CSFB drops retail business

By Phil Boeyen, ShareChat Business News Editor

Friday 30th November 2001

Around 50 jobs are to go at investment house Credit Suisse First Boston as a result of restructuring.

The company has announced it is shutting down the retail side of its business in Auckland and Wellington to focus on core services, including investment banking and wholesale broking and research.

"CSFB's decision regarding its retail business in New Zealand which comprises investment advice and related services to private clients, will result in up to two dozen private client advisor positions being lost," the company says.

"A similar number of support positions will be impacted, together with a small number of investment banking, broking, research, project management and associated support staff."

The retail business is set to close at the end of February next year but the firm says it will work in the interim to help its retail team evaluate establishing an independent private client business.

New Zealand CEO Bill Trotter says the retail team has helped take the firm to the top in New Zealand and "we look forward to working with many of them as they continue to provide a world-class level of service to their clients."

CFSB says it will consolidate its investment banking business in Auckland but will retain an office in Wellington for clients there.

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