Credit Suisse First Boston has had a turbulent time of it over the last couple of years, dogged by losses in Russia, scandal in Japan and a severe bout of indigestion from the acquisition of Donaldson, Lufkin & Jenrette. But last week's first quarter results show that the house that Allen Wheat built still packs a big punch.

The star of the quarter was the fixed income division revenues were nearly double the same period a year ago and 130% up on the previous quarter. Of course it was a good time for everyone in fixed income with interest rates tumbling in the US. But CSFB's exceptional performance suggests that the new strategy put in place by Stephen Hester, fixed income chief, is beginning to pay dividends.