And just to prove that it's not all bad for staff at CSFB, firm boss Brady Dougan is quoted in The Wall Street Journal, saying that he is working on a new incentive scheme for management which will give them a greater stake in the business. He also acknowledged that there is 'no doubt that we will have to pay competitvely this year' to encourage employees to remain 'part of a winning team'.
Dougan said that CSFB's decision to focus in future on its top 50 investment banking clients should enable the firm to increase its revenue base by up to 25%.
CSFB announced last week that it will focus on activities like M&A and IPOs and that it intends to create a unified global prop trading group and build a commodities business. The firm confirmed that 300 jobs would go as a result of its restructure and Dougan has said that staff will not have to wait long to learn of their fate. Those who are likely to lose out will know in a matter of weeks.
According to the newspaper, Dougan said that the impending layoffs 'will focus on analysts and other professionals in the equities area as well as some investment bankers, and sales people and traders in several regions'.