Sad Credit Suisse Bankers Dreamed Of Day Wells Fargo Would Come Rescue Them

Alas, their prince has not yet come.
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According to a report by the Wall Street Journal, things are so bad on the Credit Suisse trading floor that the idea of Wells Fargo riding in on its stagecoach and whisking investment bankers off to San Francisco was a bright moment in an otherwise dark time.

Current and former executives at Credit Suisse Group AG, stretching from New York to the Swiss lender’s top ranks in Zurich, are sparring over who was responsible for the bulk of almost $1 billion in losses in recent months, according to people familiar with the matter. One particular point of dispute: Past and present top executives of the investment bank have given differing accounts of who was in charge of what during a critical period for the loss-making trading business late last year...On the trading floor, ill will runs deep. A rumor in February that Wells Fargo & Co. might buy a chunk of Credit Suisse’s investment banking business actually boosted morale, said an employee in the global markets unit. The rumor was subsequently denied.

Inside Credit Suisse, Finger-Pointing and Confusion Over $1 Billion Loss [WSJ]

Earlier: Report Wells Fargo Buying Credit Suisse’s Investment Banking Operation Is News To Wells Fargo

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