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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 9, 2001
CREDIT SUISSE FIRST BOSTON (USA), INC.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation or organization)
1-6862 13-1898818
(Commission File Number) (I.R.S. Employer
Identification No.)
Eleven Madison Avenue, New York, New York 10010
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(Address of principal executive office) (Zip Code)
(212) 325-2000
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(Registrant's telephone number, including area code)
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On October 9, 2001, Credit Suisse Group, the ultimate parent of the
Registrant, issued a press release including information concerning the
financial results for the third quarter and nine months ended September 30, 2001
for the Registrant and a cost reduction program for Credit Suisse First Boston,
the business unit of Credit Suisse Group of which the Registrant is a part. The
following is an excerpt from the press release related to the Registrant and to
the Credit Suisse First Boston business unit:
The Credit Suisse First Boston business unit will report an
estimated operating loss for the third quarter of approximately USD
120 million (approximately CHF 200 million), reflecting the
difficult market conditions and the impact of the terrorist attacks
in New York City and Washington DC on September 11. Credit Suisse
First Boston's revenue for the third quarter was down approximately
20% on the second quarter and 26% on the first quarter. Despite the
difficult operating market environment and the low transaction
volumes, Credit Suisse First Boston continues to hold or gain
market-share positions and maintain positive momentum in its key
businesses. Furthermore, the firm was able to quickly recover from
the September 11 attacks. CSFB (USA), a separate reporting entity
and part of the Credit Suisse First Boston business unit, expects to
report a loss for the third quarter and a modest loss for the first
nine months of 2001.
Credit Suisse First Boston has initiated an extensive cost-reduction
program, to reduce operating costs by USD 1 billion for the
financial year 2002 by reducing staff levels, as well as achieving
savings from other non-staff costs. The company will eliminate
approximately 2,000 jobs (approximately 7%), with reductions coming
from all divisions of the organization.
CSFB's cost reduction initiative will tailor the firm's size to
market conditions and bring its cost structure more in line with
competitors. While competing efficiently, CSFB will continue to
emphasize delivering a superior level of service to its clients.
"CSFB clearly has world-class capabilities, and even in this tough
new environment, we have held our market share and maintained
momentum in all of our key businesses," said CSFB Chief Executive
Officer John J. Mack. "However, to compete effectively with other
top-tier financial services firms, we need to drive down costs and
seek ways to operate more efficiently, while also beginning to
operate with a `one company' commitment. The steps we are taking
today will more closely align the size of our business with changing
market conditions and bring our cost structure in line with that of
our major competitors. These steps require tough choices, which are
all the more difficult in the face of the recent tragedy that has
profoundly affected our industry. But they are critical if CSFB is
to continue to compete effectively and to build its business."
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
Credit Suisse First Boston (USA), Inc.
/s/ David C. Fisher
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David C. Fisher
CHIEF ACCOUNTING OFFICER
October 9, 2001