Credit Suisse European MDs are feeling enthused about the future
It's not just Credit Suisse's APAC MDs who are feeling buoyant after Michael Klein's recent pep talk. MDs in London are equally enthusiastic about the future.
"Europe remains 100% core," says one MD in the bank's London M&A division. "We are carrying on, albeit in a capital light fashion."
Klein's reassuring words follow fears that Credit Suisse would pull back from EMEA corporate finance after the bank declared that "EMEA and Europe will be very much focused on advisory" when it revealed its restructuring plans in October.
Members of Credit Suisse's M&A, equity capital markets and debt capital markets teams in Europe are moving into CS First Boston and will work under Klein.
Credit Suisse is cutting 9,000 jobs before 2025. Financial News reported that the bank cut 35 people in February. Sources at the bank said the cuts were broadly spread across sectors and seniority, "much like at Goldman Sachs."
The assumption internally is that cuts in the EMEA investment bank are now complete. Credit Suisse declined to comment. Klein is reportedly looking to make big name hires to CS First Boston. However, sources said recruitment is likely to be focused on the US rather than the UK because this is where the most staff have departed of their own accords.
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