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JPMorgan Thinks Credit Suisse Did A Pretty Poor Job Capitalizing On The Financial Crisis

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As you know, there are two types of financial services organizations- those that emerged from the financial crisis as winners (John Paulson comes to mind) and those that did not (a category that would include firms like Lehman Brothers, if you want to get really judgey). Where did Credit Suisse fall? JPMorgan has some thoughts.

The bank’s share of more than $146 billion in revenue from trading and advising clients that the biggest investment banks made in the first nine months of 2010 was 8 percent, compared with 13 percent in 2007, data compiled by Bloomberg show.

“It does not look like Credit Suisse is coming as a winner out of the crisis,” Kian Abouhossein, a banking analyst at JPMorgan Chase & Co. in London, said in a note. “We think it missed an opportunity to take market share, specifically in fixed-income.”

Credit Suisse Trims Profit Goal as Net Misses Estimate [Bloomberg]


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]

Layoffs Watch: Credit Suisse

The House Of Dougan has apparently said Do svidaniya to a handful of comrades.

Layoffs Watch '12: Credit Suisse

Cuts are said to be going down circa now at the Swiss bank.