Credit Suisse Conference Call Notes (II) – MDs, Joiners vs Leavers, Investing in People Internally, Good Talents, Young People, Not High Payer, April-May Outflows, June Positive Momentum, Outlook: Third Quarter Seasonally Lower

Commenting to Barclays

CEO: [...] if you look at MD's, we do have a slight negative net movement in terms of MD's joiners versus leavers. But again, we are very much focused on investing in the business. We are replacing people through internal candidates and talents and where needed through external talents.

Commenting to Exane:

CEO: [...] we are fully focused on investing in the investment bank, and within that in capital markets and advisory, where we have seen indeed the high attrition level, especially on a senior level. If you look at the page 18, you see that year to date, we're up 82%. But it's also a fact that we lost 5 billion Swiss Francs to one client in the investment bank. And this is not the year where Credit Suisse will be paying as high as as you would maybe see in other firms at the moment. So we we are clearly not the high payer of the street, but at the same time we are fully focused, we have retention. At the end of the day we are investing in people internally and young people. We have good talents internally to take these positions and if needed, we will um go externally and replace these people.

Commenting to Citi

CEO: So we did see positive inflows in the third month of the quarter, so in June. April May were really were two months where we had outflows and we also also proactively addressed some of the client situations that I was alluding to also in APAC, but actually June was positive inflows in all three divisions. And so the momentum into the end of the quarter was very positive.

Commenting to UBS

CEO: On the 4.2 billion, and then a outflows in APAC, these were linked to situations where we wanted to exit clients, either for risk or for other reasons and this is a small number of clients but we feel very good about that having exited those positions. But there are various considerations where I would not like to go into the details, but this was a one off move that we had to do and wanted to do and I do not really want to comment more on individual clients.

See also Part 1 for more: Credit Suisse Conference Call Notes – Rating Agencies, Downgrades, Risks Priced, Higher Capital Ratios, CDS, Capital Guidance, Capital Ratios, CET1, Leverage Ratio, Static vs Dynamic Margining – Financial Markets Blog (zuberbuehler-associates.ch)

Using Python to transcribe Conf Calls, Webcasts

The above audio was uploaded to an S3 Amazon Bucket, then was fed via a Python script to Amazon Transcribe service which resulted in a raw transcript. That raw transcript was then used for the quotes above. By default Amazon Transcribe does not seperate speakers, has difficulty with abbreviations or names like “Archegos”, which will be transcribed incorrectly.

For more on transcription see this article: Link

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Feel free to write me at contact@zuberbuehler-associates.ch or add a comment.

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