Credit Suisse

Time was, you could count on Swiss banks to assist their clients in the business of not paying taxes, having practically written the book on how to go about keeping one’s assets a secret from prying eyes (Chapter 1: Discarded toothpaste containers make a great place to stash diamonds). Now? Not only are they no longer providing the service, they’re suddenly too good to associate with people whose hands aren’t clean. Read more »

  • 12 Mar 2013 at 5:04 PM

Layoffs Watch ’13: Credit Suisse

More cuts a-comin’ for the House of Dougan. Read more »

You may not believe this, but a few weeks ago I spoke to a business school class about the financial industry, and a student asked me “what would you say to someone who’s considering a career at an investment bank?” Somehow it did not occur to me to congratulate her on her humanitarian impulses. Instead, I suggested that there are two possible futures for the big banks. In one, the various efforts to “make banking boring” – more onerous capital and liquidity regulation, clearing and futurization of derivatives, bans on prop trading, calls to break up big banks, and so forth – would create amazing opportunities for people with the intelligence, motivation, and shall we say aesthetic sensibilities to find new ways to accomplish their non-boring goals within a shifting framework. Just like changes in the tax code create work for smart tax lawyers, so changes in banking regulation and structure create opportunities for smart bankers to steal a march on their competitors.1

In the other possible future, banking would be boring.2 Today is a dark day: Read more »

  • 23 Jan 2013 at 4:24 PM

Bonus Watch ’13: Credit Suisse

A few details from the House of Dougan’s bonus communication day. Read more »

Like Deutsche Bank, management at BARC and CS think shrinking bonuses up to 20 percent sounds like a great idea. Read more »

And here’s what he’s doing about it! Read more »

  • 18 Dec 2012 at 1:44 PM

Promotion Watch ’12: Credit Suisse

Recent events might have had you thinking otherwise, but Credit Suisse does more than just layoff its employees– sometimes it promotes them, too! Earlier this morning, in fact, the Swiss bumped a whole bunch of guys and girls up to managing director. And even though it’s not grundle-to-face level exciting, it’s still something. Read more »