Page 2 of 2

His efforts to help the Saudis go far beyond mere business matters though. When the murder of Jamal Khashoggi, the Saudi journalist, forced the global business elite to stay away from the Future Investment Initiative conference in 2018, he is said to have worked behind the scenes to get bankers and politicians to return to last year's event instead. With success – and one of the participants was one Tidjane Thiam, the chief executive of Credit Suisse.

It came to nobody’s surprise then when Klein made it to the top of a list of advisers in the Aramco IPO. Observers, such as «Gulfbusiness.com», were more surprised that Credit Suisse was one of the co-lead managers.

Soothing the Nerves

Thiam may have personally been in charge of the pitch to the Saudis and will have hammered home the bank's importance for the rich of this world. The Saudi shareholder of Credit Suisse, Olayan Group, may also have played its role. But the Swiss bank still isn’t one of the major lenders in the kingdom and only acquired a banking license in April 2019.

The question hence arises how much credit Klein deserves for the deal?

Klein, via the Swiss bank’s communications department, told finews.asia that he had nothing to do with Credit Suisse being accepted as a co-lead manager. He had pulled out of any discussions on the Aramco IPO and had stepped aside when the ranking and selection of the Swiss bank was conducted. Furthermore, Klein had told the bank when he accepted a role on its board that he would never take an active investment banking role.

Privatization Galore

His expertise won’t have harmed the bank though. When it became clear in the autumn of 2019 that investors didn’t concur with the price tag the Saudi prince had attached to his asset, it again fell upon Klein to mediate. The «New York Times» reported that the experienced rainmaker had managed to soothe the nerves of upset Saudis and to get more time for the deal to be concluded.

The IPO will likely have been the precursor for others to follow in connection with «Vision 2030», the bid for a complete overhaul of the country’s economy. The state fund aims to have more than $2 trillion in assets within ten years and to invest the vast amount of money in securities worldwide. Credit Suisse at least has managed to put itself in good stead with the rulers with the role it played in the Aramco IPO.

Managing Director for Steve Jobs Widow

Klein’s experience covers another area of interest of the bank: philanthropy. Klein is an adviser to Laurene Powell Jobs, the widow of late Apple CEO Steve Jobs, according to U.S. television channel «CNBC». Powell Jobs’ investment company Emerson Collective, one of the most influential philanthropic investors in the U.S., has Klein listed as a managing director.

For Credit Suisse, which seeks to do business with rich philanthropists, the link to Powell Jobs for sure could be lucrative. But Klein – much as in the Aramco business – will probably stay clear of match-making. But, his expertise may nevertheless come in handy.