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EXHIBIT 99.1
[CREDIT SUISSE FIRST BOSTON LETTERHEAD]
FOR IMMEDIATE RELEASE
GARY LYNCH NAMED GLOBAL GENERAL COUNSEL OF
CREDIT SUISSE FIRST BOSTON
NEW YORK, NY, AUGUST 20, 2001 -- Credit Suisse First Boston announced today that
Gary G. Lynch, a partner at Davis Polk & Wardwell and former head of the
Enforcement Division of the Securities and Exchange Commission (SEC), has been
named its Global General Counsel, effective October 1, 2001. He will report
directly to CEO John J. Mack.
The current general counsel, Joseph McLaughlin, will become Chairman of the CSFB
Foundation Trust, the Firm's philanthropic arm, effective October 1, 2001.
John Mack, Chief Executive Officer of CSFB, said, "Gary Lynch brings to CSFB an
impeccable reputation for complete integrity and credibility -- and his service
as head of the SEC's Enforcement Division is widely hailed as among the most
effective ever. Gary has tremendous experience with the full range of business,
legal and regulatory matters that every company in our industry must manage
effectively. We are exceedingly pleased to be able to welcome Gary's talents and
insights to the CSFB team."
"On behalf of CSFB," Mr. Mack continued, "I want to thank Joe McLaughlin for his
many contributions over the past five years. We are pleased that we will
continue to have the benefit of his commitment and extensive philanthropic
experience in leading the CSFB Foundation."
Mr. Lynch said, "I'm very much looking forward to this chance to work with John
Mack and the entire CSFB management and legal teams. My 12 years at Davis Polk
were extraordinarily gratifying from a personal and professional standpoint, but
I couldn't turn down the opportunity to serve as Global General Counsel for
CSFB."
Mr. Lynch, 51, joined Davis Polk & Wardwell as a partner in 1989. He advised and
represented a wide cross-section of the firm's clients, including major public
companies and investment and accounting firms. He also has conducted internal
investigations on behalf of senior management or the board of directors of
corporations and given advice on corporate governance matters.
Mr. Lynch was director of the Enforcement Division at the SEC from 1985 to 1989.
In that capacity, he directed the activities of a nationwide staff of 700
employees responsible for enforcing the federal securities laws. In his 13 years
with the SEC, Mr. Lynch participated in many of its important actions and
initiatives in the areas of corporate disclosure, tender offers and proxy
contests, and insider trading.
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Mr. Lynch graduated from Syracuse University in 1972, Phi Beta Kappa. He
received his J.D. from Duke University School of Law in 1975. A frequent
lecturer on a wide variety of subjects relating to the federal securities laws,
Mr. Lynch regularly appears on the faculty of continuing legal education
programs.
# # #
Credit Suisse First Boston (CSFB) is a leading global investment bank serving
institutional, corporate, government and individual clients. CSFB's businesses
include securities underwriting, sales and trading, investment banking, private
equity, financial advisory services, investment research, venture capital,
correspondent brokerage services and retail online brokerage services. It
operates in over 87 locations across more than 39 countries on 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. For more
information on Credit Suisse First Boston, please visit our website at
http://www.csfb.com.
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Press Contact: Robert Baker CSFB - New York (212) 325-7065
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[CREDIT SUISSE FIRST BOSTON LETTERHEAD]
FOR IMMEDIATE RELEASE
CSFB COMPLETES TENDER OFFER FOR
CSFBdirect TRACKING STOCK
---------------------------------------------------------------
NEW YORK, AUGUST 21, 2001 - Credit Suisse First Boston, Inc. today announced
that CSFBdirect Acquisition Corp., a wholly owned subsidiary of CSFB, has
completed its cash tender offer for the 18,400,000 shares (approximately 17%
interest) of CSFBdirect common stock (NYSE: DIR) of Credit Suisse First Boston
(USA), Inc. owned by the public. CSFBdirect common stock is the series of common
stock issued by CSFB (USA) that tracks the performance of the online brokerage
unit of CSFBdirect. The tender offer expired, as scheduled, at 12:00 midnight,
Eastern Daylight Time, on Monday, August 20, 2001. Based on a preliminary count
of tendered shares, approximately 14,420,083 shares of CSFBdirect common stock
have been validly tendered and not withdrawn (including 717,258 shares subject
to guaranteed delivery) and accepted for payment at a price of $6.00 per share
in cash.
The acceptance of these shares in the tender offer will result in CSFB's
ownership of approximately 78% of the outstanding common stock of CSFB (USA).
CSFB (USA) will issue today to CSFB 90,752,000 shares of CSFBdirect common stock
in respect of its retained interest in the CSFBdirect business which shares,
together with the shares tendered in the tender offer, will result in CSFB's
ownership of approximately 96% of the outstanding common stock of CSFB (USA).
In the proposed second step of the acquisition, CSFB plans to merge a newly
incorporated wholly-owned subsidiary of CSFBdirect Acquisition Corp. with and
into CSFB (USA), with CSFB (USA) as the surviving corporation of the merger. As
a result, each share of CSFBdirect common stock not previously purchased in the
tender offer will be converted into the right to receive $6.00 in cash. Under
applicable law, the proposed merger is not subject to the approval of the
remaining outstanding shareholders of CSFB (USA).
CSFB (USA), formerly known as Donaldson, Lufkin & Jenrette, Inc., is a member of
the Credit Suisse Group and a subsidiary of CSFB and was acquired last Fall by
the Credit Suisse Group.
# # #
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 is headquartered in Jersey City, NJ with offices in New York City,
Charlotte, NC, Delray Beach, FL, Sandy City, UT, London, Tokyo, Hong Kong, and
Dubai. For more information on CSFBdirect, visit the company's Web site at
www.CSFBdirect.com.
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Credit Suisse First Boston (CSFB) is a leading global investment bank serving
institutional, corporate, government and individual clients. CSFB's businesses
include securities underwriting, sales and trading, investment banking, private
equity, financial advisory services, investment research, venture capital,
correspondent brokerage services and retail online brokerage services. It
operates in over 87 locations across more than 39 countries on 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. For more
information on Credit Suisse First Boston, please visit our website at
http://www.csfb.com.
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Press Contacts: Victoria Harmon CSFB - New York (212) 325-6914
Charlotte Fox CSFBdirect (201) 308-3562
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[CREDIT SUISSE FIRST BOSTON LETTERHEAD]
FOR IMMEDIATE RELEASE
CSFB ANNOUNCES COMPLETION OF ACQUISITION OF CSFB (USA)
---------------------------------------------------------------
NEW YORK, AUGUST 22, 2001 - Credit Suisse First Boston today announced that it
has completed the merger of CSFBdirect Acquisition Corp. II, an indirect wholly-
owned subsidiary of CSFB, with and into Credit Suisse First Boston (USA), Inc.,
and each share of CSFBdirect common stock (NYSE: DIR) not previously purchased
in the tender offer has been converted into the right to receive $6.00 per share
in cash. On July 11, 2001, CSFB announced its agreement to acquire all of the
outstanding 18,400,000 shares (approximately 17% interest) of CSFBdirect common
stock owned by the public for $6.00 per share in cash, or a total of
approximately $110.4 million. CSFBdirect common stock is the series of common
stock issued by CSFB (USA) that tracks the performance of the online brokerage
unit of CSFBdirect.
CSFB (USA), formerly known as Donaldson, Lufkin & Jenrette, Inc., is a member of
Credit Suisse Group and a subsidiary of CSFB and was acquired last Fall by
Credit Suisse Group.
# # #
CSFBdirect is one of the world's premier online brokerage firms offering a
diversified range of investment products and services to self-directed
investors. As of June 30, 2001, CSFBdirect had over one million worldwide
customer accounts representing $23 billion in assets.
Headquartered in Jersey City, NJ with offices in Charlotte, NC, Sandy City, UT,
London, Tokyo, Hong Kong, and Dubai, and Investment Centers in New York City,
Chicago, IL, Narberth, PA, Atlanta, GA, and Delray Beach, FL, CSFBdirect employs
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.
Credit Suisse First Boston (CSFB) is a leading global investment bank serving
institutional, corporate, government and individual clients. CSFB's businesses
include securities underwriting, sales and trading, investment banking, private
equity, financial advisory services, investment research, venture capital,
correspondent brokerage services and retail online brokerage services. It
operates in over 87 locations across more than 39 countries on 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. For more
information on Credit Suisse First Boston, please visit our website at
http://www.csfb.com.
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Press Contacts: Victoria Harmon CSFB - New York (212) 325-6914
Charlotte Fox CSFBdirect (201) 308-3562