Credit Suisse to Combine Bank Units, Drop First Boston Name

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00007884-credit-suisse-to-combine-bank-units-drop-/

Credit Suisse Group said Tuesday it will merge its Credit Suisse First Boston investment banking division into its private and corporate bank, cutting up to 300 jobs cuts and dropping a name that’s been on Wall Street for 72 years.

The bank, the second largest in Switzerland, also said it planned to spin off its insurance unit Winterthur onto the stock market rather than sell it to a rival.

“When the markets change, we must change as well,” said CEO Oswald Gruebel at the investor’s day in Zurich. The move to fully integrate CSFB into the private banking business could lead to the end of the CSFB name at some point, Gruebel confirmed.

CSFB as looks now began to emerge in the late 1970s when Credit Suisse combined with First Boston, a U.S. investment bank co-headed by legendary dealmaker Bruce Wasserstein.

For this complete story, please visit Credit Suisse to Combine Bank Units, Drop First Boston Name.

Credit Suisse to Combine Bank Units, Drop First Boston Name

Unknown Author

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