Happy to answer questions on sales & trading businesses, leadership, management, etc. My Bio: Am a senior financial services executive with extensive background in managing large, complex businesses in both Fixed Income and in Equities. During his 20-year career at a large foreign bank he served (1) as the COO of the global Commercial Real Estate business, (2) as the COO of the global Securities business, (3) as the head of the “Bad Bank" immediately post the financial crisis, (4) as head of a variety of critical regulatory and change projects. He was a member of the Markets management committee. He also has public company Board of Director experience. He has an MBA in Finance from the New York University school of Business (The Stern School), and a BA (Magna Cum Laude) from Hamilton College. He also has the Series, 7, 24, and 63.
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Where are the best places to position ourselves going forward? Where is the money flowing? What makes a good Trader? Sales rep? Is Credit Suisse going through a reorg of some sort? How do you think CS will fare if the the Eurozone consolidates to just being a mainland western European currency, with other nations opting out? Do you think an SDR could work? How does CS approach currency hedges, given they are in diverse markets?
How would you fix SS Equity Research?
Based on last couple of quarters of earnings announcements in fixed income the Credit space (Corporate Credit, Leverage Finance and Structured Products) has been the hot area where most of the money is being made. Most observers expect this mix to shift away from Credit Products to Macro products (Rates and FX) as the Fed and other monetary authorities begin to enter a sustained period of interest rate increases, and as they begin to sell their large holdings of both government bonds and mortgage backed securities. Both of these measures should increase volatility which would make for better trading opportunities.
The best traders and salespeople are analytically inclined, have a good understanding of not only the markets they trade, but the macro setting. Traders now also need to have a good understanding of risk management practices as well as the impact of various trades and positions on things like the capital ratio, the liquidity ratio, and the leverage ratio, all of which can constrains banks balance sheets. On the sales side, the best salespeople become strategic partners of their clients--not just selling products, but putting together baskets of products and strategies that best meet their clients strategic needs--the best salespeople become trusted advisors to their clients.
Hey, thanks for doing the AMA, but I'd recommend you take your name out of your post.
Hi! Thanks for doing the AMA! Reflecting on your decades of experience at CS, what was your favourite parts about your career? Also, what general advice do you have for young people interested in going into S&T?
Managing a bad bank sounds fascinating, what were your tasks/duties and at what moment did that commitment come to an end?
It was a great role--like running a mini fixed income division. Wide variety of fixed income assets, though a concentration in the CRE space. Managed a ream responsible for both the risk management and the Asset Management of these positions while at the same time selling down the assets, primarily through sales or re-finances. Took about four years, which is when that role ended.
That is awesome. How did you get that job? Were you headhunted or?
Thanks for doing the AMA!
If you were graduating from business school today, would you still enter the industry (S&T, capital markets, etc)?
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