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Former Research Chief to Resign From CSFB

June 04, 2003|From Bloomberg News

Credit Suisse First Boston, which agreed to pay $200 million as one of 10 brokerages involved in the settlement of analyst conflict-of-interest charges, said its former head of research, Alfred Jackson, will resign from the firm "to pursue other interests."

The announcement of Jackson's departure, made Tuesday in an internal memo to staff at the New York-based brokerage, came two months after Jackson was removed as chairman of securities research.

CSFB spokesman Pen Pendleton declined to comment.

The memo was sent to all CSFB staff by Vice Chairman Gary Lynch and CSFB Co-Presidents Brady Dougan and Brian Finn, who said in the message that Jackson "has been instrumental in building the firm's top-ranked research franchise."

The Securities and Exchange Commission last week subpoenaed senior executives at Wall Street's biggest brokerages, seeking more information about the supervision of securities analysts in recent years.

Although the $1.4-billion settlement of the analyst-conflict case in April ended the risk of prosecution of the brokerages themselves, regulators have said that the deal did not preclude charges against individuals and that the investigation would continue.

Jackson was hired by Credit Suisse in 1980 as an analyst covering food companies and was named director of equity research in 1985 after four years of ranking as the leading food analyst by Institutional Investor magazine. He was global director of research from 1994 to April 2003, when the bank named Stefano Natella to direct stock research worldwide.

From Bloomberg News

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