Andrew D. Stone, the maverick real estate financier, left Credit Suisse First Boston effective Monday, the investment bank said.
Mr. Stone founded and ran First Boston's Principal Transactions Group, which was a pioneer and leader in the commercial mortgage conduit business, making real estate loans, warehousing them on its balance sheet, and ultimately reselling them as securities.
But since last year's liquidity crisis, the bank has cut back on real estate lending and other risky enterprises. In April it put Stewart Dauman and Karen Zimmerman in charge of Mr. Stone's group, renamed the Real Estate Products Group.
Mr. Stone was relegated to chairman, overseeing the liquidation of First Boston's real estate portfolio. His departure this week follows a much-publicized row over his compensation.
Mr. Stone could not be reached for comment. Mr. Stone was a protege of Lewis Ranieri on Salomon Brothers' mortgage trading desk in the 1980s. He also worked for Prudential Securities and Daiwa.