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UBS Aims to Boost Its Dealmaker Ranks, Not Spin Out First Boston

  • Executives are said to have little interest in carveout plan
  • Still, some Credit Suisse bankers hold out hope for a deal
Bloomberg business news
UBS Prefers to Take Credit Suisse Dealmakers to First Boston Plan

UBS Group AG wants to cherry pick top dealmakers from Credit Suisse Group AG’s investment bank instead of supporting Michael Klein’s plan to build a new independent firm, according to people familiar with the discussions.

UBS executives have told their Credit Suisse counterparts that they prefer selectively bolstering their own investment bank while dumping the riskier operations, the people said, asking for anonymity because the review has just begun and no final decisions have been made. In initial talks, the acquiring bank indicated little interest in continuing the planned effort for a CS First Boston carveout that would create a new competitor, the people said.