Think bankers are smart? Credit Suisse may prove you wrong
The famous Swiss bank last year made as much out of Melbourne broker EL&C Baillieu as a Commonwealth Bank term deposit. This year it's likely to be less.
For a firm run by men and women who make a living advising companies which businesses to buy and sell, Credit Suisse's own expansion in Australia should have been a flawless case study in profit creation.
Instead, the European bank's biggest strategic play here, the purchase of one quarter of EL&C Baillieu, looks like a case of retail stockbrokers – the burger-flippers of finance – outsmarting investment bankers, who regard themselves as the industry's rockstars.
Loading...
Aaron Patrick was a senior correspondent at The Australian Financial Review.
