CSFB is overhauling its M&A operations, creating a standalone group and appointing new management.
The firm has promoted Marc Granetz, former head of global media and telecom at CSFB, to head of global M&A over former co-heads Don Meltzer and George Boutros. Meltzer will continue as vice chairman of investment banking and will oversee a new large-cap coverage project. Boutros will continue to head CSFB's global tech group with Bill Brady. Steve Koch and Scott Lindsay will stay co-chairman of M&A.
Like other big Wall Street firms, in 2002 CSFB put its M&A bankers into industry groups but an expected increase in deals demands a dedicated M&A group.
The changes may also be prompted by CSFB's slide from number four in worldwide M&A in 2002 to number seven in 2003, according to Thomson Financial statistics, which equates to a 20% drop in deal volume.