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☆ U.S. third-quarter economic growth revised up; goods trade deficit widens in October
▼ + stars: | 2022-11-30 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Gross domestic product increased at a 2.9% annualized rate, the Commerce Department said in its second estimate of third-quarter GDP. Economists polled by Reuters had forecast GDP growth would be raised to a 2.7% rate. Gross domestic income (GDI) had contracted at a 0.8% pace in the second quarter. Profits from current production decreased $31.6 billion in the third quarter after rising $131.6 billion in the second quarter. Inventories subtracted from GDP growth in the third quarter.

☆ Few Credit Suisse clients have closed accounts - CEO of the bank's Swiss unit
▼ + stars: | 2022-11-27 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 27 (Reuters) - The head of Credit Suisse's Swiss unit said "some customers have withdrawn some of their money, but very few have actually closed their accounts." The announcement sent the share price tumbling and led to the cost of insuring the debt of Credit Suisse against default rising. A number of options have been floated as paths Credit Suisse may take to help it get it back on track. Helfenstein said splitting the Swiss business from the bank's international business was "absolutely not an option". He also said a sale of the private client business and the asset management division was "not up for debate either".

☆ Credit Suisse warns of $1.6 billion loss as rich clients leave
▼ + stars: | 2022-11-23 | by ( ) edition.cnn.com time to read: +4 min

Credit Suisse expects a pretax loss of up to 1.5 billion Swiss francs ($1.58 billion) in its fourth quarter as it keeps bleeding cash, the Swiss bank said on Wednesday, shortly before shareholders approved a $4 billion capital hike. It said this trend in the wealth management division, catering to rich clients, has since improved, but had yet to reverse. The bank has been battered by a string of scandals and losses, including a $5.5 billion loss from the unraveling of US investment firm Archegos. Client activity had remained subdued in the wealth management and Swiss Bank divisions, a situation expected to continue in the coming months, the bank said. Analysts expressed concern about the outflows, which Bank Vontobel estimated to be around 84 billion Swiss francs ($88.2 billion).

☆ S&P downgrades Credit Suisse Group, Moody's cuts some ratings
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

ZURICH, Nov 2 (Reuters) - S&P Global Ratings has downgraded Credit Suisse Group's (CSGN.S) long-term issuer credit rating by one notch to BBB- and cut its view on main operating unit Credit Suisse AG and other core subsidiaries to A-/A-2 from A/A-1. Separately, Moody's downgraded some of its ratings for Credit Suisse AG following the bank's strategy overhaul but kept its rating for the overarching group unchanged. It downgraded Credit Suisse AG's senior unsecured debt from A2 to A3 on Tuesday while retaining Credit Suisse Group's senior unsecured debt rating of Baa2. Moody's also downgraded Credit Suisse AG's Baseline Credit Assessment (BCA) and Adjusted BCA to ba1 from baa3 and its long-term Counterparty Risk Assessment to A3 from A2. DBRS Morningstar downgraded Credit Suisse AG's long-term issuer rating to “A (low)”; and the long-term issuer rating of Credit Suisse Group to BBB (high).

☆ What Saudi Arabia’s Biggest Bank Wants With Credit Suisse
▼ + stars: | 2022-10-31 | by ( Stephen Kalin | Margot Patrick | ) www.wsj.com time to read: 1 min

Credit Suisse’s soon-to-be-largest investor is keen on gaining access to the lender’s industry specialists and new tools . REUTERS/Arnd Wiegmann/File PhotoDUBAI–Saudi Arabia’s largest bank will soon be the biggest investor in Credit Suisse AG and wants to bring the Swiss lender deeper into the kingdom’s booming financial markets while expanding ties to rich Middle Easterners. “We think it would be synergistic to both sides if we could get them more involved in the Saudi market,” Saudi National Bank Chairman Ammar al-Khudairy said.

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