OPINION: It was one of Australia’s great finance finishing schools. Will independence from Zurich allow it to rise again?
Investment bankers, former General Electric chief executive Jeff Immelt once said, are “mainly just for friendship”.
Credit Suisse suffered multiple scandals, huge losses, and had to ask shareholders for another 4 billion Swiss francs last year.The details haven’t been finalised, but the investment banking division of the Zurich-based Credit Suisse is going to become a separate company,The new name and owners will represent a change in culture – and possibly a return to an older, more successful one. A Swiss bank will become a New York one.
All had gone to New York in the 1980s, and experienced the leveraged buyout boom sweeping through corporate America. Once back home, they rejected bureaucracy and rewarded initiative. No psychological tests were conducted on new hires. Individual bankers weren’t subservient to head office, which can happen in large banks wary about allowing employees to become too prominent.“At some organisations the brand is bigger than the people,” one former employee said. “At CSFB the people were better.
After the market collapsed, regulators began investigating Quattrone over allegations he favoured specific clients. When he was told the firm was under investigation, he forwarded an email to his entire staff with the subject line: “Re: Time to clean up those files”. Quattrone was convicted of obstruction of justice, a verdict overturned on appeal.
When the old name will return isn’t entirely clear. The bank will reveal a timeline for its changes in coming months, according to a local source. “There is a proud legacy among these guys and they’re happy the name is coming back,” he says. “They were very good times.”
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tennis great slams Kyrgios-Novak 'extravaganza''It's actually hard to believe'
Read more »
‘A great day for the country’: Uganda declares an end to Ebola outbreakControl measures including lockdowns have halted the spread of the virus after less than four months
Read more »
PM Albanese visiting PNG is ‘a great honour’Shadow Minister for International Development and the Pacific Michael McCormack says Prime Minister Anthony Albanese’s planned visit to Papua New Guinea comes as a 'great honour' with 'great responsibility”. Mr Albanese will visit PNG to strengthen ties between the two nations and show support for a PNG-based rugby team in the NRL. “We are speaking as one with the Pacific family with our Pacific nations indeed,” Mr McCormack told Sky News Australia. “This is so important for the country, for Australia as well as Papua New Guinea. “I’m sure that this security agreement follows on from the absolute deal we did with Vanuatu recently.”
Read more »
Tennis great slams Kyrgios-Novak 'extravaganza'The Nick-Novak showdown has NOT gone down well with Pat Cash. 😬 MORE: 9WWOS AusOpen
Read more »
Shark surprise for boatie when great white launches itself at baitAn Adelaide boatie almost bit off more than he could chew when a crabbing expedition off coastal Adelaide turned into an up-close moment with a great white shark, but he's described the 'once-in-a-lifetime' encounter as 'epic'.
Read more »
Prime Minster’s carbon price caps are ‘a great deal of concern’Prime Minister Anthony Albanese’s carbon price caps “causes a great deal of concern” for Queensland according to Liberal Senator Paul Scarr. “Dozens and dozens of these large entities which are generating these emissions are actually based in my home state of Queensland,” he told Sky News Australia. “Queensland did not vote for this policy at the last federal election and it is mainly going to impact our regional communities.” “Bear in mind that the carbon price that was introduced by ex-Prime Minister Julia Gillard was at about $23 a tonne, what the Albanese government is proposing here is $75 a tonne plus it’s indexed to inflation each year, plus an additional 2 per cent each year, so it’s going to go up and up and up.”
Read more »