What a UBS takeover would mean for the CS First Boston deal isn't immediately clear, but it seems possible that Klein's vision of an agile "super boutique" that's simultaneously independent and yet also allied to the balance sheet of a major bank, might not work if that major bank is UBS instead of Credit Suisse.ĬS First Boston already has some funding of its own. After last week's $54bn credit line from the Swiss National Bank failed to stabilize Credit Suisse's share price and reports that banks like Deutsche Bank and SocGen were restricting dealings with Credit Suisse as a counterparty, UBS is reportedly in talks to acquire its Swiss rival. But neither are there any assurances that it will. There are no indications that CS First Boston's birth is not going ahead.
"The announcement didn't happen because of events on Wednesday." "The equities move was going to be announced last week," says one senior equities professional in London. Following Klein's recent town hall in New York, insiders say Credit Suisse equities professionals were also expected to be incorporated.
Along with the investment bankers, the Credit Suisse leveraged finance business would migrate across, as would much of credit trading. A marketing document circulating about the unit in February said it would provide M&A advice, deals financing and some essential trading. This weekend, the CS First Boston deal itself is raising some eyebrows.īilled as a "super boutique" with revenues that will one day be as high as $3.5bn, CS First Boston is intended to operate as an independent capital markets and advisory bank based out of New York. Last weekend, Credit Suisse investment bankers were hopeful that they'd be able to escape the mire engulfing the bank by moving across to work for Michael Klein at Credit Suisse First Boston. The lifeboat is still there, but the waters around it are looking increasingly tempestuous.
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