DIRS.INFO The most relevant business & tech news

☆ Jain Global hires distressed debt trader Jeff Bersh
▼ + stars: | 2024-04-03 | by ( Alex Morrell | ) www.businessinsider.com time to read: +1 min

Jeff Bersh is joining from Venor Capital and has a background in distressed debt trading. The multi-manager hedge fund is targeting a launch of up to $6 billion, making it one of the largest ever startups. AdvertisementBobby Jain is continuing to fill out his roster ahead of the expected July launch of his multi-manager hedge fund Jain Global. Jeff Bersh is said to be joining Jain Global from Venor Capital, according to people familiar with the matter. Before that he traded distressed debt at Credit Suisse — overlapping with Jain — and also worked stints at Donaldson, Lufkin & Jenrette and Bear Stearns.

Persons: Bobby Jain, Jeff Bersh, —, Jain —, Bear Stearns Organizations: Jain, Venor, Service, Credit Suisse, Donaldson, Lufkin, Business Locations: Jenrette

[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. UBS and Credit Suisse declined to comment. What's more, UBS doesn't tend to lend to potential clients as Credit Suisse has often done, a move that can persuade some customers. "There are clearly parts of Credit Suisse that have had a bad culture," UBS Chairman Colm Kelleher told reporters on March 29. UBS ranked 14th advising on mergers globally last year, behind 11th placed Credit Suisse, according to data compiled by Dealogic.

☆ 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".

☆ New SVB CEO urges top venture capital clients to move deposits back
▼ + stars: | 2023-03-14 | by ( Krystal Hu | ) www.reuters.com time to read: +2 min

March 14 (Reuters) - Silicon Valley Bank's new Chief Executive Tim Mayopoulos on Tuesday urged the failed bank's top venture capital clients to move their deposits to its newly created bridge entity, people who attended a virtual meeting with him said. The Federal Deposit Insurance Corporation (FDIC) appointed the former Fannie Mae CEO to head Silicon Valley Bridge Bank N.A. Mayopoulos told clients deposits at the bank were now among the safest of any U.S. banks or institutions, attendees at the meeting said. Hemant Taneja, CEO of venture capital firm General Catalyst, recommended on Tuesday that its clients who had banked with SVB keep or return at least 50% of their capital to the bank. He has also served as general counsel of Bank of America, and held senior roles at Deutsche Bank, Credit Suisse First Boston, and Donaldson, Lufkin & Jenrette.

☆ Exclusive: Credit Suisse markets CSFB as 'super boutique', sees revenue rebound
▼ + stars: | 2023-02-06 | by ( Paritosh Bansal | ) www.reuters.com time to read: +6 min

Veteran dealmaker Michael Klein has stepped down from the Credit Suisse board to become CEO. Third-party capital would help fund the unit's lending as a standalone entity, Credit Suisse said, without providing additional details. At the same time, Credit Suisse would pull back from certain businesses, such as providing revolving credit lines to companies and non-essential trading. Bloomberg News reported last month that Credit Suisse was nearing a deal to buy the boutique for a few hundred million dollars. Longer term under its plan for CSFB, Credit Suisse projects net revenues could rise to as much as $3.5 billion.

☆ Who will be Wall Street’s un-American idol?
▼ + stars: | 2022-12-16 | by ( John Foley | ) www.reuters.com time to read: +8 min

Europeans have been losing the battle against Wall Street’s cozy club for a decade. Deutsche Bank has done the former. BNP has made smaller steps, buying Bank of America’s prime broking business in 2008, then Deutsche Bank’s in 2019. Even with the best intentions, European banks must contend with their own regulators, which affects their ability to take risk elsewhere. JPMorgan, Bank of America, Citigroup, Morgan Stanley and Goldman Sachs together took the top five slots for debt capital markets and merger advisory, as they also did in 2021.

☆ Here's how those looking to 'age in place' can fund home health-care services
▼ + stars: | 2022-11-28 | by ( Deborah Nason | ) www.cnbc.com time to read: +4 min

Halfpoint Images | Moment | Getty ImagesSome 70% of people want to age at home, yet only 10% have long-term care insurance, a recent HCG Secure/Arctos Foundation study found. Furthermore, about half of respondents had no idea how much in-home care would cost. "Basically, I try to segment the risk into a short-term need and a long-term need, and to fund them separately," he said. "And most of them can't afford long-term care insurance." Digging into any corporate retiree benefits beyond just a pension, as there's often additional services for in-home care, he said.

☆ The evolution of Credit Suisse over 166 years
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +4 min

1990The group takes a controlling stake in U.S. investment bank CS First Boston and buys Bank Leu, a Swiss private bank. 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. In March, U.S. investment fund Archegos implodes, saddling Credit Suisse with a $5.5 billion loss.

☆ If Credit Suisse loves its bankers, set them free
▼ + stars: | 2022-10-21 | by ( Liam Proud | ) www.reuters.com time to read: +6 min

LONDON, Oct 21 (Reuters Breakingviews) - Credit Suisse (CSGN.S) is a weak bank with some strong bankers. SECOND COMINGImagine, then, that Credit Suisse spins out its advisory and capital-markets business. But Credit Suisse has never quantified the business it wins from intragroup referrals, which suggests it is low. In this case, it will be higher if those people are no longer at Credit Suisse. First Boston was a U.S. investment bank in which Credit Suisse first bought a stake in 1978.

☆ How Cowen’s golden parachutes landed with a thud
▼ + stars: | 2022-10-07 | by ( John Foley | ) www.reuters.com time to read: +7 min

It's not unusual for executives to have so-called golden parachutes that trigger when their company is sold. Compared with the $400 million TD might have had to pay, that sounds like a bargain. But as a proportion of the overall deal value, Cowen’s executives punch above their weight. So even if Cowen’s top brass have agreed not to open their golden parachutes, they’ll still land at TD with considerable impact. The deal included a renegotiation of the severance packages held by Cowen’s top six executives, including Chief Executive Jeffrey Solomon.

☆ Texas girl, 12, accused of making murder pact and shooting father, died by suicide, authorities say
▼ + stars: | 2022-09-29 | by ( Tim Stelloh | Tim Stelloh Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +1 min

A 12-year-old Texas girl accused of shooting her father in a murder pact she made with a friend died by suicide, authorities said Wednesday. He is expected to recover, the sheriff’s office said. The second girl did not act and was arrested on charges of conspiracy to commit murder, the sheriff’s office said. Authorities found the Weatherford girl around 11:30 p.m. lying in the street with an apparent gunshot wound. Investigators believe the girl shot her father and fled before she turned the gun on herself, the sheriff's office has said.

☆ Credit Suisse's investment bankers are bracing for another case of 'rinse and repeat' as they await the bank's second strategic review in a year. Insiders describe an environment of uncertainty and cy
▼ + stars: | 2022-09-27 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +7 min

Investment bankers at Credit Suisse are stuck in limbo and are bracing for heavy cuts as the bank rolls out another strategic review. Among the plans reported to be under consideration are a three-way split of the investment bank, according to the Financial Times. This review of the investment banking business is Credit Suisse's second in a year. Credit Suisse will update the market when it reports third-quarter results on October 27. Bracing for changeThe investment bank was known as Credit Suisse First Boston until 2005.

☆ 12-year-old Texas girl allegedly shoots self, father in alleged murder pact
▼ + stars: | 2022-09-25 | by ( Julianne Mcshane | ) www.nbcnews.com time to read: +2 min

A twelve-year-old girl in Weatherford, Texas allegedly shot both herself and her father on Tuesday night in an alleged murder pact she made with another girl to kill their families and pets, the Parker County Sheriff's Office said in a Facebook post. Investigators believe the girl allegedly shot her father, fled the scene and then shot herself, according to the sheriff's office. A representative for the sheriff's office did not immediately respond to an inquiry from NBC News about their current conditions or whether the 12-year-old had been charged. Police said the shootings were allegedly part of a murder plot the girl made weeks earlier with another girl in Lufkin, Texas, a city about 230 miles southeast of Weatherford. The girls allegedly planned to murder their families and pets and then run away together to Georgia, according to the sheriff's office.

Search resuls for: "Lufkin"

14 mentions found