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Investment Banker Quits As Probe Focuses on Deals

Mar 5, 2003 | Bloomberg News

Credit Suisse First Boston investment banker Frank Quattrone, whose office managed the most computer-related share sales at the height of the Internet boom, resigned as he faces government probes of allegations he destroyed documents to obstruct an investigation.

Quattrone was suspended last month after the firm found evidence that when he told his staff to "clean up" its files in 2000 he knew it was being investigated for how it sold shares of initial public offerings. He's now being probed for obstruction of justice charges in New York.

His departure "is probably the last bit of air being let out of the tech bubble," said Michael Madden, principal with private equity firm Questor Management and a former investment banker with PaineWebber, Kidder Peabody and Lehman Brothers. "Maybe now we can move on."

A CSFB statement said that Quattrone, global head of technology banking, and the firm "agreed it was in their respective best interests" for him to quit.

Quattrone, 47, led CSFB's technology underwriting business. He helped usher in the Internet boom by taking public companies including Cisco, Amazon.com and Netscape.

His unit generated about 12 percent to 15 percent of CSFB's revenue in those years. Credit Suisse made $717.5 million in fees from underwriting technology IPOs in 1999 and 2000. He shared in the wealth, earning as much as $100 million a year.

Quattrone failed to appear at a meeting last week with regulators from the National Association of Securities to face allegations that he doled out sought-after initial public offerings to friends and favored clients and also failed to supervise analysts. He is the most senior executive on Wall Street to face charges as prosecutors focused on misconduct in the financial industry.


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