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CSFB appoints new chief legal officer

Credit Suisse First Boston has become a focus of scrutiny by US regulators

(Keystone)

Credit Suisse First Boston (CSFB) has hired Gary Lynch, one of Wall Street's leading investigators, as its senior legal officer. The appointment shows that the new chief executive John Mack is tightening controls at the bank.

Lynch, who has been a partner at Davis Polk & Wardwell, a law firm conducting internal investigations for companies facing scrutiny by the Security and Exchange Commission (SEC), is the second senior lawyer to join the investment bank.

Steven Volk, a former partner with US law firm Shearman and Sterling, joined as vice chairman in July this year.

Lynch joins CSFB at a time when it faces a number of challenges, including declining revenue and a United States federal investigation into whether its sale of shares of initial public offerings during the dot-com boom broke US securities' laws.

Some CSFB brokers are currently being investigated over whether they have promised to support deals in secondary trading in exchange for allocations of shares that often rose more than 100 per cent on their first day of trading.

The Credit Suisse group has called for tighter controls at CSFB.

swissinfo with agencies


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