UBS and Credit Suisse

Hi,

I might have a SA with UBS / Credit Suisse.

Currenlty looking into these 2 Swiss banks. In the news it is consistently reported that Basel 3 regulation will be very punitive for both UBS and Credit Suisse. IBD will not be profitable at all and mass layoffs may be required.

Also certain business for CS for instance leveraged finance will be very restricted.

Is it still good to join these banks for a long term career?

Anybody any views / news on these issues?

Thanks
Pivot

Comments (20)

 
Feb 8, 2011 - 7:59pm

Basel III is not the problem, the Swiss government is. It will require both CS and UBS to hold twice as much capital than what Basel III does. However, this is long term talk, and by the time it kicks in you should already be done with your sell-side service. Moreover, both banks will find ways to change their structure and move capital intensive businesses into subsidiaries with lower capital requirements.

If choosing among the two, go for CS in NY and UBS in HK as said above. In London is a close call... probably CS for IBD and UBS for markets, although I would choose UBS just in order to avoid the Canary Wharf trap.

 
Feb 8, 2011 - 8:04pm

Good research about the Basel 3 stuff, by the way. I suspect most people will echo the above sentiments to go with CS in NY, UBS in HK, and a split in London.

Needless to say, it's a good situation you have on your hands, and one which hundreds would love to be in. Congrats.

 
Feb 8, 2011 - 8:16pm

U Been Screwed versus Complete Shit.

It doesn't matter much... everyone's pretty much covered it.

As to Basel 3, it's a joke. We all know it and it won't do much.... that's just the way it is.

 
Feb 8, 2011 - 8:34pm

Sarcasm... I love it.

As to the rest...
Goldman = (the) Great Savior
Morgan Stanley = Major Shithole
DB = Dumbass Bastards
Citibank... well. You can turn to South Park's Mr. Wong, for that one.

I don't have one for the new BAML, but when they were separate, I called BoA - Boring Old Asshats and Merrill was always Mother Merrill. JPM was not an easy one to come up with... 3 letters is a little harder when you don't have something like UBS.

  • 1
 
Feb 8, 2011 - 9:09pm

Frieds:
Sarcasm... I love it.

As to the rest...
Goldman = (the) Great Savior
Morgan Stanley = Major Shithole
DB = Dumbass Bastards
Citibank... well. You can turn to South Park's Mr. Wong, for that one.

I don't have one for the new BAML, but when they were separate, I called BoA - Boring Old Asshats and Merrill was always Mother Merrill. JPM was not an easy one to come up with... 3 letters is a little harder when you don't have something like UBS.

Citibank: Shitty Bank

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