Credit Suisse - Is it going to go bust, if so what happens?
Discussion
Carl_Manchester said:
vaud said:
Professional services will cover all manner of things - legal, audit, tax, outsourced IT (the latter will be quite a big number)
of course, the arguement being that CS tried to reduce its wage bill but ended up doing the reverse. Whoozit said:
isaldiri said:
ooid said:
So where is this famous CS Junior Bond Escaped the wipeout? Looks like it is supposed to be REG S and the 144A but can't find it on CS's DC structure?
this I believe is the onehttps://www.credit-suisse.com/media/assets/corpora...
vaud said:
All banks outsource some element of IT, even GS. Keeps the FTEs down and makes staffing (or staff augmentation) someone elses problem.
Spent many years at GS, 30%+ of their FTE works in ITs, struggling to think of much that is o/sWorked for CSFB for 2 years (20 years ago) - their reliance on contracting staff was staggering. 30-40% of people in finance (mostly Oz, Kiwi and Saffers making very generous per hr rates). Also staggering layers of inefficiency, poor cost control and legacy systems
Adam. said:
vaud said:
All banks outsource some element of IT, even GS. Keeps the FTEs down and makes staffing (or staff augmentation) someone elses problem.
Spent many years at GS, 30%+ of their FTE works in ITs, struggling to think of much that is o/sWorked for CSFB for 2 years (20 years ago) - their reliance on contracting staff was staggering. 30-40% of people in finance (mostly Oz, Kiwi and Saffers making very generous per hr rates). Also staggering layers of inefficiency, poor cost control and legacy systems
Gecko1978 said:
That was time I was there for all the upsides (it was a fancy investment bank atmosphere) getting paid half of what someone else was getting was enough for me to say cya and head to HSBC IB an from there to contracting. Still CS was a good learning experience
I was there for only 1999-2000 but was great fun in that time. Nice people and learnt a lot - first IB job so mainly what an IB was and did, but also how not to do stuff, how organic growth > bolt-on companies, and how not to manage Murph7355 said:
There were similar amusements in 2008...Northern Rock, Hbos, Lloyds...
Nothing was really learnt. Our whole system would have had to change.
Well the first two banks, yes, but Lloyds didn't do anything wrong (other than to agree a merger with the failed HBOS!)Nothing was really learnt. Our whole system would have had to change.
They have always been prudent and kept a healthy ratio of retail savings to loans.
fido said:
Murph7355 said:
There were similar amusements in 2008...Northern Rock, Hbos, Lloyds...
Nothing was really learnt. Our whole system would have had to change.
Well the first two banks, yes, but Lloyds didn't do anything wrong (other than to agree a merger with the failed HBOS!)Nothing was really learnt. Our whole system would have had to change.
fido said:
Murph7355 said:
There were similar amusements in 2008...Northern Rock, Hbos, Lloyds...
Nothing was really learnt. Our whole system would have had to change.
Well the first two banks, yes, but Lloyds didn't do anything wrong (other than to agree a merger with the failed HBOS!)Nothing was really learnt. Our whole system would have had to change.
They have always been prudent and kept a healthy ratio of retail savings to loans.
Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff