Credit Suisse

Something needed to change. In the first nine months of this year, costs at Credit Suisse's investment bank accounted for 143% of revenues.

[Francesca McDonagh](https://www.efinancialcareers.com/news/2022/10/francesca-mcdonagh-from-croydon-to-the-top-of-credit-suisse) has been through all the business lines and worked out what needs to be cut, said Körner. It might have a "different compensation system" as a result, and this will be good for "talent." The markets business is "core" and "critical" to wealth management clients. The implication is that markets staff will help execute ECM and DCM deals. It will be run in a partnership structure "like the old days," said Körner. In the future, Credit Suisse's markets business will be far smaller than it is today. It will be a boutique, but not a boutique - bigger than the average boutique, with an ability to serve international clients. However, CS First Boston has already attracted $500m in outside investment and will be shopping for more. Credit Suisse says it still loves its markets professionals, it's just that it only wants them in relation to the work they can do for its wealth management business and Swiss bank. "Going forward the investment bank will be radically different." ](https://www.efinancialcareers.co.uk/news/2022/10/credit-suisse-job-cuts)Not all the cuts will be in the investment bank. In the first nine months of this year, costs at Credit Suisse's investment bank accounted for 143% of revenues.