Credit Suisse has been exploring ways to resuscitate its once sterling investment banking business by bringing back a name it retired nearly two decades ago, according to a Bloomberg.
The troubled Swiss bank is reportedly considering reviving the First Boston name as it faces paltry revenues and job cuts.
Credit Suisse bought a stake in First Boston in 1978 and began using the name Credit Suisse First Boston for the firm’s investment bank shortly thereafter. In 2005, the investment bank just began referring to itself as Credit Suisse.
“We have said we will update on progress on our comprehensive strategy review when we announce our third-quarter earnings,” a spokesperson for Credit Suisse told The Post. “It would be premature to comment on any potential outcomes before then.”
Credit Suisse is also considering spinning off the investment bank entirely and giving top dealmakers at the investment bank an ownership stake.
The bank’s shares have plummeted from more than $10 at the beginning of 2022 to just over $5 per share in September. In addition to regulatory issues, the bank is still grappling with roughly $5.5 billion in losses it sustained last year after one of its clients — family office Archegos Capital — collapsed, leaving the Swiss bank holding the bag.
In June, investment bank chief David Miller said 55 managing directors were coming aboard. But earlier this month, a report said the bank was considering cutting 5,000 jobs.
Credit Suisse has also faced accusations of money laundering and ignoring Russian sanctions, according to a report
[Written in collaboration with other media outlets with information from the following sources]
