Credit Suisse Group AG and Michael Klein ended a plan to fold the ex-Citigroup banker’s investment advisory boutique into the bank and resurrect the Credit Suisse First Boston brand under his leadership.
(Bloomberg) — Credit Suisse Group AG and Michael Klein ended a plan to fold the ex-Citigroup banker’s investment advisory boutique into the bank and resurrect the Credit Suisse First Boston brand under his leadership.
The Swiss bank and M. Klein & Co. LLC “have mutually agreed to terminate the acquisition” as a result of the emergency takeover of Credit Suisse by UBS Group AG announced last month, the bank said in a statement Monday.
The brief notice in Credit Suisse’s first-quarter results represents the end of a saga for the veteran dealmaker, who had stood to enjoy a personal payday of more than $200 million and a shot at running his own investment bank. Those plans quickly unraveled last month as UBS had little interest in following through on those agreements, Bloomberg has reported.
Klein could yet walk away with more than a $20 million break-up fee. That’s on top of a $10 million fee that the Swiss bank paid his boutique to bring him in while they awaited regulatory approval to make him an executive.
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