Allen Wheat must sometimes wish he had never done his big merger. CSFB’s chief executive officer was the driving force behind last year’s acquisition of Donaldson, Lufkin&Jenrette, widely adjudged one of the least logical deals of the year.
Few can find a rationale for CSFB spending $13 billion on DLJ, a firm that would have sat much better with a less well established player. CSFB culled large numbers of staff in debt and equities, and has since watched several of the senior DLJ investment bankers it really wanted to keep decide to resign.
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