Climbing Steadily From Behind
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Climbing Steadily From Behind

Bad vibes in Bishopsgate

The war of Wong's web

Stiglitz for the IMF

As one door closes...

Explosive theories

Just what is going on at CSFB in New York? Is it at last on the rise out of what appeared to be its place as a perpetual second-tier player? Forget about the departure of high-profile mortgage-bond whiz Andy Stone - that has been on the cards since last year when the fallout from the Russian debacle caused the bank, and most of its competitors, to reduce its risk profile.

But steadily over the course of the past 18 months the Swiss-American investment bank has been increasing its equity capital markets and investment banking coverage. Several times a week, it seems, it is initiating coverage on stocks, and every month or so it announces yet another successful poaching session.

Deutsche Bank in particular has fallen prey, starting with the wholesale defection of the technology investment banking group led by Frank Quattrone which has brought a series of high-profile mandates including lead managing the largest internet IPO so far this year, raising over $1 billion for the 12.5% of on-line trading firm TD Waterhouse, which came to market in June.

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