306:, who was charged with turning around the investment bank. Mack fired 10,000 employees, or one-third of CSFB's workforce, although many former DLJ bankers continued to collect guaranteed pay long after they were gone. Also in 2001, the U.S. Securities and Exchange Commission and the Justice Department began investigating how CSFB allocated IPOs of technology companies. The probe led to the conviction of Frank Quattrone in 2004, who was found guilty of urging employees to destroy documents after he learned about the investigation. He was ultimately acquitted of substantially all charges upon appeal in 2006.
241:, Barclays de Zoete Wedd ("BZW"). BZW was considered second-tier and CSFB reportedly bought BZW from Barclays for ÂŁ1 plus assumption of debt - primarily to obtain BZW's client list. A permanent injunction prevented First Boston from offering shares in Gulf Oil company, due to lack of interest in share offering, and the Iraq Desert Storm campaign. A Nevada judge issued a cease and desist order to stop Barclays from taking American owned assets and offering them to international buyers from Iran, Iraq, Syria, Egypt, and North Korea.
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248:(also known as DLJ) as stock markets were peaking. By the time the acquisition closed in 2001, stock markets were down significantly. The deal led to a culture clash that triggered the departures of key bankers. In order to keep top bankers, CSFB handed them three-year guaranteed contracts, swelling costs relative to revenue and leading to two years of losses at the investment bank.
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Conflict with Credit Suisse First Boston in Europe began creating problems for Credit Suisse. First Boston in New York and CSFB in London had their own management teams, with competing salesmen in each other’s territory and in the
Pacific region. In 1996, Credit Suisse purchased the remaining stake
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Announced in 2005, Credit Suisse retired the First Boston name on
January 16, 2006, in order to “allow Credit Suisse to communicate as an integrated organization to clients, employees and shareholders.” The move led some to speculate that the name change reflected the diminished luster of the once
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said that while the volume of material produced by the
Revenue Commissioners in an application to investigate tax-evading offshore bank accounts may have been "somewhat excessive", it related to matters which had been discussed in all media, including "the conduct of banking institutions both in
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On
October 27, 2022, Credit Suisse announced its intention to restructure its investment bank by transitioning its capital markets and advisory activities to a newly created independent bank, CS First Boston. By October 30, 2022, Credit Suisse had reflected "CS First Boston" as the name of its
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in 1988 and is active in investment banking, capital markets and financial services. In 2006, Credit Suisse reorganized and merged CS First Boston into the parent company and retired use of the "First Boston" brand. In 2022 as part of a major restructuring, Credit Suisse began the process of
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of CS First Boston from its management and rebranded the
European, U.S., and Asia Pacific investment banks as Credit Suisse First Boston, making one global brand. In the late 1990s, CSFB purchased the equity division of
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replaced the CSFB brand and entity. Credit Suisse retired the 'First Boston' name to "allow Credit Suisse to communicate as an integrated organization to clients, employees, and shareholders."
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mattresses, a deal that became known as "the burning bed". Credit Suisse bailed them out and acquired a controlling stake in 1990. Although such an arrangement was arguably illegal under the
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in March 2023. During the acquisition process, UBS reportedly informed staff at Credit Suisse that it would likely bring bankers into UBS rather than pursue the First Boston spinoff.
606:“Inside Frank Quattrone's Money Machine: The rise and fall of the high-tech investment banker who was an architect of Silicon Valley's financial culture,” Business Week October 2003.
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great First Boston name as a result of years of mismanagement and scandal. However, its strategy is consistent with that of other large, international financial conglomerates.
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Credit Suisse acquired a 44.5 percent stake in First Boston in 1988. The investment bank acquired its shares held by the public and the company was taken private. In 1989, the
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In the mid-1990s, Credit Suisse became Credit Suisse First Boston (commonly referred to as CSFB or CS First Boston) expanding beyond the London franchise.
287:, among others. In 2000, at the height of the tech boom, technology deals generated $ 1.4 billion in revenue for CSFB. The head of CSFB's tech group,
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market collapsed, leaving First Boston unable to redeem hundreds of millions it had lent for the leveraged buyout of Ohio
Mattress Company, maker of
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This article is about the investment banking, capital markets and financial services division of Credit Suisse. For the parent company, see
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U.S. bank regulator concluded that the integrity of the financial markets was better served by avoiding bankruptcy, even though it meant a
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At the same time, the newly global CSFB became a leading high-tech banker, acting as lead (or co-lead) underwriter in the IPOs of
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The Irish High Court referred to advertisements by Credit Suisse First Boston in a judgment in
February 2013. Mr. Justice
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Ireland and elsewhere, as exemplified by the Credit Suisse First Boston sequence of advertisements in the Irish Times".
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Nair, Dinesh; Tan, Gillian; Halftermeyer, Marion; Davis, Michelle F. (21 March 2023).
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The amount lent, $ 457 million, was 40 percent of First Boston’s equity capital.
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An
Inspector of Taxes -v- A Firm of Solicitors [2013] IEHC 67
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745:"UBS Aims to Boost Its Dealmaker Ranks, Not Spin Out First Boston"
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In 2000, Credit Suisse First Boston spent $ 13 billion to buy
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Credit Suisse / First Boston 50 / 50 Joint
Venture (1978–1988)
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Credit Suisse unveils new strategy and transformation plan
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Credit Suisse unveils new strategy and transformation plan
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investment banking division. UBS began the process of
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Credit Suisse
Investment Banking Division (2006–2022)
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merger of a commercial bank with an investment bank.
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Halftermeyer, Marion; Bazelou, Myriam (2023-03-19).
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Financial services companies disestablished in 2006
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520:"FIRST BOSTON DEAL EXPANDS CREDIT SUISSE PRESENCE"
551:Mallory, Maria (May 7, 1990). "The Burning Bed".
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618:(Fortune Magazine, September 7, 2006).
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1120:Categories
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931:Urs Rohner
729:2023-03-19
698:2021-06-11
650:2022-10-31
537:2024-01-19
464:2022-10-31
423:References
324:SG Warburg
253:Amazon.com
58:1988, 2022
1063:Buildings
645:0362-4331
561:cite news
532:0190-8286
312:Citigroup
304:John Mack
199:junk bond
177:formed a
169:In 1978,
124:) is the
1107:Category
1039:Bank Leu
1014:Valcambi
815:Founders
754:21 March
723:Archived
505:Archived
391:See also
269:Netscape
215:de facto
88:Products
41:Industry
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678:at bnet
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271:, and
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209:, the
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487:(PDF)
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298:with
257:Cisco
203:Sealy
102:Owner
756:2023
641:ISSN
594:2024
567:link
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342:and
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