CSFB Cuts 15% In Investment Banking

Up to 50 managing directors are believed to have been let go, which represents around 15-20% of managing directors in the group.

The firm is thought to have the highest staff costs on Wall Street and John Mack, the Chief Executive Officer, was hired last year from Morgan Stanley with a view to restructure the business and cut costs by up to $1bn. His masters must be pleased with his performance thusfar as he is thought to be well on his way to acheiving his goal.