Bloomberg News

LONDON - Citigroup Inc.'s European investment banking operation, Schroder Salomon Smith Barney, has hired two Credit Suisse First Boston managing directors to develop business in mergers and acquisitions.

Adrian Liddell and David Cantor set up a European business development unit for the New York investment bank Donaldson, Lufkin & Jenrette Inc., which Credit Suisse Group bought in August for $13.4 billion. They will start their jobs at Schroder Salomon in February, a spokeswoman said.

Michael Klein, global co-head of investment banking, and Panfilo Tarantelli, head of European investment banking, said in a press statement that Schroder Salomon's business in Europe has had rapid growth and that more than 100 investment bankers have joined the company since Salomon bought Schroders PLC of the United Kingdom in May.

The Credit Suisse purchase has set off a wave of defections from Donaldson Lufkin. Hal Ritch, co-head of mergers and acquisitions at the investment bank since 1992, is also joining Schroder Salomon. More than 20 Donaldson analysts and salespeople are moving to Bank of America Corp., the largest U.S. banking company.

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