Vasan tasked with slashing headcount at CSFB by 7%


NEW YORK -- Philip Vasan, head of CSFBNext, the e-commerce arm of CSFB, and the bank's former global head of FX, was last week named as head of the bank's new cost-cutting initiative.

The initiative will reduce headcount by 2,000 -- or 7% of the investment banking group's staff -- and is aimed at slashing operating costs at CSFB by $1 billion per annum.

As a result of his new role, Vasan, who reports directly to CSFB chief executive officer John Mack, has given up his position at CSFBNext, which

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