Credit Suisse traders at Mizuho said to be all cheerful about pay
When it became apparent that Apollo might not want to hire everyone in Credit Suisse's securitized products group and that some of them would probably be moving to Japanese bank Mizuho instead, we understand that it caused a bit of an upset.
Apollo Global Management is, after all, a large buy-side firm with a reputation for paying extremely generously. Mizuho is a Japanese bank, and Japanese banks don't always pay well and aren't generally considered as impressive on a resume.
We understand, however, that that concerns about Mizuho may have been misplaced. Twenty Credit Suisse securitization traders moved to the Japanese bank in New York earlier this month, and sources say they were more than happy with the incentives they received to do so.
Mizuho declined to comment on how much it paid its ex-CS people. We understand that they were amply compensated for the loss of their Credit Suisse bonuses, based on the bonuses Credit Suisse paid them in 2020 and 2021, when times were good(ish).
Given times are now bad at Credit Suisse and that 2022 bonuses are likely to be a lot lower, the Mizuho migrants appear to have dodged a bullet. They could even be more fortunate than colleagues at the Apollo business, thought to be called Atlas, who have reportedly signed contracts implying that they'll have to wait until 2024 for the true bounty of their new employer, and that this won't be forthcoming if they happen to be let go in the meantime.
The good feelings surrounding Mizuho are fanned by today's results from the Japanese bank. Mizuho says it's focused on growing its sales and trading business in the US and Asia. It now intends to develop a derivatives business in Asia as part of its plan to develop a corporate and investment bank, "tailored for [the] Asian market."
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