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☆ Austrian rail strike to go ahead on Monday
▼ + stars: | 2022-11-27 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Nov 27 (Reuters) - Austria's rail workers will stage a strike on Monday that will shut down all train traffic throughout the country after last minute pay negotiations fell through. Wedged between eight countries including Italy, Germany, Switzerland, Hungary and the Czech Republic, Austria is an important hub for European rail travel. The main rail workers’ union had called for a 400 Euro pay rise for the sector's 50,000 employees. After the fifth round of negotiations fell through on Sunday, it called the "warning strike" which will last for the whole of Monday and also affect cross-border rail traffic, including night trains. Reporting by Noele Illien; Editing by Frank Jack DanielOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse issues 462 mln shares to qualified investors in $4 billion capital hike
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Nov 24 (Reuters) - Credit Suisse (CSGN.S) has issued 462 million new shares to qualified investors at 3.82 Swiss francs ($4.05) per share, the bank said on Thursday, outlining details of its 4 billion franc capital hike. The capital increase, which was approved by investors on Wednesday, is intended to fund the embattled bank's turnaround plan as it recovers from a series of scandals and losses. ($1 = 0.9431 Swiss francs)Reporting by Noele Illien; Editing by John RevillOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse offers 889 mln shares to existing investors in $4 bln capital hike
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +2 min

ZURICH, Nov 24 (Reuters) - Credit Suisse (CSGN.S) has made 889 million new shares available to existing investors at 2.52 Swiss francs ($2.67) per share, the bank said on Thursday, confirming the final terms of its 4 billion franc capital hike. The share issue is expected to raise roughly 2.24 billion Swiss francs, Credit Suisse said. The 4 billion francs Credit Suisse expects to raise from the share placement and the rights offering will be used to support its restructuring and shift away from investment banking. Credit Suisse shares, which have lost 59% of their value so far this year, closed on Thursday at 3.551 francs. The nominal share capital of Credit Suisse Group has already risen 17% following the completion of the share placement portion of the capital hike.

☆ Credit Suisse shareholders approve 4 billion Swiss franc capital raise
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 22 (Reuters) - Credit Suisse (CSGN.S) shareholders approved on Wednesday a 4 billion Swiss franc ($4.20 billion) share capital hike intended to fund the embattled Swiss bank's turnaround. Some 92% and 98% of shareholders at an extraordinary general meeting supported the two share capital increases which were first proposed last month under the scandal prone bank's restructuring plan. "Today’s vote by shareholders marks a further important step in our journey to build the new Credit Suisse" chairman Axel Lehmann said after Wednesday's result. "This vote confirms confidence in the strategy, as we presented it in October, and we are fully focused on delivering our strategic priorities to lay the foundation for future profitable growth," he addedThe approval comes after Credit Suisse on Wednesday also announced it expects to make a pre tax loss of up to 1.5 billion Swiss francs ($1.58 billion) during its fourth quarter, saying the "challenging" economic and market environment had had an adverse effect on client activity across its businessTo fund an overhaul which will see the Swiss bank cut thousands of jobs and scale back its investment bank, Credit Suisse had drawn up a plan that would give new and existing shareholders the chance to buy new shares. ($1 = 0.9520 Swiss francs)Reporting by Noele Illien, Editing by John RevillOur Standards: The Thomson Reuters Trust Principles.

☆ Swiss bank Julius Baer on track to meet targets despite market slump
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 21 (Reuters) - Julius Baer (BAER.S) on Monday said it was on track to reach its 2022 profitability targets, despite "challenging market" conditions taking a big bite out of its assets under management. Assets under management decreased by 11% to 429 billion Swiss francs ($449.07 billion) in the 10 months to Oct. 31, Switzerland’s third-largest listed bank said, as it was hit by slumps in global stock and bond markets. The 52 billion franc downturn was partly compensated by positive currency exchanges, mainly the stronger dollar, as well as net new money inflows of 3 billion francs, it said. Julius Baer also said it is on track to buy back up to 400 million Swiss francs worth of shares by the end of February 2023 as planned. ($1 = 0.9553 Swiss francs)Reporting by Noele Illien, editing by JohnOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse's Swiss investment bank to be spared in overhaul
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 18 (Reuters) - The Swiss arm of Credit Suisse's investment bank will be largely unaffected by the restructuring plan the bank announced last month, said Jens Haas, head of investment banking Switzerland. "We will retain our full footprint here in Switzerland, so from a client perspective and a market perspective, certainly nothing will change," he told Swiss newspaper L'Agefi. Along with a 4 billion Swiss franc ($4.2 billion) capital raise and thousands of job cuts, Credit Suisse is planning to scale back its scandal-hit investment bank in a shift towards banking for the wealthy. "Investment Banking Switzerland will become a part of the Swiss Bank division – which had already been the case before this year," Haas said. In terms of wallet share, investment banking Switzerland was the market leader in the alpine state with roughly 13%, he said.

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.

☆ Swiss National Bank still sees no case for central bank digital currency
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Nov 10 (Reuters) - The Swiss National Bank currently sees "no compelling advantage" to introducing digital central bank money for the general population, governing board member Andrea Maechler said on Thursday. "We have taken quite a strong position," Maechler told a Swiss Finance Institute event in Zurich, saying such a move could lead to the public holding accounts with the central bank as well as with commercial banks. If customers became "worried or mad with a particular bank, you could transfer the money overnight to the SNB," Maechler said. "This would add a lot of risk and volatility to the system which is ultimately not needed." Reporting by John Revill, editing by Noele IllienOur Standards: The Thomson Reuters Trust Principles.

☆ Credit suisse completes liquidation of one of Greensill linked funds
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Nov 9 (Reuters) - Credit Suisse on Wednesday announced it has completed the liquidation process of one of its four funds linked to collapsed supply chain financing firm Greensill Capital. A final payment scheduled for this Friday, will bring the total amount returned to investors in the Liechtenstein domiciled investment grade fund to $667 million, which represents 99.7% of the fund's total. Reporting by Noele Illien, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse announces new head of product within asset management division
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Nov 9 (Reuters) - Credit Suisse on Wednesday named Scott Ebner as the new head of product within the bank's asset management division. Ebner is scheduled to take on the new role on Nov. 21 and will be stationed in New York. Ebner, who joined Credit Suisse earlier this year, takes over from Jo McCaffrey, who has taken over the leadership of the bank's distribution business. Reporting by Noele Illien; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ German officials search bank in Russian oligarch probe
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

[1/3] German officials have searched a large bank in Munich and Frankfurt, Germany, November 8, 2022, in an investigation into suspected money-laundering by a Russian oligarch, a spokesperson for the prosecutors said on Tuesday. Swiss bank UBS confirmed that its branches were the subject of the searches and that it was cooperating with authorities. REUTERS/Kai PfaffenbachBERLIN, Nov 8 (Reuters) - German officials have searched a large bank in Frankfurt and Munich in an investigation into suspected money-laundering by a Russian oligarch, a spokesperson for the prosecutors said on Tuesday. Swiss bank UBS confirmed that its branches were the subject of the searches and that it was cooperating with authorities. The prosecutors' spokesperson did not name the bank and declined to name the oligarch, adding that individuals of the bank were not under investigation.

☆ 'Qatar is a mistake,' says former FIFA President Sepp Blatter
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 8 (Reuters) - Sepp Blatter, the former president of FIFA when Qatar was awarded the 2022 World Cup hosting rights in 2010, told Swiss newspaper Tages Anzeiger "Qatar is a mistake," adding that "the choice was bad." The Qatar decision has been marred by controversy, including allegations of corruption and human rights violations, since it was first announced. Blatter, who led FIFA for 17 years, has also been embroiled in accusations of corruption during his tenure. Football and the World Cup are too big for it," Blatter said of Qatar, the first country in the Middle East to host the tournament. "Since then, social considerations and human rights are taken into account," he said.

☆ Swiss again reject German request to re-export Swiss ammunition to Ukraine
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 3 (Reuters) - Switzerland has again rejected an appeal from Germany to allow it to re-export Swiss-made ammunition to Ukraine, the government said on Thursday, saying such a move would violate Swiss neutrality. But Swiss Economy Minister Guy Parmelin gave the same response the Swiss government had given in June when it rejected an earlier request. "As the legal situation remains unchanged, approval of a transfer of Swiss war materiel by Germany to Ukraine is still not possible," it added. The 35mm shells were originally supplied by Swiss companies to the German army decades ago on the condition that it could not re-export the munitions without Swiss approval. Reporting by John Revill; Editing by Noele Illien and Michael ShieldsOur Standards: The Thomson Reuters Trust Principles.

During the three months to the end of September, Geberit sales fell 7.5% to 790.7 million Swiss francs ($788.33 million). The company, seen as a proxy for the broader construction sector, also said it now expected a full-year core operating profit margin of around 27%, down from its August view of 28%. It also tweaked its sales outlook lower, now expecting growth in the mid to high single-digit percentage range, down from its previous outlook for a high single-digit increase. "This prudent outlook is shaped by the prevailing high macroeconomic uncertainties," Geberit said. ($1 = 1.0037 Swiss francs)Reporting by Noele Illien; editing by John Revill and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse warns of potential profitability drop
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 3 (Reuters) - Credit Suisse profitability could be hit by a drop in asset management fees in the fourth quarter, the Swiss bank said in a financial report late on Wednesday. Lower asset values because of adverse market movements in client portfolios in the third quarter could lead to decreased fee revenues for the group, thereby leading to reduced profitability, the bank said. Along with its restructuring plan, Credit Suisse last month revealed that social media rumours had led to client asset outflows in the first two weeks of October that substantially exceeded third-quarter rates. The bank said these outflows had since reduced, but not yet reversed, contributing to the decrease in assets under management. Credit Suisse had already warned of a likely net loss in the fourth quarter, partly owing to costs associated with its planned strategic transformation including withdrawals from non-core businesses.

☆ S&P downgrades Credit Suisse Group, Moody's cuts some ratings
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

ZURICH, Nov 2 (Reuters) - S&P Global Ratings has downgraded Credit Suisse Group's (CSGN.S) long-term issuer credit rating by one notch to BBB- and cut its view on main operating unit Credit Suisse AG and other core subsidiaries to A-/A-2 from A/A-1. Separately, Moody's downgraded some of its ratings for Credit Suisse AG following the bank's strategy overhaul but kept its rating for the overarching group unchanged. It downgraded Credit Suisse AG's senior unsecured debt from A2 to A3 on Tuesday while retaining Credit Suisse Group's senior unsecured debt rating of Baa2. Moody's also downgraded Credit Suisse AG's Baseline Credit Assessment (BCA) and Adjusted BCA to ba1 from baa3 and its long-term Counterparty Risk Assessment to A3 from A2. DBRS Morningstar downgraded Credit Suisse AG's long-term issuer rating to “A (low)”; and the long-term issuer rating of Credit Suisse Group to BBB (high).

☆ Credit Suisse confirms shareholder meeting for capital hike
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Nov 1 (Reuters) - Credit Suisse Group AG (CSGN.S) on Tuesday confirmed an extraordinary general meeting will take place on November 23 for shareholders to approve a proposed capital increase. The embattled bank is hoping to raise 4 billion Swiss francs ($4.01 billion) in fresh capital to fund its restructuring and pad its balance sheet following a string of scandals and losses. ($1 = 0.9982 Swiss francs)Reporting by Noele IllienOur Standards: The Thomson Reuters Trust Principles.

ZURICH/NEW YORK, Oct 28 (Reuters) - After months of reflecting, Credit Suisse's chairman Axel Lehmann revealed an overhaul "to rebuild Credit Suisse as a strong ... bank with a firm foundation, rock-solid like our Swiss mountains". On Thursday, Credit Suisse outlined plans to raise 4 billion Swiss francs from investors, cut thousands of jobs and shift its focus from investment banking towards its rich clients. Credit Suisse said its clients pulled funds in recent weeks at a pace that led the lender to breach some regulatory requirements for liquidity, underscoring the deep impact of wild market swings and social media speculation about its health. It will separate its investment bank to create CS First Boston, focused on advisory work such as mergers and acquisitions and arranging deals on capital markets. And that's the pond that Credit Suisse is swimming in."

The troubled Swiss bank outlined what its chairman Axel Lehmann dubbed a "blueprint for success", after racking up a 4 billion Swiss franc loss in the third quarter of the year and following torrid weeks for the group. Saudi National Bank, the Kingdom's biggest lender, committed to invest up to 1.5 billion francs in Credit Suisse to achieve a shareholding of up to 9.9%. The Swiss bank said it also aims to separate out its investment bank to create CS First Boston, focused on advisory and capital markets, and hopes to attract third-party capital and set up a partnership with the new Credit Suisse. Credit Suisse said it will create a capital release unit to wind down non-strategic, higher-risk businesses, while announcing the sale of a large part of its securitised products business. Credit Suisse needs to revamp after a series of costly and morale-sapping blunders that triggered a wholesale change of management, a halt in dividend payments and an urgent rethink about its future.

☆ Swiss watchdog to monitor Credit Suisse strategy rollout
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Oct 27 (Reuters) - Credit Suisse (CSGN.S) has taken measures to reduce risks and improve its capital situation, Swiss banking supervisor FINMA said on Thursday after the bank unveiled a sweeping overhaul. "It is clear that FINMA will continue to monitor that all the supervisory requirements are met during the implementation phase of the new strategy," it said in an emailed statement in response to a Reuters query. Credit Suisse had said earlier that it had experienced significantly higher withdrawals of deposits in the first two weeks of October "following negative press and social media coverage based on incorrect rumors". Asked about the liquidity situation, FINMA said: "The general principle is that (liquidity) buffers are there to be used in appropriate situations. "It is clear that a credible plan must exist for how the buffers can be replenished within a reasonable period."

☆ Credit Suisse did not tap Swiss National Bank for liquidity during turbulence - CFO
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Oct 27 (Reuters) - Credit Suisse (CSGN.S) did not tap the Swiss National Bank for extra liquidity when it was experiencing outflows during market turbulence early this month, its finance chief said on Thursday. Asked at a news conference if Switzerland's central bank had lent any assistance during that period, CFO Dixit Joshi said: "The answer is no, there was no transaction of that sort." Credit Suisse had said clients pulled funds in early October at a pace that saw the lender breach some regulatory requirements for liquidity, highlighting the impact of wild market swings and a social media storm. read moreReporting by Noele Illien, Editing by Michael ShieldsOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse posts Q3 loss of 4 bln Swiss francs
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Oct 26 (Reuters) - Credit Suisse Group (CSGN.S) lost 4 billion Swiss francs ($4.06 billion) in the third quarter, badly missing the average estimate of 413 million francs in a consensus compiled by the embattled Swiss bank which also unveiled its new strategy. It booked a 3.7 billion franc impairment on deferred tax assets related to the strategy review. Switzerland's second-biggest bank saw a group net asset outflow of 12.9 billion Swiss francs in the quarter in "challenging" markets and as negative headlines swirled about the bank's efforts to restructure after a series of scandals and risk-management failures. Its CET1 capital ratio fell to 12.6% from 13.5% at the end of June. ($1 = 0.9864 Swiss francs)Reporting by Michael Shields; Editing by Noele IllienOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ No Roger Federer Street in Basel, at least for now
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Oct 26 (Reuters) - Swiss tennis great Roger Federer's hometown won't be naming a street after him - at least for now. Officials and politicians in Basel have begun discussions on how to honour the 20-time grand slam singles champion, who retired from the ATP tour last month. But city surveyor Paul Haffner ruled out prospects of Federer getting his own street, an accolade already bestowed on him by some Swiss and German cities. "The policy in Basel is that only deceased individuals have a square or a street named after them," Haffner told Swiss broadcaster SRF. Reporting by Noele Illien; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ UBS posts third-quarter profit beat, helped by new money inflows
▼ + stars: | 2022-10-25 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland October 25, 2022. REUTERS/Arnd WiegmannZURICH, Oct 25 (Reuters) - UBS (UBSG.S) logged a smaller-than-expected 24% slide in third-quarter net profit with robust client inflows and lower costs helping to ameliorate the impact of turbulent financial markets. The Swiss bank attracted $17 billion in net new fee generating assets in wealth management and $18 billion of net new money in asset management, with strong performances from all major regions. "The focus in the results should fall on the very positive net new money in Wealth Management, said analysts at ZKB. Net profit attributable to shareholders fell to $1.73 billion, ahead of $1.53 billion forecast by 17 analysts in a company-gathered consensus.

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