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Strategies & Market Trends : Z Best Place to Talk Stocks -- Ignore unavailable to you. Want to Upgrade?

To: E.J. Neitz Jr who wrote (35149)	11/28/2001 10:04:50 AM
From: BWAC	Read Replies (1) \| Respond to of 53068

Hey Ed, How's this going to work out for your CSFBDirect connection? Is somebody at CSFB delusional that online trading is here to stay and the full service customers are still leaving in droves? Wednesday November 28, 8:59 am Eastern Time CSFB to Sell Online Unit to Bank of Montreal NEW YORK (Reuters) - Credit Suisse U.S. unit Credit Suisse first Boston on Wednesday said it would sell its online trading unit CSFBdirect to Canada's Bank of Montreal(Toronto:BMO.TO - news) for $520 million, as the Wall Street firm continued to slash costs amid slumping markets and a recession. The deal would give Bank of Montreal a foothold in the online-trading business and underlines Zurich-based Credit Suisse's focus on its core business and cost-cutting. Under the terms of the deal, Bank of Montreal would absorb CSFBdirect, which used to be known as DLJdirect, into its online unit, Harris InvestorLine. CSFBdirect's headquarters would stay in Jersey City, New Jersey. CSFB in August completed its purchase of the formerly public unit, taking it private for about $110 million. Before it was taken private, CSFBdirect reported a net loss of $12.6 million, nearly twice the loss of the year-earlier period, along with a 28 percent drop in revenue to $64 million.