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Credit Suisse First Boston Corp

BUSINESS
December 12, 2001 | WALTER HAMILTON, TIMES STAFF WRITER
Credit Suisse First Boston and federal regulators are working to finalize a proposed $100-million settlement of a probe into the brokerage firm's handling of initial public stock offerings, sources said Tuesday. CSFB has tentatively agreed to the payment to resolve an 18-month investigation by the Securities and Exchange Commission and the National Assn. of Securities Dealers, a source close to the matter said.
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BUSINESS
November 30, 2001 | WALTER HAMILTON, TIMES STAFF WRITER
The U.S. attorney's office in Manhattan has decided not to bring criminal charges against Credit Suisse First Boston over the firm's handling of initial public stock offerings during the late-1990s IPO boom, the investment bank announced Thursday. The U.S. attorney's office had been investigating how CSFB allocated shares of IPOs to investors as part of a far-reaching government probe of the IPO practices of major Wall Street brokerages.
BUSINESS
November 29, 2001 | Bloomberg News
Brokerage giant Credit Suisse First Boston said Wednesday it will sell its online trading arm to Bank of Montreal, rather than try to make a go of it in the increasingly competitive business. The Canadian bank will pay $520 million for the online unit, CSFBdirect. The business will be merged into Bank of Montreal's online investing arm, Harris InvestorLine.
BUSINESS
October 4, 2001 | Reuters
Credit Suisse First Boston, a unit of Swiss bank Credit Suisse Group Inc., is cutting 20% of its global investment banking unit, or about 760 jobs, a company source said. CSFB, which hired Wall Street veteran John Mack in July to tighten controls at the firm, has about 3,800 employees worldwide in its investment banking operations, which include its private equity group, the source said. A CSFB spokeswoman declined to comment on the matter, which was first reported by financial TV station CNBC.
BUSINESS
August 22, 2001 | Bloomberg News
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.
BUSINESS
July 31, 2001 | Bloomberg News and Reuters
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.
BUSINESS
July 25, 2001 | Josh Friedman
Credit Suisse First Boston barred its stock and bond analysts Tuesday from buying the securities of companies they cover, following a similar move recently by Merrill Lynch & Co., as Wall Street firms scurry to quell rising doubts about their objectivity. CSFB, the investment banking arm of Switzerland-based Credit Suisse Group, said its analysts must sell any investments in companies they cover by Sept. 30.
BUSINESS
July 13, 2001 | WALTER HAMILTON, TIMES STAFF WRITER
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.
BUSINESS
July 12, 2001 | Bloomberg News
Credit Suisse First Boston agreed Wednesday to pay $110 million to buy back its online brokerage unit, raising the price 50% after disgruntled shareholders sued the investment bank over the lower offer. The securities unit of Credit Suisse Group said it will pay $6 a share for the 18.4 million publicly traded shares of CSFBdirect, up from a $4-a-share offer March 26. The stock sold for as much as $43 in 1999. On Wednesday the shares (DIR) soared $1.26 to $5.94 on the NYSE.
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