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☆ Extreme heat cuts into US small business, worker hours in July, report shows
  + stars: | 2023-08-01 | by ( Safiyah Riddle | ) www.reuters.com   time to read: +3 min
REUTERS/Carlos BarriaAug 1 (Reuters) - Record-breaking heat waves across the U.S. forced small businesses to close early in July, according to a report released on Tuesday, and reduced paid working hours for employees as dangerous temperatures reshape consumer behavior. Hundreds of millions Americans dealt with extreme heat advisories in the past two weeks, as temperatures across the South and Southwest hit historic highs. These hazardous conditions have kept consumers inside and forced small businesses to close early - cutting into paid hours for employees - according to a report by the small business payroll company Homebase. Nationally, small business employees worked 0.9% fewer hours in the first two weeks of July compared with the last two weeks of June - a standard seasonal change that is typical of summer months - the report said. Small business employees in New Orleans and Memphis, for example, were on the clock 5.7% and 5.1% less, respectively, than they were in June as business owners shorten hours to adjust for fewer customers and try to protect employees from too much heat exposure.
Persons: Carlos Barria, slowdowns, John Waldmann, Danah Lee, Lee, I've, Travis Parsons, Parsons, It's, Safiyah Riddle, Dan Burns Organizations: REUTERS, Southwest, Homebase, Memphis, Boston, Taco Joint, Weather Service, International Union of, Thomson Locations: Scottsdale, Phoenix, Arizona, U.S, New Orleans, Memphis, International Union of North America, Canada
☆ Credit Suisse seeks investors after buying Klein's advisory boutique
  + stars: | 2023-02-09 | by ( Stefania Spezzati John O'Donnell | Stefania Spezzati | John O'Donnell | ) www.reuters.com   time to read: +4 min
FRANKFURT, Feb 9 (Reuters) - Credit Suisse (CSGN.S) has taken another step towards creating a standalone investment bank by buying Michael Klein's advisory boutique, but gave few clues on Thursday about potential investors who might back the business with new capital. In October, Credit Suisse Chief Executive Officer Ulrich Koerner said the bank had already a commitment from an investor without giving a name. The plan has raised concerns from Credit Suisse shareholders over potential conflicts of interest. Credit Suisse said it would keep control over the structure of CS First Boston. CEO Koerner said: "The ties between the new Credit Suisse and CS First Boston are obviously super-deep and will stay super-deep."
☆ Credit Suisse moves towards carve out of investment banking arm
  + stars: | 2023-02-09 | by ( ) www.reuters.com   time to read: +2 min
The bank, battling to recover from a series of scandals and heavy losses, said it had agreed to buy the investment banking business of M. Klein & Company LLC, for $175 million. Credit Suisse did not provide details on other investors that may back CS First Boston. Credit Suisse has been marketing CS First Boston to investors as a "super boutique" and sees revenue eventually more than doubling to as much as $3.5 billion, Reuters reported on Monday. Still, given the "challenging market backdrop", Credit Suisse expects its investment banking division - which includes some activities that may not move across to CS First Boston - to report a loss in the first quarter. Credit Suisse said it would keep control over the structure of CS First Boston.
☆ Credit Suisse mulls IPO for CS First Boston - source
  + stars: | 2022-10-27 | by ( ) www.reuters.com   time to read: +1 min
ZURICH, Oct 27 (Reuters) - Credit Suisse (CSGN.S) is exploring the possibility of an initial public offering for its CS First Boston spinoff, a source familiar with the matter told Reuters on Thursday. The Swiss bank is starting out as the majority shareholder for the newly created investment bank entity, but sees an IPO as a future option, the source said. An unnamed investment company has already committed to inject $500 million into CS First Boston, focused on advisory and capital markets, Chief Executive Ulrich Koerner said. Saudi National Bank, which is taking a stake of up to 9.9% in Credit Suisse Group, has also said it was ready to put money into the investment bank spinoff. Credit Suisse board member Michael Klein will step down and become chief executive of the new CS First Boston entity, which will be headquartered in New York.
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