Credit Suisse said that it had decided to drop the First Boston name from its Credit Suisse First Boston (CSFB) investment banking division, after extensive consultation with employees and clients.

The name change follows the group’s decision to merge its private and corporate banking businesses and comes after a turbulent few years for CSFB.

The decision to drop First Boston, which dates to 1932, is part of a single-brand marketing strategy driven by Oswald Grübel, Credit Suisse’s chief executive, who is finishing an aggressive revamp at Europe’s tenth-largest bank.

A bank spokesman said that the single brand reflected its “one bank” strategy, but would not give any idea of the cost of the rebranding exercise.

Credit Suisse said: “Unifying the main banking business under the Credit Suisse name will allow the bank to best communicate with one face to the market, work better across businesses to focus relentlessly on clients’ needs and enhance a strong consistent reputation.”

The change runs contrary to a statement in February this year by Herr Grübel, when he said that he “certainly” planned to keep the First Boston tag in the US because of its “clear business advantage”.

The group is also dropping its hallmark blue-and-red company logo, which was 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.

CSFB has come back from a series of disasters connected to the dot-com bust. Under Allen Wheat, who was replaced by John Mack from Morgan Stanley in July 2001, CSFB expanded rapidly, buying rival Donaldson Lufkin & Jenrette as the market reached a peak. Over-expansion led to compliance problems and Mr Mack was hired to sort out the bank, bring down costs and make it profitable. Later Mr Mack was ousted in a boardroom row.

NAMES THAT ARE NO MORE

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