Naughty 40 greet their new bosses
CSFB CEO John Mack's resurrection of the dormant role of head of fixed income has triggered a few high-profile departures from the division. But the bank is confident this is just a short-term issue, and its top executives have taken advantage of these departures to start pushing through changes to the organization that they hope will increase its deal flow. ? Antony Currie reports
JOHN WALSH HAD been making known his feelings about the recent reorganization above him at CSFB for some weeks before Jerry Wood finally went in to talk to him on the first Friday in April. It was never going to be a cosy chat. Walsh, the bank's head of global debt capital markets, was not happy, and what vexed him most was the appointment two months before of the man now standing before him. Wood, who had been hired by CSFB CEO John Mack from his old stomping ground at Morgan Stanley, is now co-head of CSFB's fixed-income division, and thus Walsh's boss.
But seniority counted for nothing here.