Comments (24)

  • Prospect in IB-M&A
Nov 4, 2021 - 12:09pm

I read they plan on cutting 500 out the 17,500 jobs they have in the IB division. They seem to trim IB slightly but it has shown to be a profitable part of their business despite the scandals and the CEO wants to keep IB as much as possible. Analysts also seem to talk about a modest restructuration focused on growth potential of winners and major shrinks in losing parts of the business, so IB should not get slashed as much.

So I think it's not that bad for IB, but there's a chance some intern offers will be pulled imo (Im just a prospective monkey tho)

Nov 18, 2021 - 9:34pm

Honestly they're hemorrhaging bankers. At least here in Canada they've lost 8 out of their 9 MDs in the past year or so. Their global co-head of energy also left to go to MS. Can't speak for elsewhere but their reputation here in Toronto/Calgary has definitely diminished.

  • Analyst 1 in IB - Cov
Nov 4, 2021 - 1:34pm

The funds being pulled from the IB are all coming from prime brokerage. Investments will continue to be made in key IB franchises (per investor day presentation, sponsors, lev fin, equities, tech, etc.)

  • Analyst 1 in IB-M&A
Nov 4, 2021 - 11:44am

Did anyone read the WSJ article on this? Sounds like the focus is way more on PWM vs IB.

"The Swiss bank said Thurs­day its cen­tral mis­sion will be cater­ing to the world's rich with pri­vate bank­ing and wealth man­age­ment. That flag­ship busi­ness, cur­rently man­aged across ge­o­graphic units, will sit un­der one roof and in­vest for growth with new hires and a tar­get to boost as­sets to around $1.2 tril­lion by 2024, from un­der $1 tril­lion now."

  • Analyst 1 in IB - Cov
Nov 4, 2021 - 1:37pm

From same article after discussing dismantling of prime brokerage:

"The in­vest­ment bank, which also ad­vises com­pa­nies on merg­ers and is­su­ing debt and eq­uity, will oth­er­wise re­main largely in­tact, the bank said."

sounds like IB is fine outside of prime 

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  • Incoming Analyst in IB - Cov
Nov 4, 2021 - 3:27pm

The new chairman gets it. This is actually the best thing that could've happened to IBCM. Prime brokerage was totally awful from a risk/reward standpoint, and now the bank can actually allocate the lion's share of IB capital towards its real profit drivers via advisory/capital markets and its #1 ranked sponsors levfin franchise. There is so much capital about the be deployed in PE (literally trillions in dry powder) and CS has a market leading position to rake in huge fees by originating all that LBO debt.

Coverage and advisory (IBCM) just had another record-breaking quarter and it's comparatively such a consistently high-margin business - Swiss management finally realized where it's competitive advantages lie. If you're an IB analyst at CS, this is great news, and even if you're in S&T this may not be all bad (for instance, positive for ECM, securitized products, and derivatives).

  • Analyst 1 in IB-M&A
Nov 5, 2021 - 10:24pm

Yes, but JPM does well primarily because of its balance sheet. FSG at BofA/CS is more attractive at the analyst level for experience/exits because it's an analytical/banking role whereas JPM is more capital markets focused and does more investment grade stuff.

Edit: Was talking about JPM Lev Fin (still absolutely a top tier group, just more capital markets focused)

  • Incoming Analyst in IB-M&A
Nov 4, 2021 - 6:46pm

Are the job cuts affecting IBCM or is it just prime brokerage? I have an offer for 2022 in HK/SG but now am a bit worried having read they're cutting 500.... any insight is appreciated

  • Summer Associate in ER
Nov 4, 2021 - 6:54pm

As an incoming ER Summer Associate, how will this impact ER? 

  • Associate 1 in IB - Gen
Nov 7, 2021 - 10:27am

Yeah, what exactly are prime services?

I read it over it CS said they are strengthening their WM in partnership with the research franchise so I don't think it affects ER.

  • Intern in IB - Cov
Nov 5, 2021 - 12:02pm

Person that I interned with just (over the summer) went to CS prime brokerage, lol what amazing timing. 

  • Intern in IB - Cov
Nov 5, 2021 - 9:34pm

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Nov 7, 2021 - 11:21am

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