‘Sad day’ for Credit Suisse’s founders, staff, says former CEO John Wylie

Former Credit Suisse boss John Wylie pays tribute to some of the bank’s early founders in Australia following its $4.5bn takeover by staunch rival UBS.

Former Credit Suisse boss John Wylie has paid tribute to some of the bank’s early founders in Australia following its $4.5bn takeover by staunch rival UBS. Picture: Arnd Wiegmann/Getty Images

Former Credit Suisse chief executive John Wylie has paid tribute to some of the early founders of the bank in Australia following its $4.5bn takeover by rival UBS.

“There were very strong foundations laid way back in the 1970s by Ross Bradfield who started the bank in Australia in 1971.”

Then known as First Boston, it was the first Wall Street bank to open an office in Australia.

Mr Wylie said the Australian operations had then been built up by Peter Thomas, who took over the New Zealand investment bank Jarden.

“Jarden had done a lot of privatisations under (New Zealand Prime Minister) Roger Douglas.

“New Zealand was a world leader in privatisations.”

Mr Thomas had gone on to tap into Jarden’s experience in privatisations to work for the Kennett government in Victoria to do the privatisations of the state’s electricity network, he said.

Credit Suisse then went onto to handle the privatisation of Telstra – still the biggest single IPO in Australian corporate history, and the privatisation of former national airline Qantas.

Mr Wylie was attracted by Credit Suisse, joining it first on Wall Street in 1987 when it was known as First Boston and then moving to Australia in 1991 where he went on to head it up, overseeing the Victorian electricity privatisations and many other deals.

“Credit Suisse First Boston was one of the three elite bulge bracket finance houses on Wall Street at the time,” he said.

He left in 2000 to found his own consulting business, Carnegie Wylie, which was later taken over by Lazard.

“We took a lot of pride in the place and what was achieved in the 1990s,” he said.

Swiss banking giant Credit Suisse will be swallowed up by staunch rival UBS via a $4.5bn takeover. Picture: Arnd Wiegmann/Getty Images

Mr Wylie said Credit Suisse had a distinguished range of people who had worked there in the past.

“It was a hot house of talent of people who went on to do very good things in Australian finance.”

“To see it descend to this, is a sad day for people who still work there.”

“I feel for Richard Gibb who has been running the local business.

“He has been doing a good job in challenging circumstances.”

Mr Wylie said Credit Suisse’s senior client partner, who looks after ultra-high net worth wealth customers, had “run an exceptional business.”

“There are some good businesses and some good people there.”

“UBS would be well advised to look after those people.”