The superbanker set

20 May 2003

This is an interesting experiment to drive efficiency in a harsh environment. But it relies heavily on the superbanker knowing his onions. The investment bank wants its financial services bankers to cover debt, equities, derivatives and corporate finance.

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Credit Suisse First Boston is broadening the remit of bankers who cover financial institutions in Europe. The investment bank is creating a new team whose leaders will have free rein to pitch equities, debt and derivatives, as well as corporatefinance advice.

The FIG Financing and Liability Management Group will comprise about 20 bankers, according to a person familiar with the situation. They will include equity and debt capital markets specialists, derivatives experts and mergers advisors.

The new team will be set up as joint venture between existing divisions in the bank. But it will have a virtual profitandloss account, and bankers will be incentivized on the basis of that.

Team leaders would be responsible for covering all the financing and risk management requirements of each financial institution client, CSFB said in an internal memo. It hoped the team would optimize the efficiency of our coverage model, develop wellrounded financiers [and] maximize cross selling.

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