Vital turnaround ahead
In this report we update our investment case on TCS following the latest results and outlook, and the announcement of the group's financial restructuring. We do not expect the group's turnaround plan to bear visible fruits before 2024. The restructuring is painful, as expected: existing shareholder
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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