Mack the knife attacks CSFB salary bill

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A high-profile team at Credit Suisse First Boston, which was the subject of a major bidding war earlier this year, is in discussions with new chief executive John Mack, who wants to scrap their $250m (€273.4m) three-year deal.

It will be the first major battle of wills involving Mack, who joined last month after the surprise ousting of Allen Wheat in the midst of a government investigation into the bank's handling of internet stock flotations.

The former president of Morgan Stanley, nicknamed Mack the Knife, is said to be appalled at the salary bill within CSFB, which consumes 60% of all revenues.

The New York-based fixed income team has been approached by Mack and asked to voluntarily tear up their three-year record-breaking contracts that were signed in February.

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