CSFB 'right-sizes' bankers in France

The Paris office lost Jean-Marc Forneri, head of investment banking and vice-chairman of CSFB Europe, this month.

In April, Gilles de Dumast, co-head of investment banking and member of the executive board of CSFB's global investment banking division, left to join Deutsche Bank as head of French corporate finance, based in London.

The loss of the bankers followed the departure last September of Philippe Robert, a managing director in CSFB's Paris office, who was subsequently appointed head of Permira in France.

Although De Dumast, Forneri and Robert brought in the bulk of CSFB's investment banking mandates over the past few years, the bank decided to promote François Kayat and Valerie Landon - two of its Paris-based employees - as co-heads of investment banking, rather than make additional senior external hires.

A spokesman in London said staffing levels at the Paris office had been "right-sized" and that there were no immediate recruitment plans.

However, a senior investment banker in Paris said CSFB's investment banking practice was dangerously understaffed and that the existing team of bankers, although experienced in execution, did not have a proven track record in deal origination.

"It looks as if Paris is not the central pre-occupation for CSFB's investment banking activities at the moment.

"I don't see how, on its current staffing levels, it can win new deals in the face of the existing competition from other investment banks in Paris," he said.

Kayat last month won the mandate to advise Areva on the French government's potential sale of its majority stake in the nuclear power group.