CSFB to Adopt New Analyst Pay Rules

Credit Suisse First Boston on Friday pledged to separate stock analyst pay from investment banking as part of new research reforms, mimicking a recent settlement by banking rival Merrill Lynch & Co.

CSFB, which is a unit of Switzerland’s Credit Suisse Group Inc., follows the lead of Citigroup Inc. unit Salomon Smith Barney in adopting the reforms Merrill agreed to in a settlement with New York State Atty. Gen. Eliot Spitzer announced Tuesday. Spitzer accused Merrill of misleading investors by tailoring its research to win lucrative investment banking deals such as stock underwriting. Merrill also agreed to pay $100 million to settle the charges.