Bloomberg reports that CSFB has fired chief market strategist Tom Galvin and dozens of equity analysts as it follows through with plans to cut a further 7% of its workforce.
1,750 staff are thought likely to lose their jobs in this latest cull, which will take the job losses to 4,800 since John Mack became firm chief executive officer in July 2001.
Tom Gavin was known as one of the most bullish analysts on Wall Street. Only last week he was predicting that the Standard & Poor's 500 Index would rise by 28% from then until the end of the year. It will be interesting to see if he saw the axe coming and resurfaces at a rival firm in the short-term.