David Wah and Imran Khan Push Credit Suisse’s TMT Resurgence

大卫华和伊姆兰汗并不总是同意，但这两个明显享受共同努力。“我对他的妻子谈到了他，”信用瑞士集团信用小组互联网银行全球负责人笑话。WAH，银行的全球技术，媒体和电信联合主管，笑了解了观察。

In May 2011, Khan took the unusual step of moving from corporate research to investment banking after seven years at JPMorgan Chase & Co., most recently as global head of Internet research. Wah, whose TMT co-head is Mark Simonian, just celebrated his 20th anniversary with Credit Suisse. Named head of the tech group in 2005, he assumed his current post in 2009.

总部设在纽约，退伍军人华丽和新的抵达Khan迅速迅速结束了今年最大的互联网交易之一。瑞士信贷建议阿里巴巴集团持有美国互联网巨头雅虎的一半的76亿美元回购。中国电子商务集团的40％股权。它还处理了几个嗡嗡声 - 关于较小的交易，代表基于旧金山的数据管理器Splunk和Austin，基于德克萨斯州的在线营销人员群岛的IPOS。信用瑞士斯致瑞士信贷年末至第五届全球TMT交易量跃升，37笔交易总计413亿美元，拓荒性报道。

The bank’s TMT group has been rebuilding since the tech bubble burst in 2000 and prompted the exit of high-profile bankers like Frank Quattrone, George Boutros and Jason DiLullo. It’s stabilized around old hands such as Wah, global head of investment banking James Amine and Eric Varvel, CEO of the investment banking division. “The firm has always created an environment where individual bankers can have a significant impact,” says Oregon native Wah, who climbed the ranks by covering a wide range of industries, including food, health care, pharmaceuticals and steel. “It’s an entrepreneurial approach, but in the context of a team.”

Joseph Tsai, co-founder and CFO of Hangzhou-based Alibaba, can attest to that. “Credit Suisse had excellent individual bankers, but they brought a team approach to the relationship and they devoted very senior resources,” Tsai says.

Sometimes the Credit Suisse style can lead to clashes, though. “We have a culture in which we all have points of view and we air them,” says Wah. “If we are arguing and debating,” he adds, “that helps clients get the best answers from us.”

In the Alibaba transaction, which closed on September 19, there was plenty to debate. Former Yahoo! CEO Carol Bartz had reportedly said that her company didn’t want to unload its Alibaba stake, because she viewed it as a good investment in China and Chinese media. But Yahoo! shareholders — notably activist hedge fund manager Daniel Loeb of New York’s Third Point — had other ideas. Loeb, who owns about 6 percent of Sunnyvale, California–based Yahoo!’s stock, pushed Bartz’s successor Scott Thompson to make a deal.

Alibaba has many different parts that were tricky to price but very lucrative, including marketplace Alibaba.com, shopping site Taobao Marketplace and payment service Alipay. When Yahoo! relented, Wah, Khan and their colleagues helped bring clarity to those valuations.

For Alibaba, the megadeal was financed using the best possible counterparties and done when many leading Internet players’ market caps have been shrinking, explains Khan. Credit Suisse helped raise $1.3 billion in private convertible preferred bonds. The fundraising period started four days after Facebook’s ill-fated IPO; despite a sharp drop in Facebook’s stock, Alibaba’s financing terms didn’t change.

Yahoo! plans to give shareholders $3.65 billion, or 85 percent of its aftertax profits, and keep the rest. New CEO Marissa Mayer hasn’t announced what the company will do with that money. Mark Stoeckle, CIO of  U.S. equity and global sector funds at BNP Paribas Investment Partners in Boston, has a suggestion: Focus on mobile. “The first goal [for Yahoo!] has to be to keep existing users as their traffic switches from desktop to mobile,” he says.