The investment banking unit of Credit Suisse has now confirmed that it intends to adopt the reforms Merrill agreed to in its recent settlement. Analysts will now be compensated based on how their work helps investors, rather than their ability to generate fee income for their investment banking collegues.
Chief Executive John Mack also confirmed in an internal memo to staff that a committee will be established to ensure the objectivitity of stock research recommendations.
CSFB To Follow Merrill
CSFB is the latest bank to separate stock research from investment banking following the recent Merrill Lynch settlement with New York state attorney general Eliot Spitzer.
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