FleetBoston to sell Robertson Stephens

FleetBoston Financial said it will sell its boutique investment firm Roberston Stephens, which is focused on high-tech and biotech. FleetBoston said the sale of Roberston Stephens, and certain other businesses, reflects its effort to re-focus on its core businesses such as personal financial services and wholesale banking. FleetBoston CEO Chad Gifford said in a statement that "Robertson was very profitable in 1998 through 2000. But the market turned negative in 2001 and it is increasingly clear that advantage in the future will accrue to the large diversified investment banking firms." ...