In recent years, CSFB has moved into the very top echelon of investment banks and was at the top of the tech boom of the late 1990s. (In fact, in the 2001 rankings in Vault's Top Finance Firms, CSFB ranked as the third most prestigious finance firm in America.) CSFB's entry into the big leagues was also advanced by its acquisition of Donaldson, Lufkin & Jenrette in August 2000. The $12.4 billion purchase, which closed in November 2000, added an established Wall Street name and DLJ's debt underwriting prowess to CSFB's growing franchise.

Friendly folks

The level of aggressiveness and tension "varies from place to place within CSFB," according to employees. One trader comments that "the culture in trading is very macho because it's immediate and you can make or lose a lot of money. It's certainly very physical. I'm walking around and yelling at people. Trading is definitely a lot more fast-paced than investment banking." The work environment at all divisions of Credit Suisse First Boston is "well balanced" between "entrepreneurial drive" and "collegial amiability." The company expects its employees to "grunt hard and work," but also "knows how to let them relax when appropriate." As for the influence of parent Credit Suisse Group, says one insider, "there's been more Swiss influence since the beginning of 1997. It's somewhat more conservative, [with] a little more regulation."

Credit Suisse First Boston fosters a "collegial" environment in which new employees enjoy a large degree of "interaction with senior management." One former associate reports: "We would go out at least once a week. Any time there was someone new in our group visiting from one of the other CSFB offices, it was basically their duty to take you to a bar." One former analyst notes that the best aspect of working for the firm was "definitely the people. I've made some great friends at the firm, both in my analyst class and in my group. I still keep in touch with many of them ? I was also struck by how genuinely nice people were compared with what I had expected when I went into investment banking."

Insiders also rate the firm favorably in terms of diversity. Says one source: "CSFB is one of the most diverse banks on Wall Street." That source mentions a downside to diversity, though: "I think the diversity does hurt [CSFB] in one respect because the firm lacks a strong sense of firm culture. I don't think [the people] here take as much pride in the firm as counterparts at other firms." However, some contacts say the firm could do more regarding diversity. An associate in one of the international offices, for instance, says he considers the number of women there to be below the industry average.

CSFB employees "regularly" receive free tickets to sporting and cultural events, as well as opportunities "to go out for nice dinners." The only impediment to enjoying those fancy meals is the amount of time CSFB people spend in the office. CSFB emphasizes "teamwork" and says its employees must possess "quantitative and modeling skills."

Nice work and you get it

Insiders describe the deal flow as "incredible" and "excellent, particularly in the technology group." One analyst says simply, "You work on lots of live deals here." Junior insiders also praise the opportunity to interact with a "wide range of bankers." One source notes, "We tend to get some of the best deals in the technology sector, and associates get a tremendous amount of responsibility with the smaller companies." Support services, such as word processing and graphic design, receive low marks and are described by one insider as "one of the weakest points at the firm." Administrative assistants are rated in similarly poor fashion. Says one contact, "Secretaries are terrible." That grumbler goes on to complain, "My phone never got answered ? [my secretary] was technically supposed to be able to do word processing as well, but I wouldn't for a second trust him to do any of it."

Insiders say the firm has made lifestyle improvements to retain talent. To help with the long hours, CSFB has improved the meal policy. "We used to have one of the stingiest meal allowances on The Street," reports one insider, "and they have relaxed that considerably." Despite having to work in a cubicle, one associate in London considers the company's accommodations pretty sweet because they have "the largest corporate gym in Europe and a fantastic cafeteria." Along with a business casual dress policy, salary increases are being implemented and employees are also offered honeymoon and paternity leave in addition to standard vacation packages. For associates, the firm is offering a "wealth creation" plan in which associates can take advantage of private equity opportunities. Analysts who are promoted to associate are given a one-month paid leave and the firm has introduced sabbaticals for employees who have been with the organization for a minimum of five years.

Healthy options