Credit Suisse has dropped the First Boston suffix in its investment banking brand. The bank says it will from now own use the Credit Suisse name only on all activities in private, corporate and investment banking, and fund management.
It follows the introduction of a new “one bank” strategy in December, which reversed the 1990s moves to divide the group into separate business divisions following the takeover of First Boston, and losses in both corporate and retail operations.
“It makes sense from the perspective of both our clients and our employees to move to a single brand to represent the fully integrated global bank,” the bank said in a statement. “Unifying the main banking business under the Credit Suisse name will allow the bank to best communicate with one face to the market.”
Credit Suisse is also dropping its blue and red company logo, launched in 1997, and replacing it with a dark blue script adorned with sails, alluding to First Boston’s former logo, which featured a clipper ship.
The move will not result in a goodwill write-down but will result in some administrative costs, a spokesman explained.
Insurance division Winterthur, which Credit Suisse wanted to sell to a trade buyer or via an IPO, will retain its own branding.