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☆ Liberty Steel agrees debt restructuring deal
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 15 (Reuters) - The Liberty Steel group owned by commodities tycoon Sanjeev Gupta has reached an agreement to restructure much of its debt for global operations, it said on Tuesday, while negotiations continue on the debt of its European business. Liberty said in a statement that it had signed a term sheet subject to contract on an agreement in principle on debt restructuring with parties responsible for the main creditors of Greensill Capital UK Ltd, Greensill Bank AG and Credit Suisse Asset Management (CSGN.S). The company said in June that it had reached a standstill agreement with its largest creditor, Greensill Bank, on debt facilities for its European business. Tuesday's statement said Liberty was in the process of negotiating a similar term sheet for restructuring debt for the European business. German-based Greensill Bank is a subsidiary of Greensill Capital, which lent money to businesses by buying their invoices at a discount, but it collapsed after one of its main insurers declined to renew its cover.

☆ 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 Names New Compliance Chief Amid Strategic Overhaul
▼ + stars: | 2022-10-27 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

Credit Suisse Group AG appointed a former Goldman Sachs Group Inc. compliance executive as its new chief compliance officer, as the Swiss lender looks to move on from a period of scandals, hefty losses and executive turnover. Nita Patel, who is currently the chief compliance officer for Credit Suisse’s asset-management division and its U.K. investment bank, will become the lender’s new compliance chief and join the executive board on Nov. 1, the bank said Thursday. Ms. Patel joined Credit Suisse in May 2021 as a chief compliance officer for its international division. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. He will be appointed as a nonexecutive member of its board in Spain, Credit Suisse said.

☆ Factbox: Who's in and out in Credit Suisse's day of reckoning
▼ + stars: | 2022-10-27 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +5 min

Oct 27 (Reuters) - Credit Suisse's (CSGN.S) latest shake-up has led to the promotion of some senior executives to more powerful roles while others are leaving. IN:MICHAEL KLEINA former Citigroup Inc (C.N) dealmaker, Klein has been named adviser to Credit Suisse CEO Ulrich Körner. He was hired by former Credit Suisse boss Tidjane Thiam in 2017 to run equity derivatives globally. A Spanish national, Lopez Lorenzo joined Credit Suisse in 2015 from JPMorgan (JPM.N) where he was a managing director in New York. The 47-year-old banker was part of a new crop of executives who had been tasked to restore Credit Suisse's reputation after a series of scandals.

☆ 4 things to know about Wall Street veteran Michael Klein, the incoming CEO of CS First Boston, Credit Suisse's spin-off of its investment bank
▼ + stars: | 2022-10-27 | by ( Carter Johnson | ) www.businessinsider.com time to read: +2 min

Michael Klein was named CEO of CS First Boston, Credit Suisse's spin-off of its investment bank. Klein is a Wall Street veteran, having spent more than two decades at Citigroup. Michael Klein, a Credit Suisse board member that helped the bank conduct its strategic review, has been tapped to take the helm at CS First Boston starting in 2023. Klein is no stranger to dealmaking on Wall Street, having spent more than two decades at Citigroup before eventually setting up his own advisory shop in 2010. Here's everything you need to know about the man tasked with reinvigorating the Swiss bank's advisory arm.

☆ 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.

☆ Credit Suisse chief compliance officer set to leave - Bloomberg News
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

Oct 23 (Reuters) - Credit Suisse Group AG's (CSGN.S) Chief Compliance Officer Rafael Lopez is set to leave the Swiss bank in the coming weeks after spending little more than a year in the post, Bloomberg News reported on Sunday, citing people familiar with the matter. The departure is not associated with strategic review that the bank is expected to reveal this week, the report added. Credit Suisse is scheduled to release details of a much-anticipated strategic review alongside its third-quarter results on Oct. 27. Credit Suisse declined to comment on the report when contacted by Reuters. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kanjyik Ghosh in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse pays $495 mln to settle legacy U.S. case
▼ + stars: | 2022-10-17 | by ( John Revill | ) www.reuters.com time to read: +4 min

The latest RMBS case, brought by the New Jersey Attorney General, alleged Credit Suisse had "misled investors and engaged in fraud or deceit in connection with the offer and sale of RMBS." "Credit Suisse is pleased to have reached an agreement that allows the bank to resolve the only remaining RMBS matter involving claims by a regulator," the bank said in a statement. "The settlement, for which Credit Suisse is fully provisioned, marks another important step in the bank’s efforts to pro-actively resolve litigation and legacy issues." The New Jersey case was the largest of its remaining exposure on its legacy RMBS business, Credit Suisse said, with five remaining cases at various stages of litigation. The U.S. Justice Department is also investigating whether Credit Suisse continued helping U.S. clients hide assets from authorities, eight years after the Swiss bank paid a $2.6-billion tax evasion settlement.

☆ Credit Suisse prepares Swiss business sales to raise capital - FT
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +2 min

Oct 15 (Reuters) - Credit Suisse is preparing to sell parts of its Swiss domestic bank as it attempts to close a capital hole of around 4.5 billion Swiss francs ($4.48 billion), the Financial Times reported on Saturday, citing people familiar with the matter. "We will update on progress on our comprehensive strategy review when we announce our third-quarter earnings," Credit Suisse told Reuters in an emailed statement. The bank is also looking to sell its famed Savoy Hotel, located on Paradeplatz in the centre of Zurich's financial district. The hotel could be worth 400 million Swiss francs, as reported by finance blog Inside Paradeplatz early this month. The bank is due to present its new business strategy on Oct. 27, when it announces third-quarter results.

☆ Credit Suisse prepares Swiss business sales to raise capital, Financial Times reports
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +2 min

☆ Credit Suisse in talks with underwriters as it weighs capital options - report
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

The Swiss bank would prefer to avoid selling new shares at current depressed levels, but is making preparations should it be necessary, according to the report. Credit Suisse declined to comment. Reuters reported last month that Credit Suisse was sounding out investors for fresh cash, approaching them for the fourth time in around seven years as it attempts a radical overhaul of its investment bank. Some analysts have said that the bank could be left with a capital shortfall of as much as 9 billion Swiss francs ($8.96 billion) in the coming years. Credit Suisse is scheduled to release details of a much anticipated strategic review alongside third-quarter results on Oct. 27.

☆ Credit Suisse chairman pledges reform after 'horrible' year
▼ + stars: | 2022-10-14 | by ( Pete Schroeder | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 14 (Reuters) - Credit Suisse's (CSGN.S) chairman pledged on Friday to reform the bank after a "horrible" 2021 in which it lost billions of dollars. Lehmann took over in January at the Swiss bank, which has been hit by a corporate spying scandal, investment fund closures, heavy losses and a string of lawsuits. Lehmann said Credit Suisse had a tier-one capital ratio (CET1) of 13.5% half way through the year and a "strong commitment that we will certainly ... somewhere be between 13 and 14." Credit Suisse is scheduled to release details of a much anticipated strategic review alongside third-quarter results on Oct. 27. To underpin sustainable profit, Credit Suisse is aiming to streamline its investment bank and expand its wealth management business, which soaks up less capital.

☆ 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.

☆ EXCLUSIVE Credit Suisse sounds out investors about capital hike - sources
▼ + stars: | 2022-09-22 | by ( Oliver Hirt | ) 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. Various scenarios are under discussion for the investment bank, including the most drastic option of largely exiting the U.S. market, two sources said. A Credit Suisse (CSGN.S) spokesperson said: "We have said we will update on progress on our comprehensive strategy review when we announce our third-quarter earnings. There is significant interest in this business, sources said, including from financial investors, other banks and insurers. Credit Suisse is also considering cutting around 5,000 jobs, about one position in 10, as part of the cost reduction drive.

☆ 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.

☆ SoftBank's View just narrowly escaped running out of money. Here's how it went from investor darling to one of the worst SPAC deals ever.
▼ + stars: | 2022-08-08 | by ( Hayley Cuccinello | Aaron Weinman | ) www.businessinsider.com time to read: +1 min

The California glassmaker announced on October 27 that it raised $200 million in convertible senior notes due in 2027. View has struggled since going public less than two years ago via SPAC, and was nearly delisted by the New York Stock Exchange for failing to file numerous financial statements. For those looking from the outside, View's troubles came on suddenly, but insiders said the company burned cash and struggled with product failures for years. Insider spoke with 27 former employees and two current employees across View's finance, sales, marketing, factory-operations, engineering, recruiting, and IT departments. "He's always been able to pull a rabbit out of a hat when it comes to procuring more money for the company," one banker familiar with View said.

☆ Presa britanică aduce un omagiu prinţului Philip, evocat şi în ziare din întreaga lume
▼ + stars: | 2021-04-10 | by ( ) www.jurnal.md time to read: +3 min

Sursa foto: Casa Regală a RomânieiPresa britanică aduce un omagiu prinţului Philip, evocat şi în ziare din întreaga lumePresa britanică foarte partizană a revenit la unitate pentru a aduce un omagiu sâmbătă prinţului Philip, care a murit vineri, după mai bine de 70 de ani petrecuţi alături de soţia sa, regina Elisabeta a II-a, relatează AFP, citată de Agerpres. Pentru acest din urmă ziar, prinţul Philip a fost şi cel care „a făcut-o să râdă pe Lilibet", porecla afectuoasă pe care i-a dat-o soţiei sale, Elizabeth. „Plângem cu toţii, doamnă", asigură, la rândul său, The Sun, publicând pe prima pagină o fotografie a cuplului regal la nunta lor în 1947. Singura notă discordantă, Morning Star, un cotidian de stânga care nu şi-a ascuns niciodată opoziţia faţă de monarhie, a publicat un editorial intitulat "Philip a personificat vanitatea absurdă a unui patriotism erzaţ''. Imagini ale prinţului Philip apar pe ziare din întreaga lume, în special din Australia, Spania, Franţa.

Persons: Philip, regina Elisabeta a II, a, prinţul consort, prinţul Philip, Elizabeth, de, prinţul Harry, Ducele, îşi Organizations: Casa, României Presa, Agerpres, Times, Press, Journal, Mail, Sun, Daily, Financial Times, Capital Locations: Presa, de Edinburgh, american, Marii Britanii, Franţa, Australia, Spania

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