The history of Credit Suisse First Boston dates back to 1932, when The First of Boston Corporation was established as a subsidiary of The First National Bank of Boston. In 1923, as a result of the 1933 Glass-Steagall Act, The First of Boston Corporation severed its ties with The First National Bank of Boston, changed its name to The First Boston Corporation, and became the first (and for many years, the only) publicly-owned major investment banking firm. Several key members of Chase Harris Forbes Corporation, the securities affiliate of Chase National Bank, joined the new investment bank. With 650 employees and $9 million in capital, the firm soon became a leading bond underwriter and trader. In 1946, Mellon Securities Corporation merged into The First Boston Corporation. Mellon's franchise with industrial clients led to some major deals: initial debt offers for the World Bank, Hydro Quebec, and a 2.2 million share offering for Gulf Oil Corporation in 1948 (the largest equity offering until that time). By 1947, The First Boston Corporation surpassed $1 billion in new capital issues, and in 1959 it reintroduced the credit of Japan to the American markets with the first offerings by its government since 1930. This led to significant expansion in operations for The First Boston Corporation. By 1970, the Firm was raising more than $10 billion in new capital annually. In 1971, The First Boston Corporation joined the New York Stock Exchange, developed its equity, sales, research, and trading operations and soon established an equity business to compliment its debt operations. In 1978, The First Boston Corporation took the first step in its affiliation with Credit Suisse by replacing White Weld & Co. as a shareholder of Financiére Crédit Suisse-First Boston (formerly Société Anonyme du Credit Suisse et de White Weld), a leading international trading, investment banking and asset management group in Europe. Financiére Crédit Suisse-First Boston's main subsidiary, Credit Suisse First Boston Limited in London, became one of the premier Eurobond houses. In 1988, in conjunction with the combination of the firm's parent company, CS Holding. The First Boston Corporation became a privately-held company, renamed CS First Boston, Inc. Ownership of Financiére Crédit Suisse-First Boston passed entirely to The First Boston Corporation and, at the same time, The First Boston Corporation acquired all its own shares held by the public. As a result of this reorganization, CS Holding became a direct shareholder of the newly renamed CS First Boston, Inc. From 1989 to 1993, CS First Boston operated through its three main regional subsidiaries: The First Boston Corporation in the United States, Financiére Crédit Suisse-First Boston in Europe and CS First Boston Pacific in the Asia/Pacific region. In 1993, CS First Boston integrated the three regional operations into one global investment bank and operated under a single name, CS First Boston until 1997. On January 1, 1997, CS First Boston and Credit Suisse consolidated businesses into Credit Suisse First Boston (CSFB) and the parent company was renamed Credit Suisse Group. Today, CSFP is a leading global investment banking firm and provides a comprehensive range of financial advisory, capital-raising, sales and trading and financial products for users and suppliers of capital around the world. In 1998, CSFB had over 12,000 employees in over 50 offices and over 30 countries. Credit Suisse First Boston is one of the world's largest securities firms in terms of financial resources, with approximately $7.1 billion in revenues in 1997, $7.3 billion in equity capital and $310 billion in assets as of December 31, 1997.