Credit Suisse

  • pablosushi

    News

    Bloomberg: How Wall Street’s Stomachs Fared During The Hurricane

    …when Falcone and five LightSquared colleagues met over a meal of white-truffle pasta and Barolo at a Washington restaurant in January, they failed to come up with anything they could have done differently, according to a person who was there who asked not to be identified because the meeting was private.– Falcone Waits For Icahn Doubling Down On Network

    When JPMorgan, which earned the most of any of the six banks over the four quarters, decided to thank employees for their performance this year, it sent 161,680 individually wrapped buttercream-frosted, chocolate chip, oatmeal-raisin and sugar cookies to retail branches and call centers in the U.S., U.K., Philippines and India.– No Joy On Wall Street As Biggest Banks Earn $63 Billion

    Cooperman, 68, said in an interview that he can’t walk through the dining room of St. Andrews Country Club in Boca Raton, Florida, without being thanked for speaking up. At least four people expressed their gratitude on Dec. 5 while he was eating an egg-white omelet, he said.–Bankers Join Billionaires To Debunk ‘Imbecile’ Attack On Top 1%

    American International Group Chief Executive Officer Robert Benmosche, 66, a Kappa Beta Phi member who disclosed in October that he was undergoing treatment for cancer, was there. He looked energetic, the two attendees said. In 1930, the dinner was beefsteak. This year, the meal featured lobster salad, shrimp, pigs-in-a-blanket, lamb chops and pistachio ice cream.– Wall Street Secret Society Kappa Beta Phi Adds Dealmakers With Lehman Rite

    Wall Street headhunter Daniel Arbeeny said his “income has gone down tremendously.” On a recent Sunday, he drove to Fairway Market in the Red Hook section of Brooklyn to buy discounted salmon for $5.99 a pound.–Wall Street Bonus Withdrawal Means Trading Aspen For Coupons

    The clam-juice cocktails at the private Stock Exchange Luncheon Club, where brokers lined up three deep at the raw bar, contained tomato juice, cooled water from boiled chowder clams, ketchup, celery salt and the option of a freshly shucked clam. Add vodka and they called it a Red Snapper.–How America Ceded Capitalism’s Bastion To German Boerse Seizing Big Board

    As someone once said, you can find out a lot about a man or woman’s character during moments of great crisis. Do they fall apart? Do they become shells of their former selves? Do the worst parts of them come out? Do they turn their backs on everything they supposedly once stood for? Or do they, even in moments of darkness, rise to the occasion and demonstrate the morals and values they held when times were good are the very same ones they choose to live by when times are bad? For Bloomberg News reporter Max Abelson, Hurricane Sandy was a test. Would he turn in an article containing few if any reference to the food people consumed during the natural disaster? Or would his commitment to bringing readers exhaustive details re: what his Wall Street subjects eat (see above, here, and here) burn ever bright, to the extent that sources and interviewees elaborating on their situation beyond provisions would find themselves cut off and told, “Just the food and drink, toots. I got a lotta calls to make”?

    Luckily for us, it was the latter.

    Herewith, an accounting of things stuffed down the gullets of Wall Street over the last two days:

    * Murry Stegelmann, Kilimanjaro Advisors: expensive wine, green tea.

    “I had to go to the wine cellar and find a good bottle of wine and drink it before it goes bad,” Murry Stegelmann, 50, a founder of investment-management firm Kilimanjaro Advisors LLC, wrote in an e-mail after he lost power at 6 p.m. on Oct. 29 in Darien, Connecticut. The bottle he chose, a 2005 Chateau Margaux, was given 98 points by wine critic Robert Parker and is on sale at the Westchester Wine Warehouse for $999.99. “Outstanding,” Stegelmann said. He started the day with green tea at Starbucks, talking with neighbors about the New York Yankees’ future and moving boats to the parking lot of Darien’s Middlesex Middle School.

    * Wilson Ervin, Credit Suisse: the most depressing breakfast ever.

    Erin…went to the bank’s office at 11 Madison Ave. afterward to work on evaluations of managing directors and financial regulation. He ate a lunch of Raisin Bran, coffee and a banana from the 7-Eleven downstairs, he said.

    * Pablo Salame, Goldman Sachs: sushi, the piece of which Abelson or his research assistant counted.

    He posted a picture of 21 pieces of sushi on a Twitter account in his name on Oct. 29. “Only in NYC, Seamless Sandy sushi delivery in TriBeCa, Monday 730 pm,” the post said.

    * Wilbur Ross, WL Ross And Co: a painting.

    “I was scheduled to come back Sunday night, and I decided not to, because everything during the week would be canceled anyway,” said Ross, chairman of private-equity firm WL Ross & Co. “I’m stuck in Palm Beach.”
    He stayed in touch with colleagues using a fax machine along with phone and e-mail. His Florida home includes a painting by Rene Magritte of petrified blue apples, an image that is also depicted on a custom-made Van Cleef & Arpels watch he owns, he told Bloomberg News this year.

    * JPMorgan employees: many of the culinary delights its cafeteria offers on a regular basis but NO DUMPLINGS.

    JPMorgan, which sent out more than a dozen hurricane updates to its employees featuring detailed weather maps, kept parts of its 270 Park Ave. cafeteria open yesterday. Danishes and scones were available near the salad bar, and the bank’s deli had sandwiches with grilled vegetables. The dumpling bar was closed.

     

    Wall Street Finds Sandy Silver Lining In Wine, Monopoly [Bloomberg]
    Related: Things People Have Eaten in the Presence of Bloomberg Reporter Max Abelson [Daily Intel]

    / Oct 31, 2012 at 12:51 PM
  • Meh.

    Banks, News

    Banking Boring Again Even At Credit Suisse

    One way to make a lot of money in banking is just to be really […]

    / Oct 25, 2012 at 4:28 PM
  • News

    Wedding After-Party Of Financial Services Couple Requires One Cop For Every One Guest*

    Which apparently wasn’t enough.

    / Oct 9, 2012 at 2:58 PM
  • News

    These Things Happen

    Kareem Serageldin, the ex-global head of Credit Suisse’s CDO business charged in a bonus-boosting fraud […]

    / Sep 28, 2012 at 3:04 PM
  • News

    Layoffs Watch ’12: Deutsche Bank, Barclays, Nomura, Credit Suisse, UBS

    Things could be better in Europe.

    Big investment banks in Europe, including Nomura, Credit Suisse and UBS, are stepping up plans to cut jobs as they seek to adapt to a drastic slowdown in revenues and tighter regulation. Bank executives, headhunters and analysts say that the cuts are shaping up as the deepest since the start of the financial crisis after a disappointing summer dashed hopes of a business revival. One senior headhunter said many large investment banks will have “at least 20 per cent” fewer staff in capital markets and M&A advisory business in Europe by the end of the year compared with late 2011. “It [the market] has never been as bad as this. Bankers have long lost confidence in their banks but now they are also losing their self-confidence, their mojo,” a senior advisory banker said.

    Among the banks that will reduce their investment banking workforce is Japan’s Nomura, where London-based bankers say that they expect several hundred jobs to be removed in Europe alone as part of a $1bn cost-cutting effort. Switzerland’s largest bank UBS, which cut staff levels earlier than rivals by announcing 2,000 job cuts in the investment bank after a $2.3bn unauthorised trading loss last year, is preparing for intensified cuts as it is seeking to streamline further the unit, several people familiar with the situation said. At Credit Suisse, insiders estimate that the additional SFr1bn ($1bn) in groupwide cuts that were announced in July will translate into up to 1,000 jobs being lost, most of which would be in the investment bank. Analysts expect also Deutsche Bank and Barclays to reduce their headcount further this year. Deutsche said two months ago it would reduce staff levels by 1,900.

    Investment Banks Eye Europe Job Cuts [FT]

    / Sep 7, 2012 at 1:44 PM
  • News

    Layoffs Watch ’12: Credit Suisse

    Cuts were said to have gone down at the House of Dougan this week.

    “Layoffs at Credit Suisse this week, mostly Wednesday and Thursday. ASO / VP level in IBD groups in New York (TMT, Energy, Industrials, Sponsors).”

    / Jun 29, 2012 at 3:38 PM
  • News

    Layoffs Watch ’12: Credit Suisse

    While Brady Dougan is keeping his job, the same cannot be said for 1/3 of European investment bankers.

    Credit Suisse is to cut senior staff in its European investment banking department by up to a third, three sources familiar with the matter said, as tighter regulation and weak markets hit the sector. “In the European investment banking business, they are going to get rid of 60 directors and managing directors,” one source said on Monday. The investment banking department affected advises on mergers and acquisitions, stock market listings, financing and debt issues, as opposed to other areas of the broader investment bank that focus on securities trading. “It is about a third of the directors and 10-15 percent of the MDs,” the first source said, referring to what are typically two most senior job ranks in the banking world. The layoffs would happen in July, this person said. The formal redundancy process can last several months. A second source said the cuts could end up affecting 20-30 percent of senior investment banking staff in Europe.

    Credit Suisse To Make Heavy Job Cuts In Europe [Reuters]

    / Jun 25, 2012 at 3:23 PM
  • News

    Credit Suisse: Leave Brady Dougan Alone!

    In an unusual move, the board of Credit Suisse Group AG Friday issued a statement […]

    / Jun 22, 2012 at 2:21 PM
  • News

    Swiss National Bank Is On To This “Swiss Banks Are So Great” Scam

    The Swiss National Bank is not particularly thrilled with the state of the Swiss Not-Quite-National […]

    / Jun 14, 2012 at 6:01 PM
  • News

    Paying Bankers In Derivatives Worked Out So Well For Credit Suisse, Let’s All Do It

    BreakingViews has a couple of posts up about one of my favorite things in the […]

    / Jun 12, 2012 at 3:53 PM
  • News

    Layoffs Watch ’12: Credit Suisse

    The Swiss bank is not done with its firings.

    Credit Suisse, the second- biggest Swiss bank, told New York state regulators it will eliminate 126 jobs in Manhattan over the coming months. The dismissals affect offices at 1 Madison Ave. and 11 Madison Ave. and will extend through Aug. 6, the bank wrote in a Department of Labor filing. The firm decided last year to scale down its investment bank and said it would cut 3,500 jobs.

    [Bloomberg]

    / May 15, 2012 at 7:18 PM
  • News

    Marvel At The Derivative On Its Derivatives That Credit Suisse Wrote To Itself

    Financial news is very serious business and you should probably fret more than you do […]

    / Apr 25, 2012 at 4:33 PM
  • News

    Layoffs Watch ’12: Credit Suisse

    Cuts are going down at the House of Dougan today.

    From the front lines:

    “Layoffs started at Credit Suisse this morning, across the investment bank. All levels affected, including a good amount of senior guys.”

    Apparently these reductions are part of a round cuts announced last year and were to be expected (though the “let’s have a chat” from HR this morning may still have been a slight surprise for those being asked to take a seat).

    / Apr 24, 2012 at 11:44 AM
  • News

    Layoffs Watch ’12: Credit Suisse, Maybe

    The Swiss bank might cut 5,000 employees or it might not.

    / Apr 16, 2012 at 10:37 AM
  • Banks, News

    Today In Swiss Banks With Creepy But Defensible Structured Products

    I don’t really understand it but the TVIX thing is creepy fun. If you haven’t followed it, Credit Suisse issued this exchange-traded note called TVIX that was a 2x levered bet on the VIX. They suspended new issuance about a month ago due to position limits, and people were just so damn excited to own the thing that its price crept up to 189% of its fair value, where “fair value” is a reasonably easily measurable thing based on the formula in the TVIX prospectus. Then last week Credit Suisse announced that they would be creating more units, and the price plummeted to and then through fair value, which is what you’d expect to happen. Except that it started plummeting a few hours before that announcement, which is Suspicious.

    So of course people are sad and so there’s a Bloomberg Brief with sort of sad-funny quotes like:

    “When it started to fall, I bought more because I couldn’t believe how low it was going. I didn’t realize I was playing with a hand grenade.”
    – Michael Gamble [heh! – ed.], 67, who doubled down on his TVIX investment before the price collapsed.

    Investors “all think: ‘Oh, I’ll just buy these things, I’ll be hedged against volatility and everything will be wonderful.’ And now they’ve seen the market goes down and their volatility protection goes down too, and they’re going ‘Hmm, what happened here?’ These people are going to have to pay a really expensive lesson.”
    – Larry McMillan, who manages $30 million as president of McMillan Analysis Corp.

    So, yes, Larry, they are going to pay a really expensive lesson. But what is it? Stephen Lubben has a little thing in DealBook today where he frets:

    / Mar 29, 2012 at 6:27 PM
  • News

    Double Volatility Product Double Volatile

    I blame spring break both for the lack of news this week and for the […]

    / Mar 23, 2012 at 3:49 PM
  • bradydougancreditsuisse

    News

    Layoffs Watch ’12: Credit Suisse

    Cuts are coming to the House of Dougan next month.

    / Feb 24, 2012 at 11:58 AM
  • Banks, News

    Credit Suisse Traders Made The Unusual Mistake Of Committing CDO Fraud On Themselves

    I’ve been thinking a lot about financial industry compensation recently, and probably so have you, […]

    / Feb 1, 2012 at 4:05 PM
  • News

    Layoffs Watch ’12: Credit Suisse

    The cuts won’t go down until the spring, so just something to keep in mind.

    / Jan 31, 2012 at 6:55 PM
  • News

    Bonus Watch ’12: Credit Suisse

    “People are furious.”

    / Jan 27, 2012 at 11:57 AM
  • Banks, News

    Paying Bankers In Derivatives Worked Out So Well For Credit Suisse That They’re Going To Do It Again

    Dealbreaker has long admired Credit Suisse for being on the cutting edge of creative approaches […]

    / Jan 23, 2012 at 3:23 PM
  • News

    Bonus Watch ’11: Credit Suisse

    A couple weeks back, a report circulated that Wall Street banks were considering freezing compensation […]

    / Jan 23, 2012 at 1:58 PM
  • News

    Brady Dougan Is Waiting For His Thank You

    Remember, back in December 2008, when Credit Suisse announced it would be paying out bonuses […]

    / Jan 20, 2012 at 11:56 AM
  • News

    Bonus Watch ’11: Credit Suisse

    Speculation has been going around that some employees will be receiving a whole lot of […]

    / Dec 14, 2011 at 4:02 PM
  • News

    Layoffs Watch ’11: Credit Suisse

    Cuts have gone down at the House of Dougan.

    / Dec 2, 2011 at 10:49 AM