Credit Suisse Now Brady's Bunch

Posted by Keith Hahn, May 04, 2007, 8:34am

brady dougan.jpg Brady Dougan takes over Credit Suisse today, becoming the Swiss bank's fourth CEO in the last 10 years, and the first one to succeed peacefully and not from someone getting ousted. Dougan, former head of the investment banking division, is the first American to hold the position. When former CEO Oswald Gruebel handed Dougan the keys today, his instructions were simple - "Don't touch anything!" It will be Dougan's mission to maintain the current status quo at Credit Suisse, which is to kick UBS's arse and continue to grow earnings, which have doubled in the last three years.

Dougan's (much publicised) propensity to work 16 hour days (in other words he's still an I-banking analyst at heart), run marathons and save kittens has translated into a rapid career ascent marked by displacing those who leave the company (Mack) or come under intense regulatory scrutiny (Wheat/Quattrone).

Despite the changing of the guard love-fest, all is not necessarily rosy with Credit Suisse. The bank has an underperforming asset management division that may be subject to a creit lowering (in the London unit) due to the departure of several key executives. There is also insider-trading trouble, as NY banker Hafiz Naseem was arrested yesterday on the charge of tipping off investors.

American Dougan Emulates Gruebel at Credit Suisse - [Bloomberg]

0Recommend this! 5Comments
Posted in: Banks, Brady Dougan, CSFB

Comments

Posted by , May 04, 2007 9:42AM

I know the point of the comment, but Brady Dougan was never an IB analyst. Started his career in derivatives.

Just another example (see: GS) of how traders are the new leaders on Wall St.

Posted by anon, May 04, 2007 10:22AM

It's MISTER BEAN, I tell you!

Posted by UandUSer, May 04, 2007 10:40AM

Ve vill crush dem I tell u

Posted by BSD, May 04, 2007 11:42AM

Anon@9:42:
New? Traders have always held the power. Traders actually make money everyday for the firm while IB does cutesy little pitchbooks that will every now and then bring in a big chunk of fees.

Posted by anonymous, May 04, 2007 11:46AM

Dougan is the MAN! Good to see an Irish Catholic succeed. BTW, nice haircut, dude.

"[Dougan] graduated from the University of Chicago in 1982 after attending a program that allowed him to get a bachelor's degree in economics and a master's of business administration in just five years. Dougan worked weekends and evening shifts in the controller's department at Central National Bank of Chicago...Dougan joined Bankers Trust Corp.'s investment banking department after graduating, then moved to the new derivatives unit.
He transferred to London and then to Tokyo, where he built the firm's bond underwriting division at the age of 24. He became proficient in Japanese in less than a year..."

Damn!!!

Post Your Comment