Credit Suisse First Boston has denied it is reducing its commitment to UK corporate broking, after Tom Reid, co-head of the division, resigned to join Hoare Govett.

Reid's departure comes just months after CSFB's broking business came under intense media scrutiny when the bank dropped Safeway, the UK supermarket company that was the subject of a five-way bidding battle, for Kohlberg Kravis Roberts, one of the potential bidders. In addition, last year three members of CSFB's broking team - Ed Matthews, Andrew Seaton and Simon Alexander - defected to Citigroup.