In Business This Week: HEADLINER
FRANK QUATTRONE: TEAM QUATTRONE RIDES AGAIN
Silicon Valley is used to surprises. But it was still a shocker on June 30 when high-tech investment banker Frank Quattrone announced that he and his top two lieutenants were leaving Deutsche Bank Securities to join Credit Suisse First Boston. Less than four months ago, Quattrone vehemently denied that he was shopping his team around. The 42-year-old banking superstar even assured Deutsche clients in a March letter, "We are here to stay."
The about-face raised concerns among some in Silicon Valley. "Quattrone is the Bill Clinton of the securities business," said one Valley insider. Quattrone declined comment.
This isn't the first time Quattrone has upset the tight-knit high-tech banking community. In 1996, he and a handful of colleagues abruptly left Morgan Stanley to launch a high-tech shop at Deutsche--where they got unprecedented multimillion-dollar pay packages. This latest shuffle raises questions about Deutsche's future in Silicon Valley, and it's already sparking bidding wars among banks for top talent in tech banking.By Linda Himelstein