Credit Suisse CEO Expresses Optimism on Economy

Update: 4:21 a.m.

Credit Suisse CEO Brady W. Dougan struck a mostly optimistic tone about the state of the global economy at a discussion aimed at recruiting Harvard students at the Faculty Club Monday afternoon.

In his pitch for Credit Suisse, Dougan credited the bank’s ability to stay afloat during the economic crisis of 2008 to its client-oriented approach to finance.

Credit Suisse was one of 30 financial institutions from the top 100 banks that did not receive government aid after the crash, according to Dougan.

“Our business model has proved perfectly suited for this economy,” he said. “We were partly lucky, partly smart.”

In spite of the unpredictable economic climate, Dougan encouraged students to consider careers in finance, noting that the upheaval has opened up the possibility for more creative thinking in the field.

“The structure is changing, and it creates opportunities for people coming in at entry levels with fresh perspective,” Dougan said.

Still, Credit Suisse this summer announced it would cut up to 2,000 jobs. And some other financial firms that normally recruit extensively on campus have cut back or cancelled hiring programs this year.

Credit Suisse Campus Relations Manager Betsy Covitt, who organized the event in conjunction with the Veritas Financial Group, said that the bank was still enthusiastic about recruiting on Harvard’s campus.

“To give a whole day to recruiting efforts is a real commitment to Harvard as a university,” Covitt said, noting that the event was unique to Harvard.

Deborah Carroll, Director of On-Campus Interview and Employer Relations at the Office of Career Services, said that a large number of firms are still recruiting on campus, a fact she attributed to the University’s prestigious reputation.

“In this economy we are fortunate to be Harvard,” she said.

“We are fortunate that these high level executives want to talk to Harvard students.”

The President of Veritas Financial Group, Pim Valantagul ’13, echoed these sentiments.

“I would never get a chance like this outside of Harvard,” she said.

The program on Monday is expected to be the first of many between Credit Suisse and Harvard students this year.

The session marked the second time that Dougan has come to Harvard, following an event last October.