US-based private-equity firm Apollo Global is reportedly in talks to buy a stake in Credit Suisse’s investment bank.

According to the Wall Street Journal, the pair are in continued talks which could yet fall apart. The size of the potential stake and value of the deal were not mentioned by the report.

Apollo had previously agreed to acquire a “significant part” of Credit Suisse’s securitised-products group in November 2022.

Credit Suisse initially announced plans last year to reshape its investment bank under the new CS First Boston brand, which it said would be “global with a presence in all regions where it has a competitive advantage”. It also last year said that it had secured $500 million in funding from an unnamed investor.

The bank will hope that the new spinoff, led by former Citigroup banker Michael Klein, will revive this previously embattled division of Credit Suisse. It will focus on aspects of the investment-banking business that require less capital such as advising on mergers and acquisitions.

Credit Suisse has also agreed to take over Klein’s advisory business and pay him along with other staff who will join CS First Boston in stock. Klein’s reputation has also led multiple employees who may have left the bank to stay in order to see if he can turn things around, the report said.

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