Credit Suisse may use the First Boston brand

Credit Suisse has reportedly reached an agreement with the rights holders of the “First Boston” trademark regarding the use of the name for the business area.

Credit Suisse has reached an agreement with the owner of the “First Boston” brand allowing the Swiss credit institution to use the well-known name for its stripped-down investment bank, the Financial Times reported on Wednesday, citing sources.

The Swiss institute announced the spin-off of investment banking as part of its new strategy in October. The bank wants to rename the division First Boston, referring to the traditional Wall Street Institute, which it took over in 1988.

However, the trademark has already been claimed by another company. Therefore, it was decided to call the spin-off company “CS First Boston”.

Application at the Trademark Office

The Swiss bank’s lawyers filed a petition with the US Patent and Trademark Office in October to reclaim the trademark. This is justified with the “continued excellent reputation of the brand and the name ‘First Boston’ as well as Credit Suisse in connection with this brand and this name”.

But on Tuesday, CS withdrew the application after paying the rights holder a fee for use, according to people familiar with the matter. “The bank has built the First Boston brand, reputation and goodwill over decades and will vigorously pursue and defend its rights in this regard,” Credit Suisse wrote in a statement to the newspaper. No information was given on the amount of the usage fee.

Long history with illustrious names

In 1978, Credit Suisse and First Boston formed a joint venture called Credit Suisse First Boston. In the 1980s, the company was a leader in mergers and acquisitions. Outstanding managers included employees such as Larry Finkwho later ran BlackRock, or Richard Handlerthe future boss of Jefferies.

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CS took control of the company in 1988 and the New York investment banking division operated under the name Credit Suisse First Boston until 2005.

The divested new territory will be run by the former Credit Suisse board member Michael Klein aimed.

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