ATLANTA -- In a cost-cutting move, CS First Boston has closed its Miami public finance office.
A spokesman for the firm said last Thursday that clients that had been served by the firm's three investment bankers in Florida will now be covered out of New York City and Atlanta.
The decision was made given the falloff in municipal bond issuance this year, the spokesman said.
"In a market that has had a decline in volume like we have seen this year, it is more economical to handle coverage from a fewer number of offices," he said.
The spokesman said that CS First Boston does not expect new-issue municipal bond volume to increase next year.
The Miami office was staffed by Michael T. Gomez and Barry Kutun, both vice presidents, and Aimee L. Hamilton, an associate.
According to sources close to CS First Boston, Gomez has relocated to the firm's public finance office in New York and Hamilton has moved to Atlanta.
The sources said Kutun will leave CS First Boston, although he will continue to work with the firm as a consultant.
According to Securities Data Co., new-issue municipal bond volume through November, $151.21 billion, is down 43% from the record $265.64 billion sold in January through November 1993, and the lowest total for the first 11 months since 1990.