Credit Suisse First Boston has promoted four of its most senior leveraged finance executives, including Doug Ostrover and Tripp Smith, who have become the new global co-heads of the unit. CSFB officials say the promotions come as Bennett Goodman, who had been global head of leveraged finance, looks to free himself up to assume broader responsibilities within the firm. Goodman, now chairman of merchant banking and leveraged finance, added merchant banking duties to his brief earlier this year. Ostrover and Smith will continue to report to him. The three confirmed their new titles, but declined further comment.
As global co-heads, Ostrover and Smith assume responsibility for leveraged lending and European high-yield. While they previously had some oversight of these businesses, they had been officially responsible for U.S. high-yield, with Ostrover in charge of sales, trading and research, and Smith heading up origination.
Don Pollard and Bruce Ling were also promoted. Pollard and Ling had been co-heads of the syndicated loan business. Pollard now assumes sole oversight of syndicated loans, with Ling as deputy. However, Ling becomes chairman of corporate banking, where he will oversee the firm's $50 billion loan portfolio. CSFB's high-yield unit, both in its present incarnation and when it was part of Donaldson, Lufkin & Jenrette, has been the top high-yield underwriter by a wide margin for several years.
