Credit Suisse First Boston is to make 300 investment banking staff redundant, bringing staffing levels back down to where they were before the $11.4bn (€13bn) purchase of Donaldson Lufkin & Jenrette (DLJ).

Bayo Ogunlesi, appointed head of investment banking in February with a remit to cut costs, said in an internal memo that redundancies will occur across the board. The cuts are part of a widespread review of the bank's investment banking business.