Bye Bye 'First Boston'

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Bye Bye 'First Boston'

 
13.01.06 15:46
Credit Suisse, Failing to Match First Boston Legacy, Dumps Name

Jan. 13 (Bloomberg) -- When Credit Suisse Group, Switzerland's second-biggest bank, drops the 74-year-old name First Boston from its investment banking unit on Jan. 16, it will be a tough transition for some of the firm's New York employees.

``First Boston'' is how half a dozen traders and salespeople at the investment bank's New York offices answered their phones when called in the week before Christmas. Credit Suisse wasn't even mentioned.

Dumping the First Boston brand is the most public sign of Credit Suisse's plan to reverse the investment bank's slide in rankings and improve profitability, which lags behind that of Morgan Stanley, Goldman Sachs Group Inc. and Lehman Brothers Holdings Inc. By removing barriers between the unit and the rest of the bank, Zurich-based Credit Suisse plans to add 1 billion Swiss francs ($778 million) to earnings starting in 2008.

``The First Boston brand has a lot of history and it's a great name,'' says Brady Dougan, 46, chief executive officer of Credit Suisse First Boston, the investment banking division. ``Going to one name is going to help us to run a very integrated business.''

The move is proof the First Boston name has been tarnished by poor performance, says Samuel Hayes, a professor emeritus of investment banking at Harvard Business School.

``The fact that they feel able to drop it means it has lost its luster,'' Hayes says. ``It's much diminished in stature, in how clients would see the firm as a potential vendor.''

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