FT.com / Lex / Financial services & property – Credit Suisse

Investment bankers once turned their noses up at “plain vanilla” products. Yet Brady Dougan, Credit Suisse’s chief executive, on Thursday painted a picture of an investment banking future all but stripped of the exotic derivatives and highly leveraged products that dragged it into losses. Henceforth, the Swiss bank will emphasise client flows over proprietary trading, keep shrinking assets and attempt to deploy its capital better. About time. In spite of Mr Dougan’s previous assurances on the bank’s resilience, it must first cut fat. The “accelerated implementation” of its strategy will involve cutting 5,300 staff, mainly in the investment bank, and 1,400 contractors. The investment banking headcount will return to 2005 levels. The chairman, CEO and investment bank’s boss are forsaking their bonuses – but keep their jobs.

via FT.com / Lex / Financial services & property – Credit Suisse .


About zyakaira

Investment Banker, 40s, Bangalore This Biopic and this web recreates how one point of view, one person can impact a tremendous economic engine that the world thrives and mis-thrives on. This one has the knowledge and the civil sense , the art of conversation and some good writing to mentor others as powerful and help global managers develop and fine tune their approach on US markets, China, India and the world. Read on here, and let me know what you need. It can be a race for TRPs, a race for new markets and a race to do what is right. I have the pulse of the crisis, the recovery and the market direction and can help you build and refine your strategy as i have helped thousands of managers and multiple global corporations. Of course, it’s more fun if you talk to me. I am in favor of leading this moving of the economic crisis and will partner with you in a soft and subtle way, just the way we both ride to the top. But you can write with us, opine and just reply with aplomb and shine on Twitter , 4 square , Facebook and any other social “choupal” of choice via zyaadakairaada Profile & Portfolio - SocialPicks Different flavours at: http://benchilibowl.wordpress.com http://zyaada.mp

Posted on December 7, 2008, in Bank Stocks, Financial Markets, Global, Meltdown and tagged , , . Bookmark the permalink. Leave a comment.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: