Credit Suisse First Boston could report its lowest quarterly revenues next month, according to European banking analysts at Merrill Lynch. Jacques-Henri Gaulard said in a report that he predicted "a small loss for Credit Suisse First Boston in quarter three and the lowest quarterly revenues ever" due to the Swiss bank's "franchise problems".

The Swiss-American investment bank started to address its difficulties when Brady Dougan, co-president of CSFB, moved to London in March to help boost profits outside the US. Four months later, he succeeded John Mack as chief executive. That month, Stephen Volk, chairman of Credit Suisse First Boston and a close ally of Mack, resigned to join Citigroup as vice-chairman and client adviser.