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20 bankers flee CSFB
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December 4, 2000: 7:27 p.m. ET
Swiss bank loses 20 senior bankers to rival UBS, follow Moelis's departure
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NEW YORK (CNNfn) - About 20 senior bankers from Credit Suisse First Boston are joining rival UBS Warburg in the wake of CSFB's acquisition of Donaldson, Lufkin and Jenrette, sources close to the situation told CNNfn.com.
The 20 hires are mostly managing or executive directors and all are from Donaldson, Lufkin & Jenrette's West Coast offices, a source close to UBS said.
The 20 defections follow the high profile departure of Kenneth Moelis to UBS Warburg, the business unit of Swiss bank UBS AG (UBS: Research, Estimates), where he will serve as managing director and co-head of investment banking. Moelis is the former co-head of U.S. investment banking at Credit Suisse. Moelis will be based in Los Angeles and will start at UBS in the Spring.
It was widely expected that Moelis's team would join him at UBS. However, the nearly 20 bankers come from a variety of groups, including mergers & acquisitions, leveraged finance and technology, a source close to UBS said.
Both UBS and Credit Suisse declined to comment.
The CSFB/DLJ aftermath continues
In August, Credit Suisse First Boston announced it would buy DLJ, creating a transatlantic banking titan. The transaction vaulted CSFB into fourth place among financial advisors of completed global M&A deals, according to Thomson Financial Securities Data. CSFB is now behind Goldman Sachs, Morgan Stanley Dean Witter and Merrill Lynch in the global M&A race.
The current departures are the continuing aftermath of the CSFB/DLJ merger. CSFB also lost two other star executives in November, Herald Ritch and Louis Friedman, to rivals.
Herald Ritch, co-head of CSFB's mergers and acquisitions group, is now managing director and global co-head of M&A at Salomon Smith Barney. Louis Friedman, head of DLJ's media and communications mergers and acquisitions, has joined the mergers and acquisitions group at Bear, Stearns & Co.
The hires are significantly lower than the 70 employees reported to have joined UBS by Zurich newspaper Neve Zureher Zeitung on Monday.
Moelis, who will start in the Spring, did not recruit any of the hires, a source said. 
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