Several banks are benefiting from the slew of former DLJ bankers who have decided that their new owners, CSFB, are not for them. Lehman and Salomon Smith Barney have done particularly well in the US, and UBS Warburg and Deutsche Bank are not far behind. But in Europe another name has joined the list, and it may be a surprise to some: Bank of America.
The exodus from DLJ is gathering pace not just in New York but in London too where BofA is dropping in a team of DLJ analysts to help kick start its fledgling European equities operation.
By bringing in 29 new staff, mostly from DLJ, BofA is looking to make a splash in the European market.
Originally Stephan Kendall, BofA's head of European equities in London, was aiming to have his team in place towards the end of 2001 but the sudden recruiting- opportunities allowed him to speed up his plans. "What has happened at DLJ has given us the chance to pick up analysts and we have accelerated by six months," he says.
The new arrivals include Chris Williams, who was DLJ's lead bank analyst, together with his full team.