UBS Set Aside More Investment Banker Pay Than Credit Suisse

UBS AG Chief Financial Officer John Cryan

Elena Logutenkova, Bloomberg News, October 26, 2010

UBS AG, the Swiss bank that added more than 1,300 people to its securities unit this year, is setting aside 10 percent more in compensation for each employee of the division than Credit Suisse Group AG.

UBS set aside enough to pay the 17,006 employees 322,592 Swiss francs ($330,321) each in the first nine months of the year, company data show. Personnel costs per employee at Credit Suisse’s investment bank were 292,925 francs in the same period.

Continue to full article

Wall Street News – October 25, 2010

Deutsche job cuts to come

The Bottom Line:

Deutsche Bank is currently reviewing its personnel and are expected to cut 5-10% of their staff.

Continue to full article

 

Investment Bank, Securities Dealing Job Count Sinks Again

The Bottom Line:

The number of workers in investment banking and securities in New York has declined more than 20% for the second year in a row. 

Continue to full article

 

Morgan Stanley Cuts Investment Bank's Bonus Pool 8% as Brokerage Pay Rises

Continue to full article

 

MOVES-FINRA, JP Morgan, Deutsche Bank, UBS

Continue to full article

 

Jefferies: the bank that keeps on hiring

Continue to full article

 

Traders strike out to sell skills in a buyer’s market

Continue to full article

BofA Merrill to Hire Latin America Banking Executive

The New York Times, July 6, 2010

Bank of America Merrill Lynch said on Tuesday that it has hired Mark Rosen from Credit Suisse to head the Latin America financial institutions group in its investment bank.

Mr. Rosen, who will become a managing director, will be based in New York and report to William Egan, the global head of financial institutions investment banking at Bank of America Merrill Lynch.

Continue to full article 

Credit Suisse Hires Moelis’s Horrocks, Banker to Fiat, for Transport Group

Zachary R. Mider, Bloomberg, May 19, 2010

Credit Suisse Group AG, the world’s second-biggest merger adviser this year, hired Andrew Horrocksfrom Moelis & Co. to oversee the firm’s global investment- banking for automobile and transportation companies.

Horrocks, 45, will join Credit Suisse in July, according to an internal memorandum obtained by Bloomberg News and confirmed by spokesman Duncan King. He’s leaving Moelis, the New York- based boutique founded by former UBS AG executive Kenneth Moelis, after less than a year.

Continue to full article

Credit Suisse Posts Increase in Profit

Julia Werdigier, The New York Times, April 22, 2010

LONDON — Credit Suisse reported Thursday that its profit rose in the first quarter and said it had attracted more wealthy clients to its private bank. But shares fell as trading revenues failed to keep pace with its U.S. rivals.

The Swiss bank said profit was up 2 percent to 2.06 billion Swiss francs, or $1.93 billion, from 2.01 billion francs in the first quarter of last year. The increase beat some analyst expectations but did not match the strong earnings reported by Goldman Sachs and Morgan Stanley earlier this week. Shares were down 4.9 percent in afternoon trading in Zurich.

“Overall the earnings were as expected but we’ve seen so many U.S. banks beat consensus that being in line is pretty disappointing,” said Jon Peace, an analyst at Nomura in London. Some analysts, including Mr. Peace, also said that the recovery of the bank’s private banking business is taking longer than expected.

Continue to full article

Credit Suisse Taps JPM Exec to Head India I – Banking

By Reuters for The New York Times, April 16, 2010

MUMBAI (Reuters) – Credit Suisse is hiring Vedika Bhandarkar, a veteran investment banker at rival JPMorgan, to beef up its investment banking business in India.

Bhandarkar, who has been head of investment banking for India at JPMorgan, will be vice chairman and India head for investment banking as well as head of the global markets solutions group for India at Credit Suisse, the Swiss banking firm said.

Bhandarkar will be joined at Credit Suisse, which has not recently been a top player in underwriting equity deals in India, by JPMorgan's Sandeep Pangal, who will be a managing director in investment banking coverage.

Continue to full article

UBS’s US Brokerage Unit Still Losing Assets

By Reuters for The New York Times, April 12, 2010

NEW YORK (Reuters) – Six months after Merrill Lynch veteran Bob McCann came on board to revive the U.S. wealth management business of UBS, the Swiss bank's investors were reminded that a full recovery is still a ways away.

UBS issued some welcome earnings news Monday, pre-announcing its highest quarterly profit since the credit crisis began, but the bank also revealed that its wealth and asset management businesses continue to bleed assets.

Separately, the U.S. Justice Department said an American client of UBS, Harry Abrahamsen, pleaded guilty on Monday to failing to file tax forms for income diverted to offshore Swiss accounts valued at $1.3 million.

Continue to full article

York Capital in talks to sell stake to Credit Suisse: report

By Sakthi Prasad for Reuters.com, April 1, 2010

(Reuters) – U.S. hedge fund York Capital Management is in talks to sell a minority stake to the Swiss bank Credit Suisse Group AG, the Wall Street Journal said, citing people close to the matter.

A deal may still not materialize and could fall through, the newspaper said.

The talks indicate that some Wall Street players expect that the U.S. lawmakers will allow big financial firms to own hedge fund stakes, the Journal said.

U.S. President Barack Obama stunned financial markets in January with the proposal to restrict proprietary trading by banks, ban them from the hedge fund business, and limit their future growth.

Credit Suisse’s Brady Dougan tops investment bank pay charts

Credit Suisse's 13-man executive board, which includes Mr Dougan, collectively received $138m in 2009 Photo: Getty

By James Quinn for Telegraph.co.uk, March 25, 2010

The chief executive of Credit Suisse received $17.9m (£12m) in 2009, making him the best paid head of any investment bank on either side of the Atlantic.

American-born Brady Dougan, who has run the Swiss bank since May 2007, saw his total pay increase seven-fold last year as a result of the bank's return to profit. He was paid a base salary of $1.16m with the remaining bonus falling due through long-dated deferred shares and options which could increase or decrease depending on the bank's performance.
The total amount is just shy of the $20.7 Mr Dougan was paid in 2007, a record year for pay at the Swiss bank.

Continue to full article

Credit Suisse’s Dougan Paid SF19.2 Million in 2009 (Update1)

By Matthias Wabl and Elena Logutenkova for Bloomberg.com, March 25, 2010

Brady Dougan,Credit Suisse Group AG’s chief executive officer, received 19.2 million Swiss francs ($17.9 million) in compensation last year, boosting his salary almost seven-fold.

Dougan’s pay included 17.9 million francs in bonuses and a fixed-salary of 1.25 million francs, the Zurich-based bank said in its annual report, published today. That made Dougan the highest-paid member of the executive board.

Continue to full article