Difference between revisions of "Credit Suisse First Boston"

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{{Infobox_Company  
| company_name = CS First Boston
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| company_name = Credit Suisse First Boston (CSFB)
| company_logo =  <!-- use the syntax: [[Image:imgname.jpg]] for this, or leave it blank -->
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| company_logo =  [[Image:Credit-Suisselogo.jpg{{!}}125px]]
| key_people =    <!-- CEO, President, etc, don't need to list everybody -->
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| key_people =    Credit Suisse Group CEO Brady W. Dougan was CSFB's last CEO
| foundation =    <!-- Year founded -->
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| foundation =    1988 - rebranded 2006
| location =       <!-- Headquarters city, state, country -->
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| homepage=[http://www.csfb.com www.csfb.com]
| employees =      <!-- Approx number of employees -->
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Credit Suisse First Boston (CSFB) was a high-flying tech-boom [[brokerage]] and financer in the late 1990s that was brought low some years later by a federal investigation into its [[initial public offering]] (IPO) practices. The CSFB business was eventually folded into [[Credit Suisse Investment Banking]] (CSIB) and its brand retired in 2006.
 
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== History ==
 
== History ==
{{Infobox Midpage Need Sponsor}}
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CSFB had its roots in a co-operation agreement between Zurich-based [[retail]] [[bank]] [[Credit Suisse]] and Boston-based [[securities]] [[broker]] [[First Boston Corporation]] forged in 1978.<ref>{{cite web|url=http://www.workazoo.com/Employers/ViewWiki.aspx?cid=30|name=Credit Suisse Group|org=Workazoo.com|date=April 24, 2008}}</ref> CS gained a controlling stake in FB a decade later and renamed the new brokerage Credit Suisse FB. CSFB prospered during the 1990s Internet boom and in mid-2000 paid a staggering $11.5 billion for rival brokerage [[Donaldson Lufkin & Jenrette]] (DLJ), pricing DLJ [[share]]s at three times [[book value]].<ref>{{cite web|url=http://www.thedeal.com/dealscape/2006/08/this_date_in_deal_history_csfb.php|name=This date in deal history: CSFB buys DLJ|org=TheDeal.com|date=April 24, 2008}}</ref>
  
== Products and Services ==
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CSFB's problems began soon after, in early 2001, when lead technology [[banker]] [[Frank Quattrone]] became the subject of a federal investigation into the way CSFB allocated IPO shares.<ref>{{cite web|url=http://www.lawyershop.com/news/practice-areas/criminal-law/white-collar-crimes/securities-fraud/lawsuits/credit-suisse/|name=Credit Suisse First Boston Company Profile|org=LawyerShop.com|date=April 24, 2008}}</ref> In January 2002 CSFB settled with the [[U.S. Securities and Exchange Commission]] (SEC) for $100 million over complaints brought by the SEC stemming from the probe,<ref>{{cite web|url=http://www.sec.gov/litigation/litreleases/lr17327.htm|name=SEC sues CSFB for IPO violations; CSFB will pay $100 million|org=Securities & Exchange Commission|date=April 24, 2008}}</ref> and ended further SEC probes in 2003 at a [[cost]] of another $200 million.
 
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== Key People ==
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== References ==
 
== References ==
 
<references />
 
<references />
  
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Latest revision as of 03:23, 28 July 2016

Credit Suisse First Boston (CSFB)
Credit-Suisselogo.jpg
Founded 1988 - rebranded 2006
Key People Credit Suisse Group CEO Brady W. Dougan was CSFB's last CEO
Website www.csfb.com

Credit Suisse First Boston (CSFB) was a high-flying tech-boom brokerage and financer in the late 1990s that was brought low some years later by a federal investigation into its initial public offering (IPO) practices. The CSFB business was eventually folded into Credit Suisse Investment Banking (CSIB) and its brand retired in 2006.

History

CSFB had its roots in a co-operation agreement between Zurich-based retail bank Credit Suisse and Boston-based securities broker First Boston Corporation forged in 1978.[1] CS gained a controlling stake in FB a decade later and renamed the new brokerage Credit Suisse FB. CSFB prospered during the 1990s Internet boom and in mid-2000 paid a staggering $11.5 billion for rival brokerage Donaldson Lufkin & Jenrette (DLJ), pricing DLJ shares at three times book value.[2]

CSFB's problems began soon after, in early 2001, when lead technology banker Frank Quattrone became the subject of a federal investigation into the way CSFB allocated IPO shares.[3] In January 2002 CSFB settled with the U.S. Securities and Exchange Commission (SEC) for $100 million over complaints brought by the SEC stemming from the probe,[4] and ended further SEC probes in 2003 at a cost of another $200 million.

References

  1. Credit Suisse Group. Workazoo.com.
  2. This date in deal history: CSFB buys DLJ. TheDeal.com.
  3. Credit Suisse First Boston Company Profile. LawyerShop.com.
  4. SEC sues CSFB for IPO violations; CSFB will pay $100 million. Securities & Exchange Commission.