The Wall Street Journal reports that CSFB is giving serious consideration to selling what the newspaper calls its 'crown jewels' - Pershing, the firm's trade processing business.
The business could fetch as much as $2bn and would-be buyers are thought to be lining up. Bank of New York, Fidelity Investments and Bear Stearns are all tipped to be likely bidders in the event that CSFB decides to cash in and sell. Pershing is America's second largest clearing business and settles around 10% of all New York Stock Exchange trades.
CSFB is thought to be mulling the sale as the firm is believed to wish to rebuild its capital base after a bad year and this can be acheived by divesting itself of a non-core activity. The firm sold a similar unit, DJLdirect, an online trading business, to Bank of Montreal for $520m late last year.