The former boss of Credit Suisse will soon be back – with something new, according to media reports.
Brady Dougan, the predecessor of Tidjane Thiam as chief executive officer of Credit Suisse, has kept a low profile since quitting his job at the Swiss No. 2 bank in the summer of 2015. Some rumors had it that he was eyeing a job in consulting.
Far from it, if media reports today are accurate: the U.S. citizen will get back into banking. Dougan plans to launch a merchant bank in early 2017, the «Wall Street Journal» reported, citing people familiar with the matter.
Middle Eastern Financing
The top banker has lined up $3 billion from investors to fund the company, the newspaper said. The new bank will be backed by Scepter Partners, a syndicate of ultrawealthy families and state investments funds in the Middle East.
Dougan is likely to put his own money into the merchant bank, which has yet to be given a name. It will make investments across a number of industries and provide investment-banking and trading services, according to the report.
New Technology for Wall Street
The profile of the venture pitches the firm against the big Wall Street companies. Dougan aims to use software and data available to break into parts of the finance industry dominated by big banks and broker firms and to bring new technology to investment banking.
