CSFBdirect Reduces Staff as Tough Market Conditions Continue.Business Editors JERSEY CITY, N.J.--(BUSINESS WIRE)--May 31, 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 eliminate 180 positions, or 14% of its domestic employees, in light of current trading activity. The planned staff reductions will occur in Jersey City and East Brunswick, New Jersey and Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. . Approximately half of the personnel reductions will be in technology. CSFBdirect will also reduce space requirements in Charlotte, North Carolina and Jersey City, New Jersey. CSFBdirect will take a one-time pre-tax charge of approximately $16 million in the second quarter of 2001, which includes $7 million associated with the previously announced sublease of space in Jersey City, New Jersey. The approximate annual cost savings is estimated to be $22 million. About CSFBdirect CSFBdirect is one of the world's premier online brokerage firms offering a diversified range of investment products and services to self-directed investors. As of March 31, 2001, CSFBdirect had over one million worldwide customer accounts representing over $21 billion in assets. CSFBdirect has received numerous honors over the past year, including a number one "4-Stars" rating in March 2001 by Barron's; "Best of the Web" in March 2001 by Forbes.com; "Best Online Brokerage Service" in March 2001 by the Software Information Industry Association (SIIA (Software & Information Industry Association, Washington, DC, www.siia.net) A trade organization devoted to the health and welfare of the software and digital content industry by providing support in government relations, business development, education and intellectual property ); "#1 Online Brokerage" in March 2001 by the American Association of Individual Investors' (AAII AAII See: American Association of Individual Investors ) Customer Survey; number one for "Transaction Performance and Transaction Success Rate" in February 2001 by Keynote Systems, 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; and "Best Bet, Feature Rich" in May 2000 by PC World magazine. Headquartered in Jersey City, NJ with offices in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Charlotte, NC, Delray Beach, FL, Sandy City, UT, London, Tokyo, Hong Kong, and Dubai, CSFBdirect employs 1,600 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 bank serving institutional, corporate, government and individual clients. CSFB's businesses include securities underwriting, sales and trading, investment banking, private equity, financial advisory services, investment research, venture capital, correspondent brokerage services and retail online brokerage services. It operates in over 87 locations across more than 39 countries on 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. For more information on Credit Suisse First Boston, please visit our website at http://www.csfb.com. |
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