CREDIT SUISSE CEO: The pecking order has changed on Wall Street

Credit Suisse CEO Brady Dougan has spent his entire career on Wall Street, so he’s developed a pretty good feel for how the Street works and where things are going.

“I actually think that the most consistent thing about this industry is change, and so you better be able to adapt  — you better be able to innovate,” Dougan said in an interview with OneWire‘s Skiddy von Stade.

Dougan, who will step down from his position as Credit Suisse chief later this year, said that continued change will create opportunities for young people to disrupt and rise up the ranks on Wall Street.

“This as an industry is great for people coming in at an entry level, because the new ideas are not coming from the guy who’s been here for 30-35 years in the industry  — they’re coming from the new people,” he said. 

“How is technology going to reshape this industry? … Who’s more likely to figure that out, me or somebody coming in at an entry level?”

He said the financial crisis, which unravelled shortly after he took the Swiss bank’s reins in 2007, has led to an interesting period  — both of reward for good behaviour and punishment for wrong decision-making.

“If you look at how much the actual pecking order has changed in the industry, it’s changed an awful lot over that period,” Dougan said. “So there are huge opportunities.”

Watch the full OneWire interview above and subscribe to the series to get new OneWire interviews as soon as they’re posted.

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