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☆ 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.

☆ Exclusive: Some Credit Suisse counterparties curb dealings as bank heads into scenario meetings -sources
▼ + stars: | 2023-03-17 | by ( Shankar Ramakrishnan Stefania Spezzati Sumeet Chatterjee | Shankar Ramakrishnan | Stefania Spezzati | ) www.reuters.com time to read: +5 min

Credit Suisse declined to comment. Credit Suisse intends to borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank in what it called "decisive action" to boost its liquidity on Thursday. The five people with direct knowledge of the bank's trading counterparties requested anonymity because of the sensitivity of the situation. Credit Suisse has said that it is a strong, global bank. 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.

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.

☆ Exclusive: Some Credit Suisse counterparties put curbs on new dealings involving lender -sources
▼ + stars: | 2023-03-17 | by ( Shankar Ramakrishnan Stefania Spezzati Sumeet Chatterjee | Shankar Ramakrishnan | Stefania Spezzati | ) www.reuters.com time to read: +4 min

[1/3] The logo of Societe Generale bank is pictured on an office building in Nantes, France, March 16, 2023. Credit Suisse declined to comment. These five people with direct knowledge of the matter requested anonymity because of the sensitivity of the situation. Societe Generale has maintained existing counterparty positions with Credit Suisse, which it had cut back in recent weeks, but it is not increasing them, according to two sources with direct knowledge of the situation. Another global bank has reduced its unsecured exposure to Credit Suisse, which includes all lending with no collateral, according to a person with knowledge of the matter.

☆ 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.

☆ Morning Bid: ECB into the eye of banking storm
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Tom WestbrookThe European Central Bank (ECB) meets today for the first big test of policymakers' response to bank stability fears that are sweeping the globe. It's not entirely clear if that's reassuring or even more worrisome, but traders have initially gone with the former. Bank stocks in Hong Kong (.HSCIF), Sydney (.AXFJ) and Tokyo (.IBNKS.T) opened down but crept from lows during the day. A big interest rate hike, even if justified by economic conditions, can unleash fear that more banks - or something else - is going to break. Either way, the outcome will test markets' dramatic repricing of the worldwide interest rate outlook in recent days.

☆ Credit Suisse to borrow $54 billion from Swiss National Bank as it looks to shore up liquidity amid the banking crisis
▼ + stars: | 2023-03-16 | by ( Matthew Loh | ) www.businessinsider.com time to read: +2 min

Credit Suisse is set to borrow $54 billion from Swiss National Bank, it said Wednesday. The Swiss bank said it would use the cash to "create a simpler and more focused bank built around client needs." "Credit Suisse is taking decisive action to pre-emptively strengthen its liquidity by intending to exercise its option to borrow from the Swiss National Bank," it said in a statement. The Swiss bank said the borrowing will be made under a covered loan facility and a short-term liquidity facility. Shares of Credit Suisse plunged as much as 30% on Wednesday to record lows.

☆ On the precipice: How Credit Suisse's day of drama unfolded
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +5 min

Fifteen years later, Credit Suisse Group AG found itself on a similar precipice. By the time traders in New York were switching on screens on Wednesday, Credit Suisse had lost more than a fifth of its value. Credit Suisse did not comment for this story but noted recent interviews given by its CEO saying the bank was strong. STILL SMOLDERINGMarkets seemed to calm, but the fresh drama around Credit Suisse jogged memories that the financial system was not out of the woods yet. "We welcome the statement of support," Credit Suisse said.

☆ Credit Suisse CEO said bank's liquidity basis is "very very strong"
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

ZURICH, March 15 (Reuters) - Credit Suisse (CSGN.S) Chief Executive Ulrich Koerner spoke of the strength of the Swiss lender's liquidity basis in an interview with CNA on Wednesday, after its share price dropped more than 30% following comments by the company's lead investor. "Our capital, our liquidity basis is very very strong," Koerner said. Earlier, Credit Suisse's largest shareholder, Saudi National Bank (1180.SE), said it would not buy more shares in the Swiss bank on regulatory grounds. A 30% drop in Credit Suisse shares triggered a 6% plus fall in the European banking index (.SX7P), while five-year credit default swaps (CDS) for the flagship Swiss bank hit a new record high, highlighting increasing investor concerns. Reporting by Noele Illien; editing by Dhara Ranasinghe and Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

March 16 (Reuters) - Credit Suisse Group AG's (CSGN.S) average liquidity coverage ratio, a measure of how much cash-like assets the bank has, did not change between March 8 and March 14, the Swiss lender said on Thursday, despite the global banking crisis. The bank said in an earlier press release on March 16 that the 150% LCR value was as of March 14. Credit Suisse for months has been battling to regain the trust of clients and investors after a series of scandals and losses in recent years. By tapping the central bank for funds, the bank will be adding to liquidity if needed. A firm is viable when it generates sufficient income to stay in business and meets its obligations including payments and debt commitments.

☆ 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.

☆ 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.

☆ Credit Suisse sued by U.S. shareholders over finances, controls
▼ + stars: | 2023-03-16 | by ( ) www.cnbc.com time to read: +1 min

U.S. shareholders of Credit Suisse Group AG sued the Swiss bank on Thursday, claiming that the bank defrauded them by concealing problems with its finances. The proposed class action accuses Credit Suisse of deceiving investors by failing to disclose that it was suffering from "significant" customer outflows, and that it had material weaknesses in its internal controls over financial reporting. Credit Suisse declined to comment on the lawsuit, which was filed in federal court in Camden, New Jersey. Turner, the named plaintiff, sued on behalf of holders of Credit Suisse's American depositary shares from March 10, 2022, to March 15, 2023. The case is Turner v Credit Suisse Group AG et al, U.S. District Court, District of New Jersey, No.

☆ 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".

☆ Credit Suisse shares soar over 20% on Swiss National Bank loan announcement
▼ + stars: | 2023-03-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

A branch of Swiss banking giant Credit Suisse behind a window under the rain, in Basel. (Photo by FABRICE COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)Credit Suisse shares soared over 30% at Thursday's market open after the bank said it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. The Swiss National Bank and the Swiss Financial Market Supervisory Authority said in a statement Wednesday that Credit Suisse "meets the capital and liquidity requirements imposed on systemically important banks." "These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders," Credit Suisse CEO Ulrich Koerner said in the release Wednesday. "We thank the [Swiss National Bank] and FINMA as we execute our strategic transformation.

March 16 (Reuters) - U.S. shareholders of Credit Suisse Group AG (CSGN.S) sued the Swiss bank on Thursday, claiming that the bank defrauded them by concealing problems with its finances. The proposed class action accuses Credit Suisse of deceiving investors by failing to disclose that it was suffering from "significant" customer outflows, and that it had material weaknesses in its internal controls over financial reporting. Credit Suisse declined to comment on the lawsuit, which was filed in federal court in Camden, New Jersey. Turner, the named plaintiff, sued on behalf of holders of Credit Suisse's American depositary shares from March 10, 2022, to March 15, 2023. The case is Turner v Credit Suisse Group AG et al, U.S. District Court, District of New Jersey, No.

☆ Credit Suisse shares down by a quarter, key backer says no more money
▼ + stars: | 2023-03-15 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

Saudi National Bank (SNB) (1180.SE), which holds 9.88% of Credit Suisse, said it would not buy more shares in the Swiss bank on regulatory grounds. The Swiss bank's shares were down about 24% early afternoon on Wednesday, after hitting a new record low. Koerner had said earlier in the week Credit Suisse's liquidity coverage ratio averaged 150% in the first quarter of this year. The Swiss National Bank declined to comment on Credit Suisse's stock move. Five-year credit default swaps on Credit Suisse debt widened to 574 basis points from 549 bps at last close, based on data from S&P Global Market Intelligence, marking a new record high.

☆ Credit Suisse sheds nearly 25%, key backer says no more money
▼ + stars: | 2023-03-15 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

It’s a regulatory issue," Saudi National Bank (1180.SE) chairman Ammar Al Khudairy said on Wednesday. The Saudi lender acquired a stake of almost 10% last year after taking part in Credit Suisse's capital raising and committed to investing up to 1.5 billion Swiss francs ($1.5 billion). Credit Suisse on Tuesday published its annual report for 2022 saying the bank had identified "material weaknesses" in controls over financial reporting and not yet stemmed customer outflows. Five-year credit default swaps on Credit Suisse debt widened to 574 basis points from 549 bps at last close, according to data from S&P Global Market Intelligence, marking a new record high. Earlier this week, Credit Suisse CEO Ulrich Koerner told a conference that the bank's liquidity coverage ratio averaged 150% in the first quarter of this year - well above regulatory requirements.

☆ Credit Suisse was losing the faith of investors long before the SVB debacle. Here's why the situation came to a head this week.
▼ + stars: | 2023-03-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Credit Suisse shares tumbled more than 25% on Wednesday as fears grew of a banking crisis. Here's a closer look at why Credit Suisse is worrying investors. The latest slump in Credit Suisse stock can partly be explained by recent events in the US banking industry. Credit Suisse CEO Ulrich Koerner has also faced questions about his plans to cut costs, staunch losses, and turn around his company. There's no clear reason to believe Credit Suisse is at risk of failure.

☆ Credit Suisse executive board will not receive a bonus for 2022
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

ZURICH, March 14 (Reuters) - Credit Suisse (CSGN.S) group's executive board took home 32.2 million Swiss francs ($35.27 million) in fixed compensation while collectively forgoing a bonus for the first time in more than 15 years, the Swiss bank said in its annual report published on Tuesday. In February, Credit Suisse Group reported that 2022 was its biggest annual loss since the 2008 global financial crisis after rattled clients pulled billions from the bank, and it warned that a further "substantial" loss would come this year. Chief Executive Ulrich Koerner earned 2.5 million francs in 2022, including for his role at Credit Suisse before taking over as CEO in July. Axel Lehmann proposed to voluntarily waive his chair fee of 1.5 million francs, bringing his total compensation for his first year as Chairman to 3.2 million francs. ($1 = 0.9129 Swiss francs)Reporting by Noele Illien, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

At the Fontainebleau hotel, Credit Suisse bankers were puzzled by the announcements, and concerned about their jobs being on the line, said the executive, who declined to be named. In response to questions from Reuters for this article, a spokesperson for Credit Suisse in London said: "We never comment on rumours or speculation." 'A ROCK AND A HARD PLACE'Even after Credit Suisse stopped financing hedge funds following the Archegos implosion in March 2021, the equities business remained a key part of its investment bank revenue. One option Credit Suisse is considering is to move its equities research to CSFB, Reuters reported. Slimming down the equities business would draw a further line under Credit Suisse's investment bank ambitions.

☆ 'I hate him passionately': New court documents reveal Tucker Carlson's true feelings about Donald Trump
▼ + stars: | 2023-03-08 | by ( Natalie Musumeci | Sonam Sheth | ) www.businessinsider.com time to read: +10 min

Fox News host Tucker Carlson's true feelings about former President Donald Trump have been revealed. 'I hate him passionately'In one exchange, Carlson fantasized about not having to cover Trump after the 2020 election, saying that he "passionately" hated Trump. Referring to the decision desk staffers who made the Arizona call, Carlson texted: "Those fuckers are destroying our credibility. At another point in the same day, Carlson texted that "we've got to be incredibly careful right now. Tucker Carlson, who's ardently supported former President Donald Trump on his show, privately said he hated Trump, court filings show.

☆ Swiss watchdog finds Credit Suisse 'seriously breached' obligations in Greensill affair
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Feb 28 (Reuters) - Credit Suisse (CSGN.S) "seriously breached its supervisory obligations" in connection with its business relationship with financier Lex Greensill and his companies, Swiss financial watchdog FINMA concluded on Tuesday. It its review, FINMA said that Credit Suisse "seriously breached its supervisory obligations in this context with regard to risk management and appropriate organisational structures." Credit Suisse Chief Executive Ulrich Koerner said he welcomes the "conclusion of FINMA's work." So far 74% of the fund's $10 billion net asset value at the time of its suspension has been collected. Reporting by Kirsti Knolle and Noele Illien, Editing by Louise Heavens Editing by Paul Carrel and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Kevin McCarthy gave Tucker Carlson access to secret January 6 footage. Mitch McConnell and other Republicans have little to say about it.
▼ + stars: | 2023-02-28 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +5 min

Kevin McCarthy recently gave Fox News host Tucker Carlson access to security footage from January 6. McConnell repeatedly told reporters that he was simply concerned about Capitol security. "Going back to when Speaker [Nancy] Pelosi was Speaker, my main concern is the security of the Capitol," said McConnell. "Good try," replied McConnell, before again repeating his statement about Capitol security. House Speaker Kevin McCarthy and Fox News host Tucker Carlson.

This would help its investment bankers in their pitches to clients, especially for IPOs, one of the sources added. Klein is selling his business to Credit Suisse for $175 million, the two said earlier this month. Credit Suisse will focus on managing money for the wealthy after the carve-out. A spokesman for Credit Suisse declined to comment, as did a representative for Klein. Credit Suisse reported its biggest annual loss last year since the financial crisis and cut its bonus pool by 50% for 2022.

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