After a year hit by losses, scandals, sackings and restructuring, there is finally something going right at Credit Suisse’s investment bank.
The division has quietly risen to fourth place in the global M&A league tables after advising on the three biggest deals in the world so far this year. And it has been winning new talent to replace those who left as the Swiss bank’s focuses on wealth management over investment banking in its 2015 restructuring.
“The beginning of the year was seriously a disaster; it felt like everything was falling apart as people kept on leaving,” says a Credit Suisse M&A banker in New York, who asked to speak anonymously.
“It took a while for Tidjane [Thiam, Credit Suisse chief executive] and the rest of the top management to convince us that Credit Suisse’s advisory business had a future … Things look brighter now. Not perfect but brighter.”