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☆ 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.

☆ Privacy Regulators Step Up Oversight of AI Use in Europe
▼ + stars: | 2023-02-16 | by ( Catherine Stupp | ) www.wsj.com time to read: +6 min

European privacy regulators are intensifying their scrutiny of companies’ use of artificial intelligence, hiring experts and opening new units to crack down on data violations. “AI is appearing in all sectors,” said Kari Laumann, head of a division for research, analysis and policy at Norway’s data protection authority. The regulator’s office has worked with 64 companies to test AI initiatives under its supervision, in a program started in 2020. Regulators have fined companies for privacy failings in their AI applications in recent years, but European data protection officials and privacy analysts say it is still unclear how to apply some aspects of European privacy law to the technology. Mr. Jairaj said he expects the EU’s coming legislation to force companies to look closely at third-party suppliers of AI products.

☆ 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.

FRANKFURT, Feb 9 (Reuters) - Credit Suisse (CSGN.S) has taken another step towards creating a standalone investment bank by buying Michael Klein's advisory boutique, but gave few clues on Thursday about potential investors who might back the business with new capital. In October, Credit Suisse Chief Executive Officer Ulrich Koerner said the bank had already a commitment from an investor without giving a name. The plan has raised concerns from Credit Suisse shareholders over potential conflicts of interest. Credit Suisse said it would keep control over the structure of CS First Boston. CEO Koerner said: "The ties between the new Credit Suisse and CS First Boston are obviously super-deep and will stay super-deep."

For the fourth quarter, Switzerland's second-biggest bank posted a net loss of 1.39 billion francs. That brought its total net loss in 2022 to 7.29 billion francs, marking its second straight year in the red. The bank, however, completed a 4 billion Swiss franc fundraising in December and said liquidity levels had been boosted. Chief Executive Ulrich Koerner said last month that Credit Suisse was "seeing money now coming back in different parts of the firm." "We have a clear plan to create a new Credit Suisse and intend to continue to deliver on our three-year strategic transformation," Koerner said on Thursday.

☆ Credit Suisse moves towards carve out of investment banking arm
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

The bank, battling to recover from a series of scandals and heavy losses, said it had agreed to buy the investment banking business of M. Klein & Company LLC, for $175 million. Credit Suisse did not provide details on other investors that may back CS First Boston. Credit Suisse has been marketing CS First Boston to investors as a "super boutique" and sees revenue eventually more than doubling to as much as $3.5 billion, Reuters reported on Monday. Still, given the "challenging market backdrop", Credit Suisse expects its investment banking division - which includes some activities that may not move across to CS First Boston - to report a loss in the first quarter. Credit Suisse said it would keep control over the structure of CS First Boston.

☆ Credit Suisse logs worst annual loss since global financial crisis
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Feb 9 (Reuters) - Credit Suisse Group (CSGN.S) on Thursday reported its worst annual loss since the 2008 global financial crisis, battered by scandals and heavy losses that led to unprecedented customer withdrawals. Switzerland's second biggest bank posted a net loss in the fourth quarter of 1.39 billion Swiss francs ($1.51 billion), in line with an analyst consensus estimate of 1.34 billion francs compiled by the lender. The result compares with a 2 billion franc loss in the same quarter a year earlier, and brings Credit Suisse's total net loss in 2022 to 7.29 billion francs, marking its second straight year in the red. Net asset outflows for the last three months of the year totalled 110.5 billion Swiss francs, the bank said. ($1 = 0.9195 Swiss francs)Reporting by Noele Illien; editing by John Stonestreet and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse CEO says 'completely unacceptable' numbers show why overhaul is needed
▼ + stars: | 2023-02-09 | 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 CEO says 'completely unacceptable' numbers show why overhaul is neededCredit Suisse CEO Ulrich Koerner discusses the bank's fourth-quarter and 2022 full-year earnings, along with the embattled Swiss bank's ongoing transformation project.

☆ Credit Suisse posts massive annual loss as 'radical' restructure gets underway
▼ + stars: | 2023-02-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021.Credit Suisse on Thursday reported a fourth-quarter net loss of 1.4 billion Swiss francs ($1.51 billion), as it continues with its huge strategic overhaul. The quarterly result was worse than analyst projections of a net loss attributable to shareholders of 1.32 billion Swiss francs, and took the embattled Swiss lender's full-year loss to 7.3 billion Swiss francs. In November, the bank projected a 1.5 billion Swiss franc loss for the fourth quarter amid large-scale restructuring costs, while Credit Suisse shareholders greenlit a $4.2 billion capital raise aimed at financing the overhaul. The capital raise included the sale of 9.9% of Credit Suisse shares to the Saudi National Bank, making it the bank's largest shareholder. The Qatar Investment Authority became the second-largest shareholder in Credit Suisse after doubling its stake late last year.

☆ Exclusive: Credit Suisse markets CSFB as 'super boutique', sees revenue rebound
▼ + stars: | 2023-02-06 | by ( Paritosh Bansal | ) www.reuters.com time to read: +6 min

Veteran dealmaker Michael Klein has stepped down from the Credit Suisse board to become CEO. Third-party capital would help fund the unit's lending as a standalone entity, Credit Suisse said, without providing additional details. At the same time, Credit Suisse would pull back from certain businesses, such as providing revolving credit lines to companies and non-essential trading. Bloomberg News reported last month that Credit Suisse was nearing a deal to buy the boutique for a few hundred million dollars. Longer term under its plan for CSFB, Credit Suisse projects net revenues could rise to as much as $3.5 billion.

☆ Qatar doubles Credit Suisse stake as embattled lender forges ahead with strategic overhaul
▼ + stars: | 2023-01-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The Qatar Investment Authority is the second-largest shareholder in Credit Suisse after doubling its stake in the embattled Swiss lender late last year, according to a filing with the U.S. Securities and Exchange Commission. The QIA — Qatar's sovereign wealth fund — initially began investing in Credit Suisse around the time of the financial crisis. Combined with the 3.15% owned by Saudi-based family firm Olayan Financing Company, around a fifth of the company's stock is now owned by Middle Eastern investors, Eikon data indicates. Credit Suisse will report its fourth-quarter and full-year earnings on Feb. 9, and has already projected a 1.5 billion Swiss franc ($1.6 billion) loss for the fourth quarter as a result of the ongoing restructuring. The shake-up is designed to address persistent underperformance in the investment bank and a series of risk and compliance failures.

☆ Nine Killed in Shooting in Monterey Park, Near Los Angeles
▼ + stars: | 2023-01-22 | by ( Michael Wright | ) www.wsj.com time to read: 1 min

Police stand guard at the scene of the shooting. A gunman killed nine people in a mass shooting in Monterey Park, Calif., late on Saturday, the Los Angeles County Sheriff’s Department said. Reports of the shooting emerged at 10:22 p.m. local time, Deputy Sheriff Tracy Koerner said, without providing details of whether the male shooter was in custody. Further details couldn’t be determined.

☆ Seeking an Oasis in the Palm Springs Desert With $350,000 to Spend. Which Home Did He Choose?
▼ + stars: | 2023-01-19 | by ( Soumya Karlamangla | ) www.nytimes.com time to read: +2 min

He returned to Santa Cruz in 2019 to be closer to family, and then to ride out Covid lockdowns. Like San Francisco, Palm Springs offered a thriving gay community, with a more relaxed vibe and much more affordable housing. Email: thehunt@nytimes.com]In March, Mr. Andrade contacted Kevin Koerner, a friend who was a broker with Compass, to help him sift through properties. Palm Springs, historically, has been a destination for buyers “looking for places to get away for the weekend, or a week, or to come here in the winter,” he said. Mr. Andrade set a budget of about $350,000 and began looking for a home with two bedrooms, so friends and family could comfortably visit.

☆ Credit Suisse CEO says outflows have reduced 'very significantly' as overhaul progresses
▼ + stars: | 2023-01-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Switzerland's second largest bank Credit Suisse is seen here next to a Swiss flag in downtown Geneva. Credit Suisse is seeing a sharp reduction in client outflows, as the embattled Swiss lender progresses with its major strategic overhaul, new CEO Ulrich Koerner told CNBC on Wednesday. As part of the overhaul, Credit Suisse shareholders in November greenlit a $4.2 billion capital raise, including a new private share offering that will see the Saudi National Bank become the largest interest holder, with a 9.9% stake. Koerner said the transformation towards a "new Credit Suisse" was going well. Credit Suisse has also reached out to tens of thousands of clients in Switzerland and around the world for feedback, Koerner said.

☆ Credit Suisse sees money returning to the bank -CEO
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Jan 18 (Reuters) - Credit Suisse (CSGN.S) is seeing a reversal of outflows, CEO Ulrich Koerner said in an interview with CNBC in Davos on Wednesday. "Outflows have reduced very significantly and we are seeing money now coming back in different parts of the firm," he said. Koerner said he has "zero concerns" about conflicts of interest surrounding the bank's acquisition of former Credit Suisse board member Michael Klein's advisory firm. Earlier this month it was reported the Swiss bank would value M. Klein & Company at a few hundred million dollars. The potential deal is expected to allow M. Klein & Co. shareholders to take an eventual stake in CS First Boston using proceeds from the sale.

"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.

☆ Watch CNBC's full interview with Credit Suisse CEO Ulrich Koerner on the bank's massive overhaul
▼ + stars: | 2022-10-27 | 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 EmailWatch CNBC's full interview with Credit Suisse CEO Ulrich Koerner on the bank's massive overhaulWatch CNBC's full interview with Credit Suisse's new CEO Ulrich Koerner as he outlines a 4 billion Swiss franc ($4.05 billion) cash raising programme as part of a major strategic overhaul at the bank.

☆ Credit Suisse mulls IPO for CS First Boston - source
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Oct 27 (Reuters) - Credit Suisse (CSGN.S) is exploring the possibility of an initial public offering for its CS First Boston spinoff, a source familiar with the matter told Reuters on Thursday. The Swiss bank is starting out as the majority shareholder for the newly created investment bank entity, but sees an IPO as a future option, the source said. An unnamed investment company has already committed to inject $500 million into CS First Boston, focused on advisory and capital markets, Chief Executive Ulrich Koerner said. Saudi National Bank, which is taking a stake of up to 9.9% in Credit Suisse Group, has also said it was ready to put money into the investment bank spinoff. Credit Suisse board member Michael Klein will step down and become chief executive of the new CS First Boston entity, which will be headquartered in New York.

☆ 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.

☆ Explainer: Credit Suisse in spotlight ahead of strategy shift
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +5 min

WHY IS CREDIT SUISSE IN THE SPOTLIGHT? A spying scandal forced then-CEO Tidjane Thiam to quit in 2020, and Switzerland's financial regulator said Credit Suisse had misled it about the scale of its surveillance. His successor Thomas Gottstein lasted until July 2022, when Credit Suisse turned to restructuring expert Ulrich Koerner as CEO and launched a second strategic review within a year. Credit Suisse is looking to sell the Savoy Hotel in central Zurich, which could be worth 400 million Swiss francs. Since its foundation in 1856, Credit Suisse has played a central role in the history and development of Switzerland.

☆ 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.

The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland September 2, 2022. Reuters reported on Thursday that Credit Suisse had sounded out investors about a possible capital raising as it attempts a radical overhaul of its investment bank. "When we launched our strategic review, we committed to an ambitious timeline whilst also making it clear that we would carry out a rigorous and diligent evaluation of all options for Credit Suisse," the note said. A Credit Suisse spokesperson confirmed the contents of the memo. A bank spokesman said "Credit Suisse is not exiting the U.S.

☆ 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.

☆ 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.

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