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☆ Sunak rolls the dice with Cameron resurrection
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 13 (Reuters Breakingviews) - Rishi Sunak's latest pivot is riskier than it might look. The British prime minister has appointed former leader David Cameron as foreign secretary, part of a reshuffle in which he sacked firebrand Home Secretary Suella Braverman. The move suggests Sunak may be looking to appeal to centrist voters ahead of next year’s national ballot, but that may also make his party more fragile. Cameron, who left parliament in 2016 after proposing a referendum on Brexit he then lost, isn’t an obvious choice for Sunak. Centrist voters may not forgive him for allowing an EU referendum and jumping ship shortly afterwards.

Persons: David Cameron, Suella Braverman, Cameron, Keir Starmer, Sunak, Neil Unmack, George Hay, Streisand Neto Organizations: Reuters, firebrand, Greensill Capital, Conservative, X, Thomson

☆ David Cameron, former PM and now Britain's new foreign minister
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 13 (Reuters) - David Cameron, 57, served as British prime minister from 2010 to 2016, resigning after the outcome of the Brexit vote, when Britain voted to leave the European Union. * In 2013, his government legalised same-sex marriage, which Cameron backed strongly, saying at the time: "I don't support gay marriage in spite of being a Conservative. Britain's former Prime Minister and newly appointed Foreign Secretary David Cameron reacts outside 10 Downing Street in London, Britain November 13, 2023. REUTERS/Suzanne Plunkett Acquire Licensing Rights* As prime minister, Cameron ordered military intervention in Libya, when Britain and its allies led international efforts to help oust then-leader Muammar Gaddafi in early 2011. However, Britain voted for Brexit and he announced he would quit as prime minister the following day.

Persons: David Cameron, Cameron, King William IV, Suzanne Plunkett, Muammar Gaddafi, Sachin Ravikumar, Kate Holton Organizations: Britain, European, Eton College, Oxford University, Conservative, REUTERS, British, Scottish, European Union, Brexit, Greensill, Thomson Locations: London, Britain, Libya, United Kingdom

☆ Julie Steinberg — Reporter at The Wall Street Journal
▼ + stars: | 2023-11-09 | by ( Julie Steinberg | ) www.wsj.com time to read: 1 min

Julie SteinbergJulie Steinberg is the global metals and mining reporter at The Wall Street Journal. Based in London, she writes about miners of all sizes, the race for natural resources and the energy transition. She previously covered large investors, M&A and banks for the Journal in London, Hong Kong and New York. She earlier reported for FINS.com, the finance career website from The Wall Street Journal. Born in Winnipeg, Canada and raised in South Florida, Steinberg graduated from the University of Pennsylvania.

Persons: Julie Steinberg Julie Steinberg, Steinberg Organizations: Wall Street, Journal, Greensill, FINS.com, University of Pennsylvania Locations: London, London , Hong Kong and New York, Winnipeg, Canada, South Florida

☆ SoftBank-backed gifting startup Sendoso just completed its fourth round of layoffs in the last 16 months
▼ + stars: | 2023-10-03 | by ( Samantha Stokes | Madeline Stone | ) www.businessinsider.com time to read: +4 min

SoftBank-backed gifting startup Sendoso laid off an undisclosed number of employees in its latest round of job cuts on Tuesday. This is the fourth time in the last 16 months that Sendoso has axed its headcount: the marketing startup in June 2022 laid off around 100 employees from its then 700-employee workforce, Insider previously reported . Sendoso most recently raised $100 million in a Series C funding round led by SoftBank Vision Fund. Better, which went public in August via a long-delayed SPAC deal, conducted another round of layoffs last month . Do you have information about job cuts at tech startups?

Persons: Sendoso, SoftBank, it's, —, Samantha Stokes, Madeline Stone Organizations: LinkedIn, U.S, Sendoso, SoftBank Vision, Greensill, Stock Locations: Ireland, sstokes@insider.com, mstone@insider.com

☆ SoftBank's View avoids SEC fine, but is still running low on cash. How it went from investor darling to SPAC disaster.
▼ + stars: | 2023-07-05 | by ( Hayley Cuccinello | Aaron Weinman | ) www.businessinsider.com time to read: +3 min

SoftBank-funded View Inc. has been dogged by regulatory troubles for more than a year and a half. The agency declined to fine View as the company self-reported the liability understatement, cooperated with the investigation, and "promptly undertook remedial measures." The SEC order did find that View violated several securities laws pertaining to negligence-based antifraud, internal accounting controls, and other matters. The firm's controversial CEO, Rao Mulpuri, has managed to raise cash for View multiple times when the company ran perilously low on cash, including from the now-bankrupt financier Greensill Capital. This is the second time View has been threatened with delisting since going public via SPAC in March 2021.

Persons: Vidul Prakash, Prakash, Rao Mulpuri, He's Organizations: Inc, Securities and Exchange Commission, SEC, Greensill, New York Stock Exchange Locations: California, SPAC

☆ Credit Suisse lodges $440 mln London claim against SoftBank
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. REUTERS/Pierre AlbouyLONDON, April 19 (Reuters) - Credit Suisse (CSGN.S) has lodged a $440 million claim against Japan's SoftBank Group Corp (9984.T) in London as it presses ahead with formal proceedings in a dispute borne from the failure of Greensill Capital, a finance firm. A SoftBank spokesperson accused Credit Suisse of trying to shift blame for its own poor investment decisions and said the case was entirely without merit. "Credit Suisse continues to prioritize maximising recovery for investors in the supply chain finance funds," a spokesperson for the Swiss lender said. Credit Suisse is the biggest name to date to become ensnared in market turbulence unleashed by the collapse of U.S. lenders Silicon Valley Bank and Signature Bank.

☆ The Swiss claim the U.S. banking crisis ultimately toppled Credit Suisse. But are they right?
▼ + stars: | 2023-03-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Pascal Mora | Bloomberg | Getty Imageswatch nowHowever, the downward spiral of Credit Suisse's share price and mounting asset outflows were underway long before the collapse of Silicon Valley Bank earlier this month. Swiss regulator FINMA has come under fire for allowing the situation to deteriorate as the bank spent years mired in losses and scandal. Mark Yallop, chairman of the U.K.'s Financial Markets Standards Board and former U.K. CEO at UBS, told CNBC on Tuesday that he agreed with the broad assessment that Credit Suisse's downfall was "idiosyncratic." "It's unfortunate that the problems with some of the smaller U.S. banks in the last two or three weeks happened at the same time as this issue with Credit Suisse but the two are completely different and very largely unrelated," he said. By contrast, the Swiss banking and regulatory system has come under fire.

☆ Credit Suisse's $3.2 billion cut-price sale signals an ongoing crisis that could expose unicorn fintechs
▼ + stars: | 2023-03-20 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

The firesale of Credit Suisse to UBS is putting the banking world on high alert. A $54 billion loan from the Swiss National Bank wasn't enough to keep Credit Suisse afloat, and UBS stepped in. Credit Suisse suffered idiosyncratic problems, such as a spying scandal involving former CEO Tidjane Thiam, as well as crises relating to its relationships with hedge fund Archegos Capital and financial group Greensill Capital. "There's already a lot of soul searching about what fintech business models are," says Paul Rolles, an ex-Morgan Stanley managing director and cofounder of money-management service HyperJar. Rolles believes the banking issues of the past couple of weeks are as much about confidence as intrinsic issues.

☆ BlackRock denies report that it's preparing a takeover bid for Credit Suisse
▼ + stars: | 2023-03-18 | by ( Katrina Bishop | ) www.cnbc.com time to read: +2 min

BlackRock headquarters in New York, US, on Friday, Jan. 13, 2023. via Getty ImagesBlackRock has denied a report that it is preparing a takeover bid for embattled Swiss lender Credit Suisse . "BlackRock is not participating in any plans to acquire all or any part of Credit Suisse, and has no interest in doing so," a company spokesperson told CNBC Saturday morning. Its future looks to be hanging in the balance after a multibillion-dollar lifeline offered by the Swiss central bank last week failed to calm investors. Credit Suisse was already in the midst of a massive strategic overhaul aimed at restoring stability and profitability. The default at hedge fund Archegos Capital not long after led to another $5.5 billion loss for the Swiss investment bank.

☆ This fund manager shorted Credit Suisse — and he's sticking with his bet
▼ + stars: | 2023-03-18 | by ( Ganesh Rao | ) www.cnbc.com time to read: +5 min

Barry Norris, fund manager at Argonaut Capital, said Saturday morning that he still expects Credit Suisse 's stock to become worthless. "If this happens we would expect [Credit Suisse] equity holders to get zero, deposit holders guaranteed and probably but not certain that bond holders will be made whole." Norris' Argonaut Absolute Return Fund fund delivered 11.3% in returns last year amid a year of losses for the broader stock market. Credit Suisse has had tumultuous few years, battling various scandals and controversies . Credit Suisse had invested heavily in Greensill and marketed its funds to clients, but the firm collapsed in 2021, leaving Credit Suisse and its customers with $1.7 billion in losses and reputational damage.

Executives will run through the numbers and formulate scenarios that might reshape Credit Suisse's future, the sources added. Credit Suisse declined to comment. Among possible scenarios, analysts, bankers and investors speculate that Credit Suisse could sell or wind down some of its existing businesses with a break-up potentially on the cards. The sell-off in Credit Suisse's shares began in 2021, triggered by losses associated with the collapse of investment fund Archegos and Greensill Capital. In December, Credit Suisse had tapped investors for 4 billion Swiss francs.

☆ From spying to Swiss bailout: How years of turbulence at Credit Suisse came to a head
▼ + stars: | 2023-03-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland February 21, 2022. The announcement that Credit Suisse would borrow up to 50 billion Swiss francs ($54 billion) from the central bank came after consecutive sessions of steep drops in its share price. It made Credit Suisse the first major bank to receive such an intervention since the 2008 Global Financial Crisis. Scandals Credit Suisse is currently undergoing a massive strategic overhaul in a bid to address these chronic issues. These oversight failures resulted in a massive shakeup of Credit Suisse's investment banking, risk and compliance and asset management divisions.

☆ Factbox: Credit Suisse's troubles - spies, money laundering and takeover
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +6 min

Credit Suisse has said it expects the case, which it is appealing, to cost it around $600 million. The hedge fund's highly leveraged bets on certain technology stocks backfired and the value of its portfolio with Credit Suisse plummeted. Swiss regulators have rebuked Credit Suisse for "serious" failings in its handling of the multi-billion dollar business with Greensill. Switzerland's financial regulator said Credit Suisse had misled it about the scale of the spying. In response, Credit Suisse said it condemned the spying and had taken "decisive" steps to improve its governance and strengthen compliance.

☆ What happened at Credit Suisse and how did it reach crisis point?
▼ + stars: | 2023-03-16 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

In December, Credit Suisse had tapped investors for 4 billion Swiss francs. Credit Suisse shares have lost more than 75% of their value over the past twelve months. Reuters Graphics Reuters GraphicsWHAT STEPS CAN CREDIT SUISSE TAKE TO CALM INVESTORS? HOW IMPORTANT IS CREDIT SUISSE? Credit Suisse has a local Swiss bank, wealth management, investment banking and asset management operations.

☆ Explainer: Credit Suisse: How did it get to crisis point?
▼ + stars: | 2023-03-16 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

Credit Suisse confirmed last month that clients had pulled 110 billion Swiss francs of funds in the fourth quarter while the bank suffered its biggest annual loss of 7.29 billion Swiss francs since the financial crisis. In December, Credit Suisse had tapped investors for 4 billion Swiss francs. Reuters Graphics Reuters GraphicsWHAT STEPS CAN CREDIT SUISSE TAKE TO CALM INVESTORS? HOW IMPORTANT IS CREDIT SUISSE? Credit Suisse has a local Swiss bank, wealth management, investment banking and asset management operations.

☆ How Credit Suisse has evolved over 167 years
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +5 min

Here is how Credit Suisse has developed over 167 years:1856Politician and business leader Alfred Escher founds Schweizerische Kreditanstalt (SKA) to finance the expansion of the railroad network and promote Swiss industrialisation. 1997A reorganisation turns CS Holding into Credit Suisse Group and drops the SKA name; it also buys insurer Winterthur, a strategic partner. 2002A reorganisation creates two units: Credit Suisse Financial Services and Credit Suisse First Boston; two years later it splits into three units by adding Winterthur. 2005Credit Suisse and CSFB merge and stop using the Credit Suisse First Boston brand name. The Swiss authorities provide assurances that Credit Suisse has met "the capital and liquidity requirements imposed on systemically important banks".

☆ Factbox: FACTBOX Credit Suisse's troubles - spies, money laundering and central bank cash
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +6 min

Lescaudron was convicted by a Swiss court in 2018 of having forged the signatures of former clients, including Ivanishvili, over an eight-year period. Credit Suisse has said it expects the case, which it is appealing, to cost it around $600 million. The hedge fund's highly leveraged bets on certain technology stocks backfired and the value of its portfolio with Credit Suisse plummeted. Swiss regulators have rebuked Credit Suisse for "serious" failings in its handling of the multi-billion dollar business with Greensill. In response, Credit Suisse said it condemned the spying and had taken "decisive" steps to improve its governance and strengthen compliance.

☆ West Virginia Gov. Jim Justice Puts Family Coal Business Up for Sale
▼ + stars: | 2023-03-14 | by ( Julie Steinberg | ) www.wsj.com time to read: 1 min

Jim Justice and his family members took out $850 million in personally backed loans from the now-collapsed firm Greensill Capital. West Virginia Gov. Jim Justice wants to sell his family’s coal business, according to his lawyer and other people familiar with the matter, a move that would help resolve substantial debts in advance of a possible challenge for the U.S. Senate seat held by centrist Democrat Joe Manchin . Mr. Justice, a Republican in his second term as governor, owns a sprawling empire of coal mines, processing facilities, agricultural interests and the landmark Greenbrier resort in West Virginia. But he has endured financial difficulties in recent years, made worse after he and his family members took out $850 million in personally backed loans from the now-collapsed firm Greensill Capital.

☆ Credit Suisse Breached Law in Greensill Lapses, Regulator Says
▼ + stars: | 2023-02-28 | by ( Margot Patrick | ) www.wsj.com time to read: 1 min

Credit Suisse said it had made a raft of improvements following its own review of its dealings with Greensill. Credit Suisse Group AG failed in its duties as an asset manager and violated Swiss supervisory law in its operation of $10 billion in investment funds with now-bankrupt financing partner Greensill Capital Management. Switzerland’s financial regulator, Finma, outlined a range of measures the bank must take to improve governance and comply with Swiss rules. It said it opened enforcement proceedings against four former Credit Suisse managers.

☆ Credit Suisse 'seriously breached' obligations in Greensill case, Swiss regulator says
▼ + stars: | 2023-02-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

The logo of Credit Suisse Group in Davos, Switzerland, on Monday, Jan. 16, 2023.Credit Suisse "seriously breached its supervisory obligations" in the context of its business relationship with financier Lex Greensill and his companies, Swiss regulator FINMA concluded Tuesday. Credit Suisse CEO Ulrich Körner welcomed the conclusion of the FINMA investigation in a statement Tuesday. In March 2021, Credit Suisse closed four supply chain finance funds at short notice related to Greensill companies. FINMA announced Tuesday that it has ordered remedial measures and opened four enforcement proceedings against former Credit Suisse managers. Credit Suisse noted that all of the requirements identified by the regulator "are being addressed through the organizational measures already underway."

☆ Credit Suisse winds down second Greensill-linked fund
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Feb 2 (Reuters) - Credit Suisse (CSGN.S) on Thursday announced it had completed the liquidation process of the second of its four funds linked to collapsed supply chain financing firm Greensill Capital. A final payment scheduled for February 6 will bring the total amount returned to investors in Nova, the Luxembourg domiciled investment grade fund, to $256 million, which represents between 99.4% and 99.9% of the fund's total, depending on share class. In November, Switzerland's second largest bank announced it had wound up its Liechtenstein Supply Chain Finance Fund. Reporting by Noele Illien; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Tycoon Who Blew Up a Finance Company Is Now Fighting Over Hedgerows
▼ + stars: | 2023-01-13 | by ( Julie Steinberg | ) www.wsj.com time to read: 1 min

SAUGHALL, U.K.—Inveterate deal maker Lex Greensill has another project to sell: convincing neighbors that he can revitalize a patch of northern England by planting 100,000 trees. The financier is best known for his disastrous bid to reinvent the dull-but-important business of supply-chain finance, through the now-bankrupt Greensill Capital. The business imploded nearly two years ago, spawning a thicket of regulatory investigations, scrutiny of his political ties, accusations of fraud and headaches for partners such as Credit Suisse Group AG.

☆ Fallen Financier Lex Greensill Tangles With a Local Council Over Hedgerows
▼ + stars: | 2023-01-13 | by ( Julie Steinberg | ) www.wsj.com time to read: 1 min

☆ Credit Suisse bonds, stock fall as bank turnaround worries investors
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +2 min

Nov 28 (Reuters) - Credit Suisse bonds fell and the cost of insuring its debt against default rose on Monday as the Swiss bank struggled to win over rattled investors following an exodus of client cash and with more litigation on the horizon. The bank had also revealed in an official filing for a capital hike that the U.S. Federal Reserve had said it intended to pursue an investigation of Credit Suisse over collapsed U.S. investment firm Archegos. Credit Suisse CDS opened the year at 57 bps. The Federal Reserve announcement suggests the bank could face additional fines related to its connection to Archegos, whose collapse rocked Wall Street as its highly leveraged stock bets went sour. Credit Suisse's 4 billion franc capital raising is designed to help put the bank back back on track following the biggest crisis in its 166-year history.

☆ Liberty Steel agrees debt restructuring deal
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 15 (Reuters) - The Liberty Steel group owned by commodities tycoon Sanjeev Gupta has reached an agreement to restructure much of its debt for global operations, it said on Tuesday, while negotiations continue on the debt of its European business. Liberty said in a statement that it had signed a term sheet subject to contract on an agreement in principle on debt restructuring with parties responsible for the main creditors of Greensill Capital UK Ltd, Greensill Bank AG and Credit Suisse Asset Management (CSGN.S). The company said in June that it had reached a standstill agreement with its largest creditor, Greensill Bank, on debt facilities for its European business. Tuesday's statement said Liberty was in the process of negotiating a similar term sheet for restructuring debt for the European business. German-based Greensill Bank is a subsidiary of Greensill Capital, which lent money to businesses by buying their invoices at a discount, but it collapsed after one of its main insurers declined to renew its cover.

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