Credit Suisse Group AG's new investment banking chief, Michael Klein, is expected to lay out his plans for the division next week as questions linger about the spin-out's funding and structure, according to several people familiar with the matter.
But negotiations with Apollo over CSFB have dragged on for several weeks, and no deal is imminent, the source added.Credit Suisse Chief Executive Ulrich Koerner said in October the bank had a $500 million commitment for CSFB from an investor he didn't identify.
One source familiar with the fundraising said some investors would prefer to have the option to decide whether or not they want to convert their holdings into CSFB shares.Lingering uncertainty over the future of the spin-out, four months after Credit Suisse announced it, has weighed on the bank's ability to stem the loss of talent it has suffered in the last few years.
Earlier this month, Credit Suisse informed many junior bankers they would receive their annual bonus over three quarterly instalments, an unusual move on Wall Street designed to make it more difficult for them to flee, two of the sources said.
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