Goldman Sachs bankers are flocking to Credit Suisse. The hilarious (unintentionally?) job ad from a hedge fund


Goldman Sachs alumni have quite a reputation on the street for mentioning they worked at Goldman Sachs, with the perhaps surprising exception of Prime Minister Rishi Sunak, who doesn’t even mention it on his CV. They also tend to tell you how things were getting so much better at Goldman Sachs, a habit that doesn’t always lead to popularity on their new teams.

However, if you’re Credit Suisse, you might be in a receptive mood to hear lots of advice and stories about how Goldman handles things, especially on the operations and risk management side. That was certainly the idea when they hired David Wildermuth earlier this year to be their new chief risk officer and Joanne Hannaford to be the technical director.

Now Wildermuth has decided to bring in more people from Goldman. Nico Friedman, formerly head of global markets credit risk for GS, will join Credit Suisse as CRO for markets and investment banking business units, while Craig Bricker, who “explores and explains risk with data”, has just set up a risk analysis group there.

So the CRO will have at least a few people around who will laugh at his Lloyd Blankfein anecdotes. It is often a somewhat dangerous situation from a management point of view for a new senior manager to recruit too many new managers in his old company; it’s quite easy to create the impression of a clique and make existing staff feel left out. But on this occasion, it could be good because there still seems to be a lot of Credit Suisse people at high levels.

Ben Wilkinson, incumbent CRO of investment banking CS, is moving to the same position within the Wealth Management division. Normally that might look like a downgrade, but considering where the problems started with Greensill and Archegos, it’s arguable that at Credit Suisse, risk management work is at least as important. It is also a team that probably needs an insider given the specificity of the CS franchise, which also applies to the new “reputational risk” team, which will be led by Anne-Claude Rouiller.

Building a new risk management culture for Credit Suisse is what Wildermuth was hired to do, and while it’s unlikely or desirable to simply copy Goldman Sachs’ system and expect it to work in a different context, there is a maxim of Goldman which is likely to be heard in the corridors of Paradeplatz. It’s the phrase “long-term greed,” meant to encapsulate the principle that running too hard to get returns always ends up being counterproductive. Since all risk management players will have CS stock options, they have a strong incentive to work together.

Moreover, yesterday afternoon, a rather extraordinary job offer was published on Linkedin. Apparently hedge fund Rokos Capital is looking for a “VIP Support Engineer” to cover “a wide range of AV services at properties around the world, primarily involving Apple devices” for “a senior member of our board. of directors and his family”. To get the job, you need a degree from a good university, a commitment to travel to “offices and home locations around the world” and a “global understanding” of iTunes, Family Sharing, HomePod and Apple TV.

Although it also mentions that Rokos needs someone to “help manage and support our broader corporate infrastructure”, this announcement really sounds like a multi-billion dollar hedge fund hiring people. to recover children’s iPad passwords. It also looks like a liquidation. We note that Andrew Brown, the hedge fund’s COO, announced his “very friendly” departure yesterday, and it’s not entirely impossible that the announcement was posted as some sort of joke. If so, it’s commendably subtle – at the time of writing there were 66 applicants.

Meanwhile …

An interesting aspect of Credit Suisse’s capital raise appears to be that as the bank develops a closer relationship with long-term shareholders in the Qatar Investment Authority, it also plans to start hiring for a “technology hub” in Doha. (FT)

A little against the general trend, UBS is closing its “in-person operations” for its advisory activities in the Middle East. There will still be a physical presence for wealth management and trading, but in future bankers in other jurisdictions will transact on a fly-in-fly-out basis. (Bloomberg)

The Odyssey Partners survey records that ‘top tier boutiques’ appear to have won the epic fight for the 2021 Junior Bankers Class – in addition to recruiting staff with a higher grade point average than the bulge bracket, their juniors gave a higher score in the “experience rating”. Too bad they’re all going to private equity in two years, really. (Business Insider)

Henrik Renstrom has left Citi to head equity block trading at BNP Paribas Exane, and will sit in his London office to do so. (Bloomberg)

Someone spent a year pretending to be a student at Stanford University and even living in one of their dorms before getting caught. If it had lasted long enough, it might have gotten some venture capital funding. (Stanford Daily)

It could be a case of “never easier when you’re not at a big bank” or simply “timing is everything”, but Hamza Lessouguer’s Arini Capital is down for the year so far. The fund apparently had a good October and recouped half of the losses, but Credit Suisse might be slightly relieved that it never materialized plans to create an in-house hedge fund for it. (Bloomberg)

During a client trip to Sydney, Jefferies Chairman Brian Friedman gave an interview in which he discussed the past two decades since he and Rich Handler decided to embark on global growth in 2001. (AFR )

No deals, a falling market, geopolitical uncertainty and little respect – the bankers at the Hong Kong financial leaders’ Global Investment Summit feel a bit unloved. (Bloomberg)

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