Apollo may back resurrected CS First Boston investment bank as Credit Suisse follows through on planned spinoff: WSJ

Apollo Global Management Inc.
APO,
+1.25%
is negotiating a potential stake in CS First Boston, the investment banking unit that’s being spun off of Credit Suisse Group AG
CS,
+0.71%,
The Wall Street Journal reported Tuesday. Citing people familiar with the matter, the article said Apollo is one of a group of financial companies interested in acquiring a position in CS First Boston. Credit Suisse announced plans last year to carve the advisory business out of its investment bank into a new business under the revived name CS First Boston and based in New York City. In a separate deal announced in November, Apollo agreed to manage the $20 billion in remaining assets in Credit Suisse’s securitized products group, as well as purchase a significant portion of the business. Apollo stock is up 13.8% in 2023, compared to a 6.8% rise by the S&P 500
SPX,
+0.16%.
U.S. listed shares of Credit Suisse are up 15.3% in 2023.