Credit Suisse is cutting 9,000 jobs by 2025, but it’s not all about retraction. In areas within its sweet spots, the Swiss bank is doubling down.
One of those areas is luxury goods research. There, Credit Suisse has initiated coverage of the European luxury goods sector under Natasha Brilliant, a researcher hired from Citi in September last year. Fourteen months after her arrival, Brilliant has emitted a 600-page report covering the European luxury sector and its near term risks. Although Brilliant isn’t a new hire, the mammoth report is a strong indication that there are no near term risks to her job.
This is may well be because Brilliant covers the luxury goods sector, which is not only a large sector in its own right but overlaps with the investment interests of wealth management and Swiss retail clients. Not all equity researchers at Credit Suisse have been so lucky: as we reported last month, the bank made unexpected cuts to its European ESG team and is also understood to have cuts equity research teams covering business services, autos, real estate and insurance.
Around 14 equity researchers have left the Swiss bank in total, says one London headhunter. Credit Suisse said in October that it planned to “align and streamline” equities. But jobs like Brilliants’ are likely to be safe because they’re aligned already with the core wealth management focus.
Even before Brilliant arrived, CS already covered European luxury goods. She was hired to replace Guillaume Gauvillé, the former head of luxury goods research who left for Teneo, an advisory firm, last April. Credit Suisse hasn’t covered luxury goods since Teneo’s exit. Brilliant’s report might be perceived as more a resumption than an initiation of coverage of the sector.
Credit Suisse is still active in equity research, points out one observer. It’s thought to have around 70 equity researchers in London. “That’s more than an RBC or a Redburn,” he adds.
Click here to create a profile on eFinancialCareers. Make yourself visible to recruiters hiring for top jobs in technology and finance.
Have a confidential story, tip, or comment you’d like to share? Contact: [email protected] in the first instance. Whatsapp/Signal/Telegram also available (Telegram: @SarahButcher)
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)
- Latest
- Trending