CSFBdirect Closes Parsippany, NJ Call Center.Business Editors JERSEY CITY, N.J.--(BUSINESS WIRE)--March 14, 2001 CSFBdirect (NYSE NYSE See: New York Stock Exchange : DIR), the online brokerage service of Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. , reported today that it will close its Parsippany, NJ call center as a measure to reduce expenses by consolidating customer service at its three other locations. Blake Darcy, Chief Executive Officer commented, "We believe it is prudent for us to implement cost-containment initiatives at this time in light of the sustained softness in online trading Online Trading Making trades via the Internet. Notes: The use of online trading increased dramatically in the mid to late 1990's with the advent of high-speed computers and Internet connections. Stocks, bonds, options, futures, and currencies can all be traded online. activity." In addition to the elimination of the positions in Parsippany, NJ, staff reductions at other locations bring the total to 150 or 10% of U.S. employees. CSFBdirect will take a one-time pre-tax charge of approximately $9 million in the first quarter of 2001. The approximate annual cost savings is estimated to be $11 million. About CSFBdirect CSFBdirect is one of the world's premier online brokerage firms offering a diversified range of investment products and services to sophisticated, self-directed investors. As of December 31, 2000, CSFBdirect had over one million worldwide customer accounts representing nearly $23 billion in assets. CSFBdirect has received numerous honors over the past year, including a number one "4-Star Rating" in March 2001 by Barron's; number one for "Transaction Performance and Transaction Success Rate" in February 2001 by Keynote Systems Keynote Systems, Inc. provides measurement and monitoring, service level and customer experience management services to customers to improve e-business performance by reducing costs, improving customer satisfaction and increasing profitability. , Inc.; "Best for Site Reliability" in August 2000 by TheStreet.com's Online Broker Survey; "Top Online Broker" by the 2000 Readers' Choice Awards, Worth magazine; "Best of the Web" in March 2001 by Forbes.com; and "Best Bet, Feature Rich" in May 2000 by PC World magazine. Headquartered in Jersey City, NJ with offices in Charlotte, NC, Delray Beach, FL, Sandy City, UT, London, Tokyo, Hong Kong, and Dubai, CSFBdirect employs more than 1,650 people. CSFBdirect trades on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "DIR" as a tracking stock of Credit Suisse First Boston (USA), Inc. For more information on CSFBdirect, visit the company's Web site at www.CSFBdirect.com. About Credit Suisse First Boston Credit Suisse First Boston (CSFB CSFB Credit Suisse First Boston CSFB Cyclically Shifted Filter Bank ) is a leading global investment banking firm serving institutional, corporate, government and individual clients. CSFB's businesses include securities underwriting, sales and trading, investment and merchant banking, financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal , investment research, venture capital, correspondent brokerage services and online brokerage services. It operates in over 76 locations across more than 37 countries and 6 continents, and has some 28,000 staff worldwide. The Firm is a business unit of the Zurich based Credit Suisse Group, a leading global financial services company. |
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