UBS to enter talks with Michael Klein to unwind First Boston deal, FT says

UBS (UBS) is set to enter talks with Michael Klein to unwind a deal that would have seen the Wall Street dealmaker take control of much of Credit Suisse’s (CS) investment bank, Financial Times’ Stephen Morris, Arash Massoudi, and Owen Walker report, citing people with direct knowledge of the matter. The negotiations underline the view among UBS executives that Klein secured terms that were too favorable, the authors add. Last October, Klein, a former Credit Suisse board member, negotiated a merger of his boutique advisory firm with the advisory and capital markets unit of Credit Suisse, planning to spin off and list the combination under the historic First Boston brand. Klein would have owned a minority stake and the Swiss lender a majority position. Reference Link