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Credit Suisse to buy investment firm DLJ.
- Article from:
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United Press International
- Article date:
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August 30, 2000
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Copyright informationCOPYRIGHT 2000 United Press International. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK, August 30 (UPI)
Credit Suisse Group said Wednesday it has reached an agreement to acquire investment firm Donaldson, Lufkin & Jenrette for $11.5 billion in a bid to make its Credit Suisse First Boston unit a premier Wall Street investment bank.
Credit Suisse also said it will set aside $1.2 billion to pay retention bonuses over the next three years to DLJ employees. The company also said it will take a reorganization charge of $850 million.
The deal is expected to be completed before year-end, possibly as early as
-October, Credit Suisse said.
Credit Suisse said, "This powerful combination substantially strengthens Credit Suisse First Boston's ...