Credit Suisse's investment bank is going back to the future. Its shift to a capital-light dealmaking unit will see the revival of the First Boston name, a brand the Swiss lender acquired as part of its push to become a global investment bank in 1990.

Spinning out a separate dealmaking unit is among the most radical moves by Credit Suisse as it embarks on a cost-cutting programme that will strip out $2.5bn in costs and cut 9,000 jobs over the next three years. While its investment bank is likely to bear the brunt of these cuts, the new CS First Boston brand — which will house its advisory business — will face a battle to retain key talent.