Could Private Banking Edge Out Brokerage at CSFB?
On Wall Street, September, 2004 by Tony Chapelle
No more First Boston? Brokers and executives within and outside Credit Suisse First Boston say rumors continue to circulate that the firm's U.S. private client services group will be incorporated into the private banking operation.
A veteran rep within the company said the rumor has been swirling on the Street for months. A former high-level CSFB executive said, "The private bank takes over private client services, probably in the fall. The deal is set for the private bank to expand big time in the U.S. and take over PCS."
If that happens, the former executive said CSFB brokers would become salaried and receive performance-based bonuses. He speculated that half of CSFB's brokers would be let go and branch managers would be asked to leave because their "strong...
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