Hi. I'm Aaron Weinman. Credit Suisse wants to reduce costs at its investment bank. Competing investment bankers smell blood in the water as they circle their Swiss peer's business.

Before we dig into that, the Federal Reserve raised its benchmark interest rate by three-quarters of a percentage point. I stopped by CBS to talk about how that impacts your wallet.

Now, back to Credit Suisse.

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1. Credit Suisse's lackluster investment-banking numbers, and decision to slash costs within the division, has rivals "dancing on their grave." This is how one capital-markets banker described the mood among his colleagues, who were buoyed by the idea of nabbing business from the beleaguered Swiss bank.

It's a common playbook in the investment-banking world. Rivals — all clamoring for pitch meetings with corporate America — are quick to point out competitors' flaws. In Credit Suisse's case, they'll also remind companies of the bank's exposure to risk-management scandals involving Archegos Capital Management and the bankrupt supply-chain financier Greensill Capital.

"A great wealth-management business with investment banking as a hobby on the side. That's great for us. I think we'll take share from them," the capital-markets banker said.

And that share is significant. Credit Suisse finished in the top seven of investment banks across the US bond and loan markets over the last three years, while it made the top 10 in US equity capital markets, thanks to a strong SPAC business in recent years, according to Dealogic data.

The investment bank, however, recorded a loss of about $1.2 billion for the quarter, down 43% on the same period last year.

Like UBS, Credit Suisse has focused on growing its wealth and asset-management businesses. The bank also announced that outgoing Chief Executive Thomas Gottstein will be replaced by Ulrich Körner, who currently leads its asset-management arm.

Körner — dubbed "Uli the Knife" in this article by the Financial Times — helped reshape UBS after the 2008 financial crisis. Now, he will look to reshape a brand in need of a makeover and a business plagued by weaker numbers.

"The bank needs a seismic wake-up call," said one Credit Suisse banker, who, when asked how he felt about Wednesday's results, just texted me back with crying emojis.

In other news:

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8. These valuation metrics helped predict the $10 billion Zendesk buyout. Using that same data, here are the next top tech targets for cashed-up private-equity firms.

9. Air-taxi startup Volocopter just raised $170 million in Series E funding. The company wants to use the funds to enter international markets. Here's the pitch deck.

10. Employees are defying orders to return to their offices. And they're getting away with it.

Done deals:

• First Eagle Alternative Credit closed its fifth direct-lending fund with more than $1 billion in available capital. The fund provides loans to private equity-owned companies with earnings before interest, taxes, depreciation, and amortization between $5 million and $50 million.
• Carlyle's global credit platform has arranged and led a financing for Spotless Brands, the car wash operator owned by private-investment firm Access Holdings. The amount or the terms of the financing were not disclosed.

Curated by Aaron Weinman in New York. Tips? Email aweinman@insider.com or tweet @aaronw11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.