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☆ Chinese millionaires to double by 2026, Credit Suisse says, despite slowing economy
  + stars: | 2022-09-20 | by ( Selena Li | ) www.reuters.com   time to read: +2 min
REUTERS/Arnd WiegmannHONG KONG, Sept 20 (Reuters) - The number of Chinese millionaires is expected to double by 2026, according to a report by Credit Suisse (CSGN.S) issued on Tuesday, despite Beijing's national drive to ease wealth inequality and a sharply slowing economy. Total household wealth in China reached $85.1 trillion in 2021, up 15.1% or $11.2 trillion from 2020. That number in China is expected to double to 12.2 million in five years time, the report said. The bullish China wealth growth outlook comes even as the world's second-largest economy narrowly avoided contracting in the second quarter as widespread COVID-19 lockdowns and the slumping property sector hit consumer and business confidence. However, the Swiss private bank remains upbeat about five-year growth outlook, with global household wealth expected to increase by $169 trillion by 2026.
☆ First Boston deserves a selective revival
  + stars: | 2022-09-20 | by ( John Foley | ) www.reuters.com   time to read: +4 min
The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland September 2, 2022. By 2006, Credit Suisse First Boston was once again just Credit Suisse. Register now for FREE unlimited access to Reuters.com RegisterFor today’s Credit Suisse, anything that conveys renewed ambition is worth a try. First Boston was a U.S. investment bank in which Credit Suisse first bought a stake in 1978. The Swiss bank took full control in 1990 after First Boston incurred large losses on loans it had made to clients.
☆ Credit Suisse settles U.S. shareholder lawsuit over risk exposure, Archegos
  + stars: | 2022-09-19 | by ( Jonathan Stempel | ) www.reuters.com   time to read: +2 min
Register now for FREE unlimited access to Reuters.com RegisterThe logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland September 2, 2022. REUTERS/Arnd WiegmannNEW YORK, Sept 16 (Reuters) - Credit Suisse Group AG (CSGN.S) reached a $32.5 million settlement to resolve a lawsuit accusing the Swiss bank of misleading shareholders about how well it managed risk, including its exposure to "high-risk" clients such as Archegos Capital Management. Credit Suisse has dubbed 2022 a "transition" year as it reduces risk-taking, and installed restructuring expert Ulrich Koerner as chief executive. The case is City of St. Clair Shores Police & Fire Retirement System v Credit Suisse Group AG, U.S. District Court, Southern District of New York, No. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jonathan Stempel in New York; Editing by Daniel Wallis and Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.
☆ BIS backs "forceful" rate hikes despite rising recession risk
  + stars: | 2022-09-19 | by ( Marc Jones | ) www.reuters.com   time to read: +3 min
The tower of the headquarters of the Bank for International Settlements (BIS) is seen in Basel, Switzerland March 18, 2021. REUTERS/Arnd WiegmannLONDON, Sept 19 (Reuters) - The world's central bank umbrella body, the Bank for International Settlements (BIS), has urged major economies to forge ahead with forceful interest rate hikes despite the growing threat of recessions and currency market volatility. The Switzerland-based BIS' quarterly report acknowledged that both recession and debt risks were rising, but said that bringing soaring global inflation back down remained paramount. "It is important to act in a timely and forceful way," the head of the BIS' Monetary and Economic Department, Claudio Borio, said. World currencies in 2022Register now for FREE unlimited access to Reuters.com RegisterReporting by Marc Jones; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.
☆ UBS recruits 'content reviewers' to vet its Chinese publications, Financial Times reports
  + stars: | 2022-09-18 | by ( ) www.reuters.com   time to read: +1 min
Register now for FREE unlimited access to Reuters.com RegisterThe logo of Swiss bank UBS is seen at a branch office in Zurich, Switzerland, January 27, 2017. REUTERS/Arnd Wiegmann/File PhotoSept 18 (Reuters) - Swiss bank UBS is hiring a team of 'content reviewers' to make sure that Chinese research publications by its analysts are free from any "sensitivities", the Financial Times reported on Saturday. The bank now has one employee who sits alongside the research editing team, the newspaper added, citing a person close to the hiring process. UBS did not immediately reply to a Reuters' query for comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Rachna Dhanrajani in Bengaluru; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.
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