Credit Suisse to Drop First Boston From Name
Credit Suisse Group will drop the 73-year-old First Boston moniker from its investment banking division, adding to a list of names that have disappeared from Wall Street.
Credit Suisse has used the First Boston name since 1988, when it bought a controlling interest in the investment firm.
The change will occur in January, when the Swiss financial services company adopts one logo to represent its investment banking, private banking and asset management divisions to “communicate with one face to the market,†Zurich-based Credit Suisse said in a statement Wednesday.
First Boston joins Salomon Bros., Dillon Read and Donaldson Lufkin & Jenrette among Wall Street names that were discarded in the last decade. Credit Suisse is dropping the First Boston brand as it tries to revive profitability that has been held back by the investment bank. The unit’s earnings are down 31% from a peak in 2000.
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