Apollo Global Management Inc. APO, +1.34% is negotiating a potential stake in CS First Boston, the investment banking unit that’s being spun off of Credit Suisse Group AG CS, +0.85%, The Wall Street Journal reported Tuesday. Citing people familiar with the matter, the article said Apollo is one of a group of financial companies interested in acquiring a position in CS First Boston. Credit Suisse announced plans last year to carve the advisory business out of its investment bank into a new business under the revived name CS First Boston and based in New York City. In a separate deal announced in November, Apollo agreed to manage the $20 billion in remaining assets in Credit Suisse’s securitized products group, as well as purchase a significant portion of the business. Apollo stock is up 13.8% in 2023, compared to a 6.8% rise by the S&P 500 SPX, +0.04%. U.S. listed shares of Credit Suisse are up 15.3% in 2023.
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