Credit Suisse First Boston (CSFB)

Are a lot more job cuts coming?

Jim Kim — Thu, 06 Nov 2008 12:21:32 -0500

Have we seen the worst of financial services job cuts? Well, here's one way to look at it: If banks were bent on maintaining their compensation ratio--that is, their compensation costs as a percentage of revenues--they would have to lay off many, many more employees, concludes eFinancialCareers. It says the results of its analysis "range from the farcical (Merrill Lynch) to the disturbing (Credit Suisse), and the reassuring (Goldman and Morgan Stanley)." More specifically, Merrill Lynch would have to lay off more than 58,000. Credit Suisse would have to lay of 16,000. JPMorgan would have to layoff more than 5,000. Meanwhile, Goldman Sachs and Morgan Stanley would not require any additional layoffs.

For more:
- here's the item

How to grapple with short sellers?

Jim Kim — Thu, 17 Jul 2008 14:26:04 -0400

Short sellers, who seemed so out-of-favor just a few years ago, have had a great run recently. There certainly have been plenty of targets. The Financial Times raises a timely issue: How do you deal with short sellers if you have been targeted? Lehman Brothers took the let's-talk approach when Greenlight Capital decided to take its famous short position. But then-CFO Erin Callan, who has since decamped for Credit Suisse, couldn't answer some questions to the satisfaction of David Einhorn. The rest is history. But what's the alternative? Hiding behind Reg FD? You ignore the shorts at your peril. Most would likely agree that dialog is the preferred route. Of course, you cannot prepare too much. If your answers are rock solid, you might find an audience willing to close its position and move on. If they still do not get it, good luck. The FT notes one targeted company, Kinder Morgan, put its detailed budget online and mocked the shorts. It worked.

For more:
- here's the Financial Times article

Deal gone bad: Huntsman's big bet tanks

Jim Kim — Fri, 27 Jun 2008 08:16:35 -0400

Seems like there's a story to every deal that has gone bad in this credit crunch, with most ending in anger and a flurry of suits. About a year ago, Hexion, a company controlled by private equity giant Apollo, agreed to buy Huntsman for $10.6 billion, or $28 a share. It was an all-cash bid to be financed 100 percent by loans from Deutsche Bank and Credit Suisse. The market displayed doubts that the deal would go through. But Peter Huntsman, founder of the chemical firm, and his dad saw a buying opportunity. They were so confident the deal would happen they bought up more than $18 million worth of Huntsman stock, recounts the New York Times. The stock is now worth about $9 billion. Huntsman told the Times, "I've got egg on my face. I shouldn't have trusted these guys," referring to Apollo principals Leon Black and Joshua Harris.

For more:
- here's the Times article

Related Article:
Another busted private equity deal

Credit Suisse vs. American Express in Chile

Jim Kim — Thu, 29 May 2008 20:46:00 -0400

Business is war. We all know that. How's this for some bare-knuckled tactics: America Express Bank, before it was sold to Standard Chartered, charges that one Daniel Rosenkranz, 47--a Swiss national and possible Credit Suisse employee--spent roughly 10 days in Amex's bank offices in Chile in December 2007 without permission. The suit, as recounted by Investment Dealers' Digest, charges that Rosenkranz used flash drives and printers to gather information about clients and then contacted to obtain signatures for new accounts with Credit Suisse. Surveillance tape shows Rosenkranz exiting with boxes and bags of documents. I wonder if he got a raise. This sort of stuff happens. You also have to wonder how many new clients this netted Credit Suisse.

For more:
- here's the IDD article (for FierceFinance readers)

See this week's featured jobs and top stories ; provided by eFinancialCareers.com

Thu, 22 May 2008 06:59:49 -0400

Featured career opportunity:
Product Manager, JP Morgan
The Product Specialist will play a key role in developing the JPM exchange traded funds business. The candidate will work closely and assume a leadership role across operations, technology, client management and sales to support new business and product development… Read more

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C&L: Executive Moves

Wed, 14 May 2008 06:59:51 -0400

> Lehman's Rick Rieder to launch hedge fund
> Citigroup shifts Alberto Verme from London to Dubai. Article
> Wachovia hires Jane Sherburne from Citigroup
> Mark Fuchs to leave Credit Suisse to form hedge fund
> Rilla Delorier tapped as chief marketing officer at SunTrust

ALSO NOTED: More on Merrill Lynch's level 3 assets; JPMorgan to build energy business with Bear assets; and much more...

Fri, 09 May 2008 06:59:50 -0400

Company News:
> More on Merrill's level 3 assets. Article
> JPMorgan to build energy business with Bear assets. Article
> Why Fannie rallied. Article
> Nasdaq earnings soar thanks to OMX buyout. Article
> Vote on Bear Stearns sale nearing. Article
> Credit Suisse analyst upgrades Wachovia. Article
> AIG Posts huge loss, will raise capital. Article

Industry News:
> Abu Dhabi bank invests in Malaysian lender. Article

And Finally... Mother's Day in touch economic times. Article

C&L: Executive Moves

Wed, 30 Apr 2008 06:59:51 -0400

> Wachovia taps Jim Kimball regional president for Northern California
> Rob Ebert tapped as head of equity sales at Deutsche Bank
> Dan Sparks to step down as mortgage chief at Goldman Sachs
> JP Morgan Chase offers Jeffrey Mayer
> Merrill Lynch names Thomas Montag head of global sales and trading
> Atanas Bostandjiev and Antonio Esteves join Goldman Sachs from Merrill
> Chris Armstrong to retire from TD Ameritrade
> Norman Mineta named adviser at Credit Suisse

See this week's featured jobs and top stories ; provided by eFinancialCareers.com

Thu, 24 Apr 2008 06:59:49 -0400

Featured career opportunity:
Head of US Investment Performance, Barclays
The US Performance Group is responsible for measuring portfolio and benchmark returns and for reporting the differential between a portfolio’s return and its corresponding benchmark return…
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Featured career article:
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Wall Street chieftains are waxing optimistic that an end to the credit crunch is in sight. Should you believe them? More important, should you care? …
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Credit Suisse Joins Layoff Parade
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Thu, 17 Apr 2008 06:59:49 -0400

Featured career opportunity:

Business Development Officer, Barclays Global Investors
This person will help design and implement a strategy for the Latin American offshore private banking business...

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Featured career article:
Shakeup at Credit Suisse Global Securities Unit
Four Credit Suisse executives were named co-heads of global securities, a major segment of the investment bank …
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