How CSFB's chief executive aims to stick to the plan
Antony Currie talks to Brady Dougan about the nitty-gritty of the investment bank's change of direction.
Under John Mack's leadership you had already initiated other strategic reviews, the most recent at the start of this year resulting in Plan '06. Why was there a need for another review?
Great companies are always reassessing their businesses, so partly it's just a matter of discipline and something we need to do every year. But this was also the most thorough process that I've experienced. We looked at all ideas with a very analytical process.
So are you abandoning Plan '06?
We're building on Plan '06. There's a lot of refocusing of resources under this plan. We got down to that level of specificity.
But the main objectives are just the same as Plan '06.
Well, we have gone much further than in Plan '06. In cash equities, for example, we have separated the business into three blocks: high-touch customers, customers who are looking for execution only, and all those customers in between. By concentrating more on the differing needs of these three groups we can improve profitability.