Lunchtime Links: If you make it to the top in M&A at Credit Suisse, you may never ever leave
The Wall Street Journal has got an interesting story today about the endurance of Credit Suisse's most senior M&A bankers.
It says that the average tenure of CS's ten top M&A bankers globally is 20 years. Such is their seeming lack of dynamism that these veterans are known internally as, "the boring ones."
However, that boringness may be paying dividends: the WSJ points out that Credit Suisse has risen to 2nd place for global M&A this year, a position it attributes to the stability of its staff. Most of Credit Suisse's 175 senior M&A bankers globally haven't worked anywhere else.
Credit Suisse's M&A MD retention policy appears to be diametrically opposed to what's going on at Lazard. Earlier this year, Lazard revealed that it was suffering from a surfeit of MDs and was thinking of letting some of them go. Following this purge, Financial News reports today that one third of the MDs it has currently have joined since 2007.
$100m of M&A fees down the pan with the Pru deal. (Wall Street Journal)
FIG bankers aren't in demand after all. (Financial News)
Executives quitting UKFI as sale of bank stakes put on hold for 18 months. (Evening Standard)
The most senior people at the asset protection agency are earning 170k. (Telegraph)
Rights issues now command fees of 3.5%, compared with 2% in 1998. (Telegraph)
$11bn IPO pipeline will be blocked until September. (Financial News)
"Everyone wants to hire a banker with experience and know-how who also happens to be a Saudi national." (Financial Times)
Mass exodus of fuel oil traders from BP. (Reuters)
Equity partners at Eversheds will receive an average of 517,000 for the year to April 30. (The Times)
100 Dresdner bankers might be able to get their bonuses after all. (Financial News)
Michael Cohrs might resign within a few weeks. (New York Post)
Britain will have a capital gains tax rate higher than anywhere else in the Western world. (Telegraph)
Big pay rises for executives at Nomura. (Businessweek)
Big pay rise for John Mack. (Wall Street Journal)
Today's graduates are 40% less empathetic than graduates used to be. (Telegraph)
Were it not for the industrial revolution, a single shirt would cost $3,000. (BradDeLong)
