After hiring a law firm to investigate perhaps $80 million of losses in its mortgage trading division, Credit Suisse First Boston immediately moved to reorganize its operations with the appointment of three mortgage executives - Andrew Kimura, Michael Marriott and Ben Aitkenhead - to oversee its mortgage and structured-product business. The move aims to revamp the mortgage group by combining ABS, CMBS and RMBS units, across its risk, sales and trading operations.

The move follows the abrupt departure of Matthew Ruppel, co-head of CSFB's mortgage trading division (he was promoted sometime in mid-November), who left two weeks ago amid the investigation into what could add up to $80 million in losses incurred in November. At CSFB since 1999, Ruppel is credited with helping boost his division's revenues to around $400 million in 2001 and 2002, according to press reports.

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