There’s deep sadness among local Credit Suisse bankers that a solid business with real momentum has been stopped in its tracks by events 16,500 kilometres away.
an air of stoicism settled over the bank’s Australian operations.
Sources say there was next to no outflows from the local private bank on Monday, which suggests the Credit Suisse team did a very good job of calming clients. But inside Credit Suisse, there is a sense of real disappointment that the momentum built up by investment banking boss Dragi Ristevski has been stopped in its tracks.Despite the poaching raids in the past few years by the likes of start-up investment bank Barrenjoey, and departures linked to the instability of Credit Suisse that have emerged in the past 12 months,, including Adam Reid as its new head of metals and mining, and Tim Foy as its head of infrastructure and utilities.
There’s sadness too inside Credit Suisse’s private banking and wealth management division, which is unquestionably the jewel in the crown of the local operation. . Credit Suisse’s investment bank is obviously smaller than its upstart rival, but our senior source insists it’s also more profitable. One final reflection doing the rounds inside Credit Suisse in Australia has been on what makes a safe and stable bank today.
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