Credit Suisse plans to rename First Boston

Credit Suisse has explored ways to resurrect its once golden investment banking business by bringing back a name it retired nearly two decades ago, according to Bloomberg.

The struggling Swiss bank is reportedly considering reviving the First Boston name as it faces paltry revenue 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 banking soon after. In 2005, the investment bank began calling itself Credit Suisse.

“We said we will provide an update on the progress of our comprehensive strategy review when we announce our third quarter results,” a Credit Suisse spokesperson told The Post. “It would be premature to comment on potential results before that.”

Credit Suisse also plans to spin off the investment bank entirely and give the investment bank’s top dealmakers a stake.

Credit Suisse is considering a possible name change.
Reuters

The bank’s shares have fallen from over $10 at the start of 2022 to just over $5 per share in September. In addition to regulatory issues, the bank is still grappling with losses of around $5.5 billion it suffered last year after one of its clients – family office Archegos Capital – collapsed. , leaving the Swiss bank to hold the bag.

In June, investment banking chief David Miller said 55 chief executives were joining the group. But earlier this month, a report said the bank was considering cutting 5,000 jobs.

Credit Suisse has also been accused of money laundering and ignoring Russian sanctions, according to a report