. Before that, he was the head of the global markets.
These situations usually end well for juniors unless you were on the Archegos account hah. Helps clean up the top and bank focus on what they good at.
Heard the new Chair might downscale IB. Would have a huge impact on juniors...
cancelled bonuses at lloyds just before he moved over lol
The investment bank had such a good Q that all Archegos did was essentially cancel it out - and thats just 1 of 4 Qs. Will be little if any affect for juniors
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