More Pain At CSFB

Adebayo Ogunlesi, the new head of investment banking at CSFB, told a group of senior bankers that their numbers are still too high.

Ogunlesi is believed to have confirmed that further cuts in his division will be 'swift and severe.'

With M & A activity now at a 10 year low, many investment banks are currently reviewing staff numbers in departments that undertake advisory work in this area.

As a whole, CSFB is believed to have reduced headcount by around 2,500 in 2001 and John Mack, the Chief Executive, is thought to be attempting to acheive a further $1bn in cost savings this year.