CSFB closes retail arm

One of the biggest retail brokers in the country, CS First Boston, has decided to close its retail operations and focus on what it calls its "core business".

Core services are described in a statement, as being investment banking, equity and fixed income origination and distribution, wholesale broking and research.

The company is a major player in the retail sharebroking market and is also active with UK-based listed investment trusts.

It says it will "discontinue its service to the retail sector by the end of February 2002."

"This realignment is part of a worldwide industry direction to focus on core investment banking activities and to divest ancillary activities."

The company says up to 24 private client advisers will lose their jobs.

A similar number of support positions will be lost, along with a "small number of investment banking, broking, research project management and associated support staff."

While CSFB hasn't put a number on it the likely total of jobs lost appears to be more than 50.

While CSFB is sacking its retail team, it says it will "work in the interim" to help them evaluate "the establishment of an independent private client business staffed by members of that team."

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