US private equity firm Apollo Global Management is in negotiations to invest in Credit Suisse‘s revamped investment banking arm CS First Boston (CSFB), the Wall Street Journal reported

Citing people with knowledge of the issue, the publication stated that Apollo eyes a stake in the unit.

However, the talks are ongoing and the possibility of deal is still uncertain.

In November 2022, the bank also agreed to offload bulk of its securitised products group to Apollo.

Credit Suisse has been going through a restructure after multiple scandals and a series of losses.

It acquired First Boston in 1998, and continued to operate its investment banking business in New York under the Credit Suisse First Boston brand until 2005.

The revamped CS First Boston will prioritise activities that call for less capital, including mergers and acquisitions advice to firms.

The capital markets, advisory and leveraged finance operations would be spun off under the CS First Boston brand.

Rest of its trading activities will be integrated with wealth management.

Meanwhile, Credit Suisse is also looking to acquire Michael Klein’s advisory boutique as part of this plan.

The potential deal will enable M. Klein & Co. shareholders to pick a stake in CS First Boston with sale proceeds.

In December last year, the Zurich-based bank signed an agreement with First Boston brand owner to use the name for its new investment bank spinoff.

Last year, Credit Suisse revealed having received a $500m commitment from an undisclosed investor.