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☆ UBS's Credit Suisse deal was the best solution says Swiss gov't
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +2 min

Keller-Sutter, who said she held a Credit Suisse bank account, said the worst case had been avoided. This is a commercial solution because UBS is taking over Credit Suisse," she told a press conference in Bern. "The bankruptcy of Credit Suisse would have had a huge collateral damage - on the Swiss financial market also internationally," she said. He said it was far too early to discuss job cuts at Credit Suisse, but he was very positive about Credit Suisse's Swiss business. His upbeat tone contrasted with Credit Suisse Chairman Axel Lehmann, who was emotional when he spoke about the demise of 167-year-old Credit Suisse as an independent bank.

☆ 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.

☆ 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.

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 plans to borrow about $54 billion from central bank
▼ + stars: | 2023-03-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCredit Suisse plans to borrow about $54 billion from central bankCredit Suisse will borrow up to nearly $54 billion from the Swiss National Bank. The announcement came hours after Axel Lehmann, Credit Suisse chairman, said that government assistance is 'not a topic' and that the bank has a "very strong balance sheet."

Commuters cycle past a Credit Suisse Group AG bank branch in Basel, Switzerland, on Tuesday, Oct. 25, 2022. Credit Suisse will present its third quarter earnings and strategy review on Oct. 27. Shares of Credit Suisse on Wednesday hit another all-time low for a second consecutive day, dropping by more than 24% at one point during the session. Credit Suisse's largest investor, Saudi National Bank, said it could not provide the Swiss bank with any further financial assistance, according to a Reuters report, sparking the latest leg lower. It's a regulatory issue," Saudi National Bank Chairman Ammar Al Khudairy told Reuters Wednesday. However, he added that the SNB is happy with Credit Suisse's transformation plan and suggested the bank was unlikely to need extra money.

☆ Government assistance is 'not a topic' for us, Credit Suisse chairman says
▼ + stars: | 2023-03-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGovernment assistance is 'not a topic' for us, Credit Suisse chairman saysAxel Lehmann, Credit Suisse chairman, says "we are regulated" and have a "very strong balance sheet."

☆ Credit Suisse chairman says Silicon Valley Bank crisis looks 'local and contained'
▼ + stars: | 2023-03-15 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

The logo of Swiss bank Credit Suisse is seen at a branch office in Zurich, Switzerland, November 3, 2021. The contagion effect from the recent collapse of Silicon Valley Bank is local and contained, said Credit Suisse Chairman Axel Lehmann on Wednesday. Embattled lenders Silicon Valley Bank and Silvergate were not subjected to strict enforcements that govern bigger banks in the U.S. and other parts of the world, Lehmann told CNBC's Hadley Gamble at a panel session in Riyadh. "So in this regard, I think [the contagion] is somewhat local and contained," he said. However, Silicon Valley Bank's fallout still serves as a "warning signal" for the overall market climate, the chairman cautioned.

☆ Stocks making the biggest moves premarket: Credit Suisse, Lennar, PacWest & more
▼ + stars: | 2023-03-15 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Axel Lehmann, chairman at Credit Suisse Group AG, speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, DC, on Friday, Oct. 14, 2022. Credit Suisse — Shares of Credit Suisse were down 21.5% after the firm's biggest backer, Saudi National Bank, said it won't provide it with further financial help. Credit Suisse and several other European banks, including Societe Generale , Italy's Monte dei Paschi and UniCredit , were halted from trading as prices plummeted. Bank of America , Morgan Stanley , Wells Fargo — Shares of larger financials were in lower early Wednesday as the Credit Suisse tumble sent ripples across the global banking sector. Bank of America lost 2.9%, Morgan Stanley dropped 3.2% and Wells Fargo declined by nearly 4.2%.

☆ Silicon Valley Bank's collapse a 'warning signal' to banking system: Credit Suisse chairman
▼ + stars: | 2023-03-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSilicon Valley Bank's collapse a 'warning signal' to banking system: Credit Suisse chairmanAxel Lehmann of Credit Suisse says Silicon Valley Bank and others weren't subject to stringent regulations, which isn't the case in other parts of the world, such as Europe.

☆ 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.

☆ Credit Suisse's chairman took a pass on a $1.6 million award and had his pay cut
▼ + stars: | 2023-03-14 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +3 min

Credit Suisse chairman Axel Lehmann took a pass on a $1.6 million award and saw a pay cut. In its delayed annual report, the Swiss bank said it "identified material weaknesses" in its financial reporting. Lehmann, who started his position last January, waived his chair fee of 1.5 million Swiss francs ($1.6 million) that is typically awarded to board members on top of their salaries, according to Credit Suisse's compensation report. The lender will also cut his salary for 2023-2024 to 3.8 million Swiss francs from an earlier projection of 4.5 million francs, according to the report. "We have identified material weaknesses in our internal control over financial reporting as of December 31, 2022 and 2021," the annual report said.

☆ Credit Suisse finds ‘material weakness’ in its financial reporting, scraps exec bonuses
▼ + stars: | 2023-03-14 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

London CNN —Credit Suisse on Tuesday acknowledged “material weakness” in its financial reporting as it scrapped bonuses for top executives in the wake of its worst annual performance since the global financial crisis. The board concluded that “this material weakness could result in misstatements of account balances or disclosures that would result in a material misstatement to the annual financial statements of Credit Suisse,” it added. Credit Suisse said it was urgently developing a “remediation plan” to strengthen controls. Credit Suisse’s stock was down 3.7% in morning trade. The bank’s share price fell to a new record low Monday, as the collapse of Silicon Valley Bank and Signature Bank scared investors and pummeled European banking stocks.

☆ Credit Suisse delays filing its annual report, reviving fears about the Swiss bank's finances
▼ + stars: | 2023-03-09 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Credit Suisse has delayed filing its annual report after a call from the US financial watchdog. "Management believes it is prudent to briefly delay the publication of its accounts in order to understand more thoroughly the comments received," Credit Suisse said. Credit Suisse ADRs have plunged 61% over the past year, with a restructuring plan announced on October 27 also failing to reassure markets of the bank's resilience. The SEC's late call isn't Credit Suisse's only regulatory worry. Read more: Credit Suisse is fending off concerns about its financial health, fanning fears of another Lehman Brothers moment that could roil the global financial system.

☆ Credit Suisse blunders undermine CEO’s repair job
▼ + stars: | 2023-03-09 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

Credit Suisse said on Thursday it would not publish its 2022 annual report on the day, as previously planned, prompting its shares to fall by roughly 5%. The scarcest commodity at Credit Suisse right now is confidence, among both its clients and investors. Follow @liamwardproud on TwitterCONTEXT NEWSCredit Suisse on March 9 said it would delay the publication of its 2022 annual report. In the same annual report, Credit Suisse also changed the way it accounted for past share-based compensation, certain non-cash exchange rate movements and hedges. Shares in Credit Suisse were down 4.9% to 2.55 Swiss francs as of 0956 GMT on March 9.

☆ Wall Street analysts are warning stocks are about to come crashing down
▼ + stars: | 2023-02-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Today's Fed minutes release should provide more insight on what's to come in March. So according to Wilson, stocks have entered this death zone after climbing too high too fast in hopes the Federal Reserve is about to pull back on its aggressive monetary policy. He's reiterated several times this year that the rally will lose steam, and he expects sticky inflation to push the Fed to hold interest rates higher for longer. The bank's analysts now see the Fed raising rates by 25 basis points in June, which would bring the terminal rate to a target range of 5.25-5.5%. "As [stocks] have reached even higher levels, there is now talk of a "no landing" scenario – whatever that means," Wilson noted.

☆ Credit Suisse shares plunge again on report of regulatory probe
▼ + stars: | 2023-02-21 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +2 min

London CNN —Shares of embattled Swiss bank Credit Suisse fell to a record low Tuesday after a report that regulators are reviewing comments the lender’s chairman made about the health of its finances. The bank’s stock plunged as much as 9% to trade at 2.52 Swiss francs ($2.73), before recovering slightly. Credit Suisse did not respond to a CNN request for comment Tuesday. The Swiss financial regulator, Finma, declined to comment. The rumors, which sparked a selloff in the lender’s shares, followed a series of missteps and compliance failures that cost Credit Suisse billions.

☆ Credit Suisse finds new genre of loose crisis talk
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

Reuters reported on Monday that financial regulator Finma is reviewing remarks the Credit Suisse (CSGN.S) chair made in a punishing period late last year. He said in early December that outflows during October, mainly in wealth management, had “completely flattened out”, “partially reversed” and “basically stopped”. He could argue that the outflows had indeed stabilised when he spoke, but then deteriorated again afterwards. Either way, the usual argument for speaking up is to counteract negative rumours, which in Credit Suisse’s case swirled on social media. Credit Suisse’s 6% share fall after the Reuters report suggests that silence might have been a better guard against both risks.

☆ 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 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.

☆ Davos 2023: Key takeaways from the World Economic Forum
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +6 min

[1/4] NATO Secretary General Jens Stoltenberg, Poland's President Andrzej Duda and Canada's Deputy Prime Minister and Minister of Finance Chrystia Freeland take part in the World Economic Forum session on "Restoring Security and Peace. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 20 (Reuters) - Global leaders and business executives departed a freezing World Economic Forum (WEF) meeting on Friday after a frank exchange of views over how the world will tackle its biggest issues in 2023. Here's what we learned:ECONOMY: Gloom and doom heading into Davos turned into cautious optimism by the end with the global economic outlook for the year ahead looking better than feared. On the inside, political leaders like Kier Starmer railed against new oil investments and Pakistani climate minister Sherry Rehman pushed for loss and damage funding. The lesson I have learned in the last years ... is money, money, money, money, money, money, money."

☆ China's reopening fuels global growth optimism, Davos panel says
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Arnd WiegmannFRANKFURT, Jan 17 (Reuters) - China's reopening from pandemic restrictions could drive global growth beyond expectations and help avoid a broader recession even as some of the world's largest economies struggle to overcome a downturn, top finance officials at the World Economic Forum said. 'STRONG LABOUR MARKETS'Peterson said he still expected a "very mild" recession in the United States, Europe and the Britain, but full year net growth was still going to be positive. "Strong labour markets are not consistent with what we see with a recession and the labour markets are strong almost everywhere in the world," he added. Credit Suisse Chairman Axel Lehmann said he even hoped the United States could avoid a recession, but he too put his bets on China. "I also think that the economy has been surprising us quarter after quarter; the fourth quarter in Europe will be most likely still positive," Centeno said.

☆ Factbox: Global banks cut jobs as cost pressures mount
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +5 min

The British investment bank has performed well in recent quarters, especially in fixed income trading, but a blunder in the United States that saw it sell more securities than permitted has cost it hundreds of millions of dollars in penalties. CITIGROUPCiti (C.N) eliminated dozens of jobs across its investment banking division, as a dealmaking slump continues to weigh on Wall Street's biggest banks, Bloomberg News reported on Nov. 8. The cost savings reported are likely to involve more job cuts than previously announced for the first wave of reductions, including in its wealth business, Reuters reported. DEUTSCHE BANKDeutsche Bank (DBKGn.DE), Germany's largest bank, cut staff in its investment bank's origination and advisory teams in October, in a move than affected mostly junior bankers. MORGAN STANLEY (MS.N)In December, the investment bank slashed about 2% of its workforce, a source familiar with the company's plans told Reuters.

☆ Credit Suisse clients are returning, CEO of bank's Swiss business says
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Dec 21 (Reuters) - Credit Suisse's client withdrawals have stabilised and reversed in some cases, Andre Helfenstein, the head of Credit Suisse's Swiss business said in an interview with local newspaper NZZ. Last month, Switzerland's second-largest bank said it expected to make a pre-tax loss of up to 1.5 billion Swiss francs ($1.62 billion) during Q4 and revealed that wealthy clients had made hefty withdrawals. Credit Suisse is battling to recover from a string of scandals by focusing more on its flagship wealth management franchise and pruning back investment banking. Helfenstein was asked in the NZZ interview if the bank had had to offer clients special conditions to keep them. Credit Suisse chairman Axel Lehmann has said that client fund outflows at Credit Suisse had partially reversed and very few clients had left entirely.

"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.

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