Credit Suisse is dropping plans to relaunch First Boston By EFE

Geneva, April 24 (.). – Credit Suisse (SIX:) today confirmed abandoning some of its plans to relaunch First Boston, its US investment bank, due to the acquisition of the Swiss entity by rival UBS (SIX:), announced on March 19 at the request of the Swiss government.

Taking into account this merger, which is scheduled to be completed in the coming months, Credit Suisse has canceled the purchase plans of the Klein Group, also devoted to investment banking services, by mutual agreement between the two companies, as confirmed by the first in its report. The quarterly earnings statement was released today.

The purchase, expected for $175 million, was initially intended to spin off First Boston’s advisory activities, which would be entrusted to Michael Klein, former Credit Suisse board member.

On the same day as the announcement of the acquisition of Credit Suisse, UBS announced that it was going to reduce the amount of investment banking business of Credit Suisse, which had caused him the most problems in recent years and in which he had been involved. Numerous scandals tarnished his reputation.