August 22, 2001 |
Credit Suisse First Boston, facing a federal probe into its handling of initial public offerings, said it hired Gary Lynch, the Securities and Exchange Commission's former top enforcement official, as general counsel. A partner at New York-based Davis Polk & Wardwell for 12 years, Lynch, 51, will take the post Oct. 1, becoming the second attorney named to a senior job since John Mack took over CSFB last month. Mack hired mergers lawyer Stephen R.
July 31, 2001 |
Wall Street strategists at brokerage giants J.P. Morgan Securities Inc. and Credit Suisse First Boston Corp. now agree that profits of the Standard & Poor's 500 companies will fare worse this year than previously thought. But they disagree as to whether that means investors should pile into stocks. J.P. Morgan's Douglas Cliggott, the most bearish major strategist on Wall Street, predicted Monday that S&P 500 earnings will fall 22% this year, and the index will sink to 1,100 by year's end.
July 13, 2001 |
Stung by a deepening government investigation into its U.S. operations, Credit Suisse Group ousted the head of its investment banking unit Thursday and replaced him with a well-respected Wall Street veteran. The No. 2 Swiss bank removed Allen Wheat as chief executive of its Credit Suisse First Boston brokerage operation and named John Mack, the former president of Morgan Stanley, in his place.
June 29, 2001 |
Credit Suisse First Boston on Thursday said it fired three San Francisco brokers who had been put on leave in April amid a federal probe of Wall Street firms' initial public offering sales practices. The three are apparently the first individuals to lose their jobs as a result of the widening government investigation. The brokers are John Schmidt, who was head of CSFB's private-client services in San Francisco; and two others in that group, Michael Grunwald and Richard S. Bushley.
June 19, 2001 |
Brokerage Credit Suisse First Boston continues to do brisk business as an underwriter and merger advisor so far this year, despite being hit by allegations that it may have violated securities rules in the 1999 and 2000 heyday of new stock offerings. Data show that CSFB has maintained last year's third-place ranking as a stock underwriter in terms of the dollar value of deals it has managed, though it has slipped slightly in bond underwriting and in merger advisory.
May 4, 2001 |
Frank Quattrone, Credit Suisse First Boston's head of technology banking, sent an e-mail to clients defending his business and describing critical news accounts of his practices as "inaccurate." Quattrone was responding to articles about a Securities and Exchange Commission probe into how CSFB distributed shares of initial public offerings arranged by his unit. Other firms also are being investigated.
May 3, 2001 |
Brokerage Credit Suisse First Boston and several of its high-ranking employees have been told that they may be charged with violating securities rules, amid a widening government-led probe of how Wall Street firms allocated shares of coveted initial public stock offerings. The National Assn. of Securities Dealers regulation unit has served so-called Wells notices to CSFB and several employees, according to records posted on the NASD's Web site.
April 26, 2001 |
Amid a deepening federal probe of how major Wall Street firms allocated shares in hot initial public offerings in recent years, securities regulators appear to be drawing a bead on investment banking giant Credit Suisse First Boston. And within that firm's California operations, one figure looms larger than others: technology banking star Frank Quattrone.
April 21, 2001 |
Two senior officers in Credit Suisse First Boston's Silicon Valley office have been placed on administrative leave, sources said, deepening concerns on Wall Street over a federal probe into sales practices involving initial public offerings. The two men, John Schmidt and Michael Grunwald, were brokers who worked with tech executives and other clients of Frank Quattrone, the powerful CSFB lead investment banker for technology.
February 7, 2001 |
Wachovia Corp., the fourth-largest bank in the Southeastern U.S., hired Credit Suisse First Boston to determine whether it should sell its $8-billion consumer credit card business. Wachovia, which said it is the 12th-largest bank card issuer, also is considering forming a joint venture or keeping the business. The bank has about 2.8 million active consumer card accounts. Its commercial card accounts, with less than $100 million in receivables, aren't part of the review.