Light your candles, hang some mistletoe, ring in 2013, and then come back January 2 prepared to clear out your desk. Read more »
Cuts are expected to go down at the House Of BD. Read more »
In an unusual move, the board of Credit Suisse Group AG Friday issued a statement to back Chief Executive Brady Dougan, saying it is confident management’s plans to bolster capital will ensure Switzerland’s No. 2 bank meets and exceeds regulatory requirements. Mr. Dougan’s problems have been building in recent days. Last week, he was caught up in an unusual public spat with Switzerland’s central bank over whether Credit Suisse’s capital cushion is adequate. Meanwhile, the Swiss bank’s stock has fallen sharply and some of its bankers are grumbling about Mr. Dougan’s performance as chief executive. The questions about Mr. Dougan have intensified in recent days and represent an unwelcome distraction for the bank, which has prided itself on avoiding much of the turmoil that has befallen its larger rival, UBS AG. The board has now moved to quell any speculation about Mr. Dougan’s future at the bank, saying it was comfortable with the progress that has been made toward meeting the Basel III capital requirements. [WSJ]
Cuts are coming to the House of Dougan next month. Read more »
The cuts won’t go down until the spring, so just something to keep in mind. Read more »
A couple weeks back, a report circulated that Wall Street banks were considering freezing compensation for junior employees. The firms were hesitating, however, supposedly on account of the backlash they feared would occur from failing to keep “potential future stars…engaged and happy.” Yes, they were terrified at the consequences of how their junior mistmakers would react to the news and didn’t want to pull the trigger unless everyone promised to do the same, preventing a dire situation wherein a handful of first and second year analysts quit to join firms where their unique talents would be appreciated. Credit Suisse CEO Brady Dougan, for one, has decided not to be afraid anymore. Read more »
So he was late on some payments, so what? So his lawyer even admits to feeling awkward arguing this case, so what? That woman is not seeing another dime! Read more »
A couple weeks ago a second year Tech analyst at Credit Suisse got drunk, returned to the office, and entered a colleague’s cubicle. Apparently having not been made aware when he was first hired that destruction of company property is frowned upon at this particular bank, here’s what happened next.
From: [redacted at Credit Suisse]
To: IBD TMT Analysts NY; IBD TMT Associates NY
Subject: Bullpen incident over weekend
The attached picture was sent to me by Corporate Services and HR. This is nothing short of embarrassing for our group and something that the Firm takes very seriously. Vandalism of company property will result in disciplinary action leading up to, and including, termination of employment.
We all work in a corporate environment – not a college dorm – if you cannot behave in a professional and respectful manner, you should consider alternative employment.
According to Institutional Investor, yes (Lloyd Blankfein, Gary Cohn, David Heller, and Richard Friedman, who the magazine insinuates has some job security in the fact that his wife is a gal-pal of Laura Blankfein). Also included, Jamie Dimon, obviously, who beats out LB for slot number one, Bob Diamond (4), Brady Dougan (5; really?), Tom Montag (7), Jes Staley (11) and everyone’s favorite milkshake lover, Ken Griffin (bringing up the rear at 25).