CSFB ex-pundit Galvin to head U.S. Trust unit
I thought they were getting rid of all the idiots, not hiring them back. Stunning and totally pathetic! -nfg-
----------------------------------------------
CSFB ex-pundit Galvin to head U.S. Trust unit
Monday February 24, 11:45 am ET
NEW YORK, Feb 24 (Reuters) - Tom Galvin, the former chief U.S. market strategist at
Credit Suisse First Boston, has been named president and chief investment officer of
U.S. Trust's Campbell, Cowperthwait large-cap growth division, U.S. Trust said on
Monday.
Galvin lost his job at CSFB in
October, as the investment bank, a
unit of Swiss-based Credit Suisse
Group (CSGZn.VX), laid off about 20
percent of its research staff during
the fall.
Galvin's job loss and the big job cuts
reflected the increasingly
inhospitable environment for Wall
Street stock research following
sweeping federal and state probes
into analysts' alleged conflicts of
interest, as well as a steep downturn
in the securities business.
Also, many top commentators had
failed to anticipate the severity of the
bear market, which has caused the Standard & Poor's 500 Index to lose about 45
percent of its value from its March 2000 peak.
In November, Lehman Brothers Holdings Inc. (NYSE:LEH - News) forced out Jeff
Applegate, its chief U.S. market guru, as well as Stephen Slifer, its co-chief U.S.
economist. Merrill Lynch & Co. (NYSE:MER - News) laid off its chief economist, Bruce
Steinberg.
Galvin was the No. 2-ranked strategist in the 2000 Institutional Investor magazine poll
and was runner-up in the 2002 poll.
From 1998 to 2000, he served as chief equity strategist for Donaldson, Lufkin &
Jenrette, which was acquired by CSFB in 2000. Before that he held the position of chief
equity strategist at Deutsche Bank Securities from 1997 to 1998, U.S. Trust said.
New York-based U.S. Trust, which has $81 billion in assets under management, is a
wholly-owned subsidiary of Charles Schwab Corp. (NYSE:SCH - News).
biz.yahoo.com |
