Credit Suisse First Boston will quit retail broking in New Zealand in February, the company said today.
The company is moving its investment banking operations to Auckland from Wellington.
CSFB said it was realigning its operations to focus on its core services of investment banking, wholesale broking and research.
"CSFB's decision regarding its
retail business in New Zealand, which comprises investment advice and related services to private clients, will result in up to two dozen private client adviser positions being lost," New Zealand chief executive Bill Trotter said.
A similar number of support positions, along with a small number of investment banking, broking, research and other staff would also be affected, Mr Trotter said.
The move is part of a general trend of brokerages to move from Wellington to Auckland or Sydney.
Earlier this year, Merrill Lynch relocated its corporate operations to Australia and sold its retail brokerage to ABN Amro, which has also taken a half stake in retail broker Craig and Co.
Deutsche Securities has also moved its broking operations to Australia while in August JP Morgan sold its retail broking operations to Macquarie Equities Ltd and moved its remaining operations to Auckland from Wellington.
- NZPA
