The former head of Credit Suisse, American Brady Dougan, is back in the business. And he has big plans in banking, with a little help from the Middle East.
When leaving Credit Suisse (CS) in early summer 2015 Brady Dougan did not have any specific plans for his next career move. It seemed that he might end up like many other former CEO's and become an advisor on Wall Street. But now it seems that he has found a new destiny, actually it is his old one.
He starts off where he left off – in banking. According to the «Wall Street Journal» (paywall) Dougan is planning to establish his own merchant bank and start business in early 2017.
Support From the Middle East
The former Credit Suisse CEO is known to have excellent relations to business people in the Middle East. And therefore, Scepter Partners, a syndicate of ultra-rich families and state funds from the region, will be behind the company.
From these sources 3 billion dollars have already been provided for Dougan's new bank. He himself is also invested. With his bank Dougan wants to compete with the investment banks on Wall Street, amongst them is former employer, Credit Suisse.
Painful Turnaround
Since Dougan's exit from CS in July 2015, the bank has been enduring a painful turnaround. The share price temporarily eroded to less than 10 francs in early 2016, while the institute seeks to shrink its investment banking, actually the business the former CEO always held dear.
