(FORTUNE Magazine) – More Shuffles at CSFB

Since its power peaked in the mid-'90s, Credit Suisse First Boston, the investment-banking arm of Credit Suisse Group in Zurich, has been struggling to redefine itself in a world where tech IPOs are few and far between. But in early December, CSFB chief Brady Dougan, who began an exhaustive review of the investment-banking operations when he took the job back in June, will reveal his strategic plans on how to revive CSFB's fortunes. Many speculate that Dougan will detail a way to bring the bank's cost structure down and propose shifting CSFB's focus from servicing large firms to mid-sized and small firms. On a cosmetic front the bank could also drop "First Boston" from its name--a move the Swiss are said to have wanted for some time. Still, it's a long climb back to the top tier. "This is a franchise that has gone from fighting against Morgan Stanley and Goldman Sachs for the top rankings in M&A advisory work to barely making it in the top ten," says Mark Hoge, European banking analyst at Lehman Brothers. Whatever Dougan and his boss, Credit Suisse Group CEO Oswald Gruebel, decide on, chances are it won't involve dealmaking. Dougan's predecessor, Wall Street veteran John Mack, believed CSFB's best shot at salvation was to merge with a large bank, a position that put him at odds with the Swiss. In June, Mack was unceremoniously shown the door. -- Julie Creswell