DIRS.INFO The most relevant business & tech news

☆ Exclusive: Swiss financial watchdog reviewing Credit Suisse chairman's comments - sources
▼ + stars: | 2023-02-20 | by ( Oliver Hirt | ) www.reuters.com time to read: +3 min

ZURICH, Feb 20 (Reuters) - Swiss financial regulator Finma is reviewing remarks made by Credit Suisse Group (CSGN.S) Chairman Axel Lehmann about outflows from the lender having stabilized in early December, two people with knowledge of the matter told Reuters. Lehmann told the Financial Times in an interview streamed online on Dec. 1 that after strong outflows in October, they had "completely flattened out" and "partially reversed". Credit Suisse shares rose 9.3% on Dec. 2. A Credit Suisse spokesperson said the bank does "not comment on speculation." Finma's scrutiny adds to the challenges faced by Credit Suisse, which has been rocked by scandals in recent years.

☆ Credit Suisse staffer took salary data - Bloomberg News
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Feb 14 (Reuters) - Credit Suisse this week notified its workforce that a staff member, who has since left the Swiss bank, took some of their personal data, Bloomberg News reported on Tuesday. The breach included information on salaries and variable compensation between 2013 and 2015, as well as bank account information used for salary payments, the report said. The employee, who has since left the company, had legitimate systems access to the data at the time, Switzerland's second largest bank said. “To date, there is no evidence of any onward transmission or intent to use the data in any way,” a Credit Suisse spokesperson wrote in an email. Reporting by Noele Illien and Oliver Hirt; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse investor loses faith in management over cash outflows
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +3 min

Thomae said investors were particularly disappointed that withdrawals had continued after Credit Suisse CEO Ulrich Koerner and Chairman Axel Lehmann had said the situation had stabilised. Deka, which is owned by Germany's unlisted savings banks, holds a stake of 0.02% in Credit Suisse, according to Refinitiv data. Credit Suisse shares rebounded on Friday, gaining nearly 4% after losing nearly 15% on Thursday when shareholders took fright at results described by one shareholder as "catastrophic." The market is still wondering what the risk/return profile of “New Credit Suisse” will look like," Venditti said. Ratings agencies said Credit Suisse had 'some momentum' in its restructuring, including disposing of non core assets and slashing costs, but faced significant risks ahead.

For the fourth quarter, Switzerland's second-biggest bank posted a net loss of 1.39 billion francs. That brought its total net loss in 2022 to 7.29 billion francs, marking its second straight year in the red. The bank, however, completed a 4 billion Swiss franc fundraising in December and said liquidity levels had been boosted. Chief Executive Ulrich Koerner said last month that Credit Suisse was "seeing money now coming back in different parts of the firm." "We have a clear plan to create a new Credit Suisse and intend to continue to deliver on our three-year strategic transformation," Koerner said on Thursday.

The campaign increases the pressure on non-executive Chairman Norbert Winkeljohann, who has faced calls from large shareholders for the swift replacement of Chief Executive Werner Baumann, who engineered Bayer's troubled Monsanto takeover. The approaches come after Ubben's activist investment fund Inclusive Capital Partners said last month it had bought a 0.83% stake in Bayer. David Herro, deputy chairman of Harris Associates, told Reuters in brief emailed comments that Ubben had contacted him to discuss Bayer. A spokesperson said Bayer was always open to a constructive dialogue with shareholders and declined to comment further. Investors who have publicly called for a swift CEO change hold at least a combined 6.7% in Bayer, according to Refinitiv data.

The new shares bring the QIA's ownership in Credit Suisse to 6.87%, amounting to 272.25 million shares, from 5.57% as reported in its last SEC filing in November. Credit Suisse declined to comment when contacted by Reuters on Monday and the QIA did not immediately respond to a request for comment. Credit Suisse's shares rose 2.2% on Monday to close at 3.15 Swiss francs. SNB, along with the QIA and Olayan Group, account for about 20% of Credit Suisse shares. Credit Suisse outlined plans in October to raise 4 billion Swiss francs from investors, cut thousands of jobs and shift its focus from investment banking towards its rich clients.

"The successful completion of the capital increase is a key milestone for the new Credit Suisse," its chief executive Ulrich Koerner said in a statement. Credit Suisse had already raised 1.8 billion francs by placing stock with a group of institutional investors led by Saudi National Bank (1180.SE). The exercise of subscription rights left only 16.4 million shares unsold. These are due to be sold on the market at or above the offer price of 2.52 Swiss francs, Credit Suisse said. Credit Suisse, has been battered by mishaps, including a $5.5 billion loss on U.S. investment firm Archegos.

Credit Suisse has already placed some 1.8 billion francs worth of shares with a group of institutional investors led by Saudi National Bank. "The rights issue is the necessary start to the process, said Jerome Legras of Axiom Alternative Investments. REVAMP AND RECORD LOWSCredit Suisse shares, which have plumbed record lows, were buoyed last week as its leadership sought to reassure markets. After closing above 3 Swiss francs on Monday, they have retreated slightly, finishing Wednesday’s session at 2.851 Swiss francs. Crucially, they have held above the deal subscription price of 2.52 Swiss francs and were at 2.821 Swiss francs, down around 1% in mid-session trade on Thursday.

☆ Analysis: Investors face dilemma as capital increases fill IPO void
▼ + stars: | 2022-12-06 | by ( Pablo Mayo Cerqueiro | Oliver Hirt | ) www.reuters.com time to read: +4 min

"This is a test as to whether shareholders want to support a company they know well already," he said. In contrast with a drought of initial public offerings (IPO), EMEA companies have raised an overall 33.3 billion euros ($34.99 billion) through capital increases so far this year. Meanwhile, fund managers' cash holdings stand at a near 21-year peak, according to poll data from Bank of America. "However, the market could see more firms turn to shareholders for funding given the rising cost of debt and changing outlook," he added. ($1 = 0.9517 euros)Reporting by Pablo Mayo Cerqueiro and Oliver Hirt; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ J.P. Morgan private bank invests in two Swiss fintechs
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Dec 1 (Reuters) - J.P. Morgan Private Bank has invested in two Swiss fintech companies that specialise in software that helps advisers customise portfolios for wealthy clients in Europe, the Middle East, Latin America and Asia, it said on Thursday. It gave no financial details of what it called a "strategic" investment in Edge Laboratories SA and Evooq SA (Evooq), which were already partners. Their software focuses on analysing risk, building and optimising portfolios, and offering advisory platforms. Edgelab and Evooq, which together employ 285 staff, work for large banks, wealth managers and pension funds. J.P. Morgan Private Bank, which manages around $1.8 trillion, has since 2021 bought fintech companies OpenInvest and Global Shares and invested in data groups Kraft Analytics Group and MioTech.

[1/4] A Christmas tree is decorated in front of the headquarters of Swiss bank Credit Suisse in Zurich, Switzerland November 23, 2022. Credit Suisse declined to comment on job cuts in the Hong Kong private banking business. Credit Suisse said in October it intends to reduce its cost base by around 2.5 billion Swiss francs ($2.67 billion) to about 14.5 billion in 2025. Client outflows have partially reversed and very few clients have left entirely, Credit Suisse Chairman Axel Lehmann told a Financial Times conference on Thursday. The fresh round of private banking cuts signals challenges facing Credit Suisse as it shifts towards banking for the wealthy, after vowing to ramp up wealth management globally.

☆ UBS not seeking to benefit from crisis at Credit Suisse- chair
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Nov 30 (Reuters) - UBS (UBSG.S) is not actively benefiting from the crisis at rival Credit Suisse (CSGN.S), UBS Chairman Colm Kelleher told a Financial Times banking conference. He also said rich clients at UBS, the world's biggest wealth manager, were holding more cash than at any time since the financial crisis of 2008. Reporting by Noele Illien and Oliver Hirt, Editing by Michael ShieldsOur Standards: The Thomson Reuters Trust Principles.

Around 60% of Credit Suisse's wealth business is exposure to what it calls growth markets such as the Asia-Pacific region and emerging markets, and the other main part is business with ultra-wealthy entrepreneurs. De Ferrari said some of the best opportunities come in the "high net" business, clients who have $5-25 million to invest. Credit Suisse had been rocked in early October by wild market swings and a social media storm. "Everybody said we love Credit Suisse. Key to wealth management's success as a core business at Credit Suisse is focusing on its offerings and its top 20 markets and exiting from some others, he said.

☆ Harris Associates backs Credit Suisse handling of governance
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Nov 11 (Reuters) - Credit Suisse (CSGN.S) shareholder Harris Associates backed the Swiss bank's handling of any potential conflicts of interest for Michael Klein, then board member, and director Blythe Masters when it implemented a sweeping overhaul last month. "We believe they have properly dealt with situations where there have been conflicts," Deputy Chairman David Herro said in an emailed comment. Reuters earlier reported the bank's recent decision to exit certain investment banking activities is drawing scrutiny from at least two investors and a proxy adviser worried about how Credit Suisse managed potential conflicts of interest. Reporting by Oliver Hirt, writing by Michael Shields, Editing by Elisa MartinuzziOur Standards: The Thomson Reuters Trust Principles.

The company will be a preferred long-term partner for Credit Suisse, the bank has said. Credit Suisse declined to comment beyond Lehmann's remarks Oct. 27 when the bank unveiled the restructuring. The investment bank spin-off and the sale of the securitized products unit to Apollo are key planks of the reorganization. Klein, a 59-year-old former Citigroup rainmaker who runs advisory boutique M. Klein & Co, has been a Credit Suisse board member since 2018. Klein and Credit Suisse also have discussed combining M. Klein & Co into CS First Boston, according to one source familiar with the discussions.

☆ 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.

A clock is seen near the logo of Swiss bank Credit Suisse at the Paradeplatz square in Zurich, Switzerland October 5, 2022. Credit Suisse is also considering spinning off part of its advisory and investment banking business, which could bring in outside investors and be named First Boston, Bloomberg has reported. If such deals do not materialize or fall short of expectations, Credit Suisse will go for a capital increase, said that person. "I am more worried that Credit Suisse will be bought at a bargain price by an American bank," he said. Ray Soudah, Chairman of Swiss mergers and acquisitions specialist Millenium Associates, said disposals risked making Credit Suisse "an even greater target".

A clock is seen near the logo of Swiss bank Credit Suisse at the Paradeplatz square in Zurich, Switzerland October 5, 2022. Abu Dhabi and Saudi Arabia were weighing up, through their sovereign wealth funds, whether to put money into Credit Suisse's investment bank and other businesses, Bloomberg reported. A spokesperson for Credit Suisse declined to comment, reiterating that it will update on its strategy review when it announces third-quarter earnings. The largest Middle Eastern sovereign fund investor in Credit Suisse, the Qatar Investment Authority, declined to comment. The New Jersey case was the largest of its remaining exposure on its legacy RMBS business, Credit Suisse said, with five remaining cases, all far smaller, still in litigation.

☆ Credit Suisse pays $495 mln to settle legacy U.S. case
▼ + stars: | 2022-10-17 | by ( John Revill | ) www.reuters.com time to read: +4 min

The latest RMBS case, brought by the New Jersey Attorney General, alleged Credit Suisse had "misled investors and engaged in fraud or deceit in connection with the offer and sale of RMBS." "Credit Suisse is pleased to have reached an agreement that allows the bank to resolve the only remaining RMBS matter involving claims by a regulator," the bank said in a statement. "The settlement, for which Credit Suisse is fully provisioned, marks another important step in the bank’s efforts to pro-actively resolve litigation and legacy issues." The New Jersey case was the largest of its remaining exposure on its legacy RMBS business, Credit Suisse said, with five remaining cases at various stages of litigation. The U.S. Justice Department is also investigating whether Credit Suisse continued helping U.S. clients hide assets from authorities, eight years after the Swiss bank paid a $2.6-billion tax evasion settlement.

☆ Credit Suisse capital gap conundrum draws analyst answers
▼ + stars: | 2022-10-14 | by ( Noele Illien | ) www.reuters.com time to read: +4 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland October 4, 2022. A spokesperson for Credit Suisse, which will unveil its strategic review alongside its results on Oct. 27, said it would be premature to comment on any outcome before then. Credit Suisse shares have plunged almost 50% since the start of the year, trimming its market value to 11.88 billion francs. Credit Suisse's five-year credit default swaps, a key risk benchmark, were indicated as high as 363 basis points on Wednesday, data from S&P Global Market Intelligence shows. "Credit Suisse is facing the biggest upheaval the bank has ever seen," Thomae from Deka Investment said.

☆ Leonteq shares hammered after FT report on unusual trading activity
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

The FT reported on Monday that whistleblowers have accused auditor EY of whitewashing suspicious trades, including money laundering and tax evasion in an investigation it conducted this year for Leonteq, a long-standing client. It said that investigations by Leonteq and EY found there "were no material shortcomings". At the core of the complaints reported by the FT are two trades that Leonteq created for French workers co-operative society ID Formation at the start of 2021. Since Friday's close, the shares have lost more than 24%, marking the biggest two-day drop since late 2016. "Publication of the EY report or an additional appraisal through an external auditor would provide urgently needed visibility.

☆ JP Morgan Swiss head Bossart moves to Rothschild & Co
▼ + stars: | 2022-09-29 | by ( Oliver Hirt | ) www.reuters.com time to read: +2 min

ZURICH, Sept 29 (Reuters) - U.S. investment bank JP Morgan's head of Switzerland, Nick Bossart, is moving to Rothschild & Co (ROTH.PA) to lead its Swiss advisory business for mergers and capital market transactions, two people familiar with the situation told Reuters. With Bossart, the French investment bank wants to expand its market share in Switzerland. During this time, he made JP Morgan the third-largest investment bank in Switzerland after Credit Suisse (CSGN.S) and UBS (UBSG.S). Before joining JP Morgan, he worked at Deutsche Bank (DBKGn.DE) and UBS. JP Morgan had said in July that Bossart was leaving and would be replaced by Reinout Böttcher.

☆ Credit Suisse loses top executives Welter and McCarthy
▼ + stars: | 2022-09-27 | by ( Silke Koltrowitz | ) www.reuters.com time to read: +2 min

ZURICH, Sept 27 (Reuters) - Credit Suisse (CSGN.S) announced the departure of two senior executives, global co-head of banking Jens Welter and global head of global credit products Daniel McCarthy, in memos seen by Reuters, in a blow to the Swiss bank as it gets ready for a major restructuring. Shaken by a string of scandals and losses, Switzerland's second-largest bank is currently preparing a strategy review including a radical overhaul of its investment bank. read moreThe bank said that Welter, its global co-head of banking and EMEA co-head of investment banking and capital markets (IBCM), had decided to leave the bank. Rival Citigroup said in a Tuesday statement that Welter was joining it in December as co-head of EMEA Banking, Capital Markets and Advisory, after 27 years at Credit Suisse. Reuters reported last week that Credit Suisse is sounding out investors for fresh cash as it attempts an overhaul of its investment bank.

☆ Credit Suisse co-head of global banking Welter to join Citigroup
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Sept 27 (Reuters) - Credit Suisse's (CSGN.S) global co-head of banking and EMEA co-head of investment banking and capital markets Jens Welter is leaving to join Citigroup , in a blow to the Swiss bank as it prepares for a major restructuring. Veteran Credit Suisse banker Welter, who was appointed to the role at Switzerland's second-largest lender in January, will join Citi in December as its co-head of EMEA Banking, Capital Markets and Advisory, Citigroup said in a statement on Tuesday. Credit Suisse, which is due to reveal details of its strategy review on Oct. 27, was not immediately available for comment. read moreReuters reported last week that Credit Suisse is sounding out investors for fresh cash as it attempts a radical overhaul of its investment bank. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Silke Koltrowitz and Oliver Hirt; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Swastika-wearing gunman kills 13, wounds 21 in school shooting in Russia, officials say
▼ + stars: | 2022-09-26 | by ( ) www.nbcnews.com time to read: +1 min

MOSCOW, Russia — A gunman with a swastika on his T-hirt killed 13 people, including seven children, and wounded at least 21 at a school in Russia on Monday before dying by suicide, investigators said. The identity of the attacker and the motive for the shooting in Izhevsk, about 600 miles east of Moscow, were not clear. Tass news agency quoted investigators as saying the attacker was armed with two pistols and a large supply of ammunition. In May 2021, a teenage gunman killed seven children and two adults in the city of Kazan. In April 2022, an armed man killed two children and a teacher at a kindergarten in the central Ulyanovsk region before dying by suicide.

Search resuls for: "Hirt"

25 mentions found