The unfortunate MD who just joined Credit Suisse in New York
Starting a new job is a gamble. Sometimes it goes alright, and sometimes you join Credit Suisse.
Unless you’ve been living under a rock for the last 48 hours, you’ll be aware that UBS has acquired Credit Suisse the other day. That isn’t out of the blue – Credit Suisse has been rocky for a while now. But who the hell joins a rocky bank in a difficult market?
Emily Kulback left DWS Group, a specialist asset manager (and former Deutsche Bank subsidiary), where she was the global head of digital product. She joins Credit Suisse in New York as its global head of product advocacy in the alternatives team. Kulback spent 10 years at DWS, which she joined after 6 years with JPMorgan’s private bank.
Asset managers might, however, be the safest Credit Suisse at the moment. A JPMorgan research note by Kian Abouhossein (before the merger) speculated that, whilst the investment bank would be wound down, UBS was likely to retain Credit Suisse’s asset and wealth management arms.
Nothing has suggested otherwise since the merger – although there are positive signs from the wealth management merger, asset management is a grey area. A more recent note from JPMorgan states that UBS can expect cost reductions of more than $8bn by 2027, of which $6bn is “FTE related” (redundancies) and $2bn is “IT related”, but it isn't clear where exactly those reductions will be.
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