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Merger no credit to CSFB; Ousted CEO a sign of troubled deal; performance falls as DLJ bankers flee.(Credit Suisse First Boston; Allen Wheat;)(Donaldson Lufkin & Jenrette Inc.)(Brief Article)
Crain's New York Business, July, 2001 by Gandel, Stephen
Last September, Allen Wheat, chief executive of Credit Suisse First Boston, flew cross-country to meet 120 investment bankers in the highly profitable Los Angeles office of former rival Donaldson Lufkin & Jenrette Inc. The recent merger of the two firms, Mr. Wheat told the assembled bankers, would enable CSFB to climb into the upper ranks of investment banking.
Less than a year later, more than a quarter of the bankers Mr. Wheat went to court, including DLJ star Kenneth Moelis, are gone. So is Mr. Wheat. The $12.4 billion acquisition of DLJ was supposed to make CSFB into a contender. Instead, an exodus of DLJ bankers has hobbled the investment bank and kept it a runner-up in the ego-driven world of Wall Street. The most visible sign of the problems...
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