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The new dynasty at Credit Suisse.

Morning Coffee: The richest brothers at Credit Suisse. How a banking CEO raised in poverty helps his family

Credit Suisse has been known to foster some quiet family dynasties in the past. - In 2021, for example, it became apparent that the bank was employing various family members of Eric Varvel, the former head of its asset management business. Varvel left the bank in December 2021 following the Greensill scandal, but a new dynasty is taking root.

Michael Klein stands to become very rich by virtue of his current position at Credit Suisse and soon-to-be position as head of carved out-CS First Boston. And he is bringing his brother Mark along with him.

Bloomberg reported yesterday that while Michael will run CS First Boston, Mark will also have a place at the new venture. And while Michael stands to make a nine-figure sum from the sale of his advisory boutique, M. Klein & Co, to Credit Suisse, Mark will be compensated for his stake too.  

We've written about Michael Klein before and his way with the Saudis before, but what does Mark bring to the table (other than being Michael's brother)? He has a degree in business administration from Emory University, an MBA from Kellogg, and alongside his role as a 'managing member' at M. Klein & Co, he's spent the past five and a half years as chief executive of SuRo capital, a San Francisco-based investment firm with nearly $160m in AUM. He's also been a board member on Michael's Churchill Capital Spacs, including Churchill III, which was subject to a legal dispute last year. 

In combination, the Klein's are soon likely to be the richest people at Credit Suisse and will be by far the richest people at CS First Boston. There appears to have been some tension in the negotiations about buying them out - Bloomberg reports that at one point the two sides were 'hundreds of millions of dollars' apart on M. Klein & Co's value, but Deutsche Bank was brought in to offer an independent verdict and agreement was reached.

This may not be the Kleins' last payday. The brothers stand to make more money if Credit Suisse pursues an IPO for CS First Boston and the two brothers ultimately sell their stakes in the new venture. 

Separately, the Financial Times spoke to Fani Titi, the chief executive of Investec Group, who shared his life story to help inspire, "youngsters who are sitting and feeling doubtful of their own capacities.” Having grown up in a family of 14 children as the son of farm workers, Titi won a Fulbright scholarship to study in the US, at Berkeley, before returning to South Africa as a mathematics lecturer.  He then studied an MBA and built a career in private equity before joining Investec in 2018.

None of Titi's siblings have achieved anything similar and he says they've been failed by the education system. He now pays for their own children to have a good education. "My nephews and nieces, they had a good shot at a decent life,” he tells the FT.

Meanwhile...

Citadel is planning to build a massive Manhattan office tower where it will occupy 51 floors. (Bloomberg) 

Jonathan Pruzan, who was once supposed to be the CEO of Morgan Stanley is leaving to pursue other opportunities. (Financial Times) 

Former Barclays banker Sam Dean had retired, but now he's joining Jefferies as vice chairman of investment banking with a focus on equity capital markets. (Bloomberg) 

Houlihan Lokey is expanding in Europe and says it can still be difficult to hire. “At the senior end of the market, it is becoming easier to find the right quality people, but at the junior end it is still pretty competitive.” (Financial News) 

Google's new employee ranking system could presage some big job cuts. (WSJ) 

January is not an easy month. Instead of New Year's resolutions it can help to write “pros” and “cons” lists and trying to identify which underlying values you want. Repetitive thinking styles of worry and rumination often crop up at times of change. (Prospect) 

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AUTHORSarah Butcher Global Editor

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