EXHIBIT 99.1
FOR IMMEDIATE RELEASE
CSFBDIRECT CLOSES PARSIPPANY, NJ CALL CENTER
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JERSEY CITY, N.J. -- MARCH 14, 2001 -- CSFBDIRECT (NYSE: DIR), the online
brokerage service of Credit Suisse First Boston, reported today that it will
close its Parsippany, NJ call center as a measure to reduce expenses by
consolidating customer service at its three other locations.
Blake Darcy, Chief Executive Officer commented, "We believe it is prudent for us
to implement cost-containment initiatives at this time in light of the sustained
softness in online trading activity."
In addition to the elimination of the positions in Parsippany, NJ, staff
reductions at other locations bring the total to 150 or 10% of U.S. employees.
CSFBDIRECT will take a one-time pre-tax charge of approximately $9 million in
the first quarter of 2001. The approximate annual cost savings is estimated to
be $11 million.
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ABOUT CSFBDIRECT
CSFBDIRECT is one of the world's premier online brokerage firms offering a
diversified range of investment products and services to sophisticated,
self-directed investors. As of December 31, 2000, CSFBDIRECT had over one
million worldwide customer accounts representing nearly $23 billion in assets.
CSFBDIRECT has received numerous honors over the past year, including a number
one "4-Star Rating" in March 2001 by BARRON'S; number one for "Transaction
Performance and Transaction Success Rate" in February 2001 by Keynote Systems,
Inc.; "Best for Site Reliability" in August 2000 by TheStreet.com's Online
Broker Survey; "Top Online Broker" by the 2000 Readers' Choice Awards, WORTH
magazine; "Best of the Web" in March 2001 by FORBES.COM; and "Best Bet, Feature
Rich" in May 2000 by PC WORLD magazine.
Headquartered in Jersey City, NJ with offices in Charlotte, NC, Delray Beach,
FL, Sandy City, UT, London, Tokyo, Hong Kong, and Dubai, CSFBDIRECT employs more
than 1,650 people. CSFBDIRECT trades on the New York Stock Exchange under the
ticker symbol "DIR" as a tracking stock of Credit Suisse First Boston (USA),
Inc. For more information on CSFBDIRECT, visit the company's Web site at
www.CSFBdirect.com.
CSFBDIRECT / Parsippany
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ABOUT CREDIT SUISSE FIRST BOSTON
Credit Suisse First Boston (CSFB) is a leading global investment banking firm
serving institutional, corporate, government and individual clients. CSFB's
businesses include securities underwriting, sales and trading, investment and
merchant banking, financial advisory services, investment research, venture
capital, correspondent brokerage services and online brokerage services. It
operates in over 76 locations across more than 37 countries and 6 continents,
and has some 28,000 staff worldwide. The Firm is a business unit of the Zurich
based Credit Suisse Group, a leading global financial services company.
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PRESS CONTACTS:
Charlotte Fox CSFBDIRECT Tel: (201) 308-3562
Cfox@CSFBdirect.com
William G. Armstrong Jr. G.S. Schwartz & Co. Tel: (212) 725-4500 ext. 304
Wga@schwartz.com
Greg D'Elia G.S. Schwartz & Co. Tel: (212) 725-4500 ext. 328
Gregwd@schwartz.com
INVESTOR CONTACT:
Karen Vernamonti CSFBDIRECT Tel: (201) 308-3475
Kvernamonti@CSFBdirect.com
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