Potential sale of SVB securities?
SVBs IB seems to have some strong connection, what are you guys thoughts on the likelihood someone like JP / another BB like Wells come on to bolster their IB arm.
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Given large banks are laying off bankers. It seems unlikely. Maybe a less established bank or a mm market bank like BMO that could use help. JPM and other big guys don’t need to make a move and as already stated. Have been cutting jobs in IB / capital markets. Not hiring
I think the reputation of many of these bankers is being torched due to the failures of SVB's management. It's hard to come back from your bank causing this amount of stress and operational turmoil to your clients. Am sure some will emerge stronger on the other side, but I don't foresee the bank re-emerging as a joint investment bank. Probably will be poaching of individual bankers at best.
Gonna be tough for them. Hiring someone from SVB is like hiring someone from Enron or FTX
How so?
Lol what the bankers had nothing to do with this
Sure they did. Encouraged a culture of risk taking that led to this crisis. Plus all their client relationships are impaired- why hire them
Ah yes, I'm sure Auerbach got to his corner office in fall 2021 and the CEO was waiting for him.
"Jason, what do we do with all this dough from negative GM shitcos plowing Tiger Cub LP money into our bank? We've so much that my excrement sometimes has Chase Coleman's signature on it!"
Auerbach: "Let's buy unhedged sub 2% coupon agency MBS and treasuries in an inflationary environment. Jerome Powell's bitchass will never hike!"
At which point, the Leerink guys came down to join them for some blow and free ICO tokens.
IB personnel are separate from the teams who managed the bank side, they had no role in the downfall
Also many of SVB's IB hires were brand new as they were trying to build out a presence. They had little say in the risk culture, especially on a totally different side of the corporation
I don't think JPM or Wells will. It would be great if Wells could to bolster the SF (traditionally weak in SF).
I think when it comes to senior bankers, banks will just poach them as they want rather than buying the entire entity.
Agree. I would think bringing on new juniors through an acquisition after layoffs would also be a hard pill to swallow for a lot of banks.
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