NEW YORK Credit Suisse First Boston fired three brokers from its technology private-client services department, the company said Thursday.
The three brokers, managing directors John Schmidt and Mike Grunwald, and vice president Scott Bushley, were based in San Francisco. They had been put on administrative leave in April during a regulatory investigation into whether investment banks misallocated initial public offerings.
After an extensive review, we terminated them because they violated our code of conduct, said Jeanmarie McFadden, a company spokeswoman. Mr. Schmidt reported to Frank Quattrone, head technology banker at Credit Suisse, on investment banking client matters, Ms. McFadden said.