Apollo is reportedly negotiating stake in CS First Boston spin-off

EPA-EFE/ENNIO LEANZA

Apollo Global Management is amid a group of financial companies in discussions to take a stake in Credit Suisse Group AG's renovated investment bank, the Wall Street Journal reported Tuesday, citing people familiar with the matter.

Credit Suisse First Boston (also known as CSFB and CS First Boston) is a New York-based investment banking subsidiary of Credit Suisse. According to the report, ongoing talks with Apollo could still fall through.

Moreover, bank executives cited by the Wall Street Journal said the spin-off of CS First Boston provides Credit Suisse with an opportunity to revive a failing unit and smooth out its earnings volatility. The amount of possible participation could not be known.

Baha Breaking News (BBN) / JG