John Costas, Head of global fixed-income, UBS
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John Costas, Head of global fixed-income, UBS

What's the fastest way to the top of the international fixed-income ladder? Try a senior managerial stint at Credit Suisse First Boston in New York.

That formula worked well for Robert Diamond who is now head of global debt markets at BZW in London where a recent hiring and firing spree has made him the centre of attention in the Euromarkets. The other former CSFB bond superstar who looks set to arrive on the Euromarket centre-stage is John Costas, formerly head of North American fixed-income for UBS before being appointed head of global fixed-income for the bank in early February.

Wall Streeters were genuinely surprised when Costas defected to UBS in early 1996. After 15 years with CSFB he was beginning to look like a "lifer". He had never been with another firm. While Diamond was reputed to have had a bitter row with CSFB head Allen Wheat over bonus payments to his bond group, Costas' relationship with Wheat was friendly. Also, CSFB's profits, which had been modest for several years compared with its larger Wall Street competitors, were surging.

At CSFB Costas had, at the age of 40, already risen almost to the top. He was head of the firm's US fixed income business. He was one of the 10 members of CSFB's global operating committee.

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