The news that the First Boston name is to be buried on Wall Street's Boot Hill shouldn't come as a great surprise. You have to be more than 50 years old to remember anyone at First Boston and, without being too unkind, it was never a particularly good bank in the first place. As an independent it was probably at the height of its powers in the 1960s.

But First Boston has its place in history, thanks to its association with Credit Suisse. When Credit Suisse White Weld, one of the early pioneers of the Eurobond market, was disbanded, Credit Suisse needed a new American partner. First Boston was not its number one choice.