DIRS.INFO The most relevant business & tech news

Credit Suisse has already placed some 1.8 billion francs worth of shares with a group of institutional investors led by Saudi National Bank. "The rights issue is the necessary start to the process, said Jerome Legras of Axiom Alternative Investments. REVAMP AND RECORD LOWSCredit Suisse shares, which have plumbed record lows, were buoyed last week as its leadership sought to reassure markets. After closing above 3 Swiss francs on Monday, they have retreated slightly, finishing Wednesday’s session at 2.851 Swiss francs. Crucially, they have held above the deal subscription price of 2.52 Swiss francs and were at 2.821 Swiss francs, down around 1% in mid-session trade on Thursday.

☆ Morning Bid: Powerless
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. Treasury yields are up, the dollar is standing firm after its biggest rally in two weeks and risk-off sentiment is holding sway. For the euro zone, however, there is little in the way of good news. Industrial orders data from Germany, the biggest economy in the euro zone, is the only economic indicator worth watching on Tuesday. Chairman Axel Lehmann told media the embattled bank is "definitely stable" and has seen a stabilisation in client funds outflows.

☆ Credit Suisse business is stable, chairman tells broadcaster SRF
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Dec 5 (Reuters) - Credit Suisse (CSGN.S) is "definitely stable," Chairman Axel Lehmann told Swiss broadcaster SRF on Monday, adding that the embattled bank had seen a stabilisation in the outflows of client funds. "Thankfully, the outflows have stabilised," Lehman told SRF in an interview to be broadcast on Monday. Funds were also starting to return to the bank, he said, particularly in its Swiss home market. "What is the earnings power of the Swiss business, wealth management, asset management and the part of the investment bank we retain, and then from 2024 produce positive numbers." Reporting by John Revill; Editing by Mark Porter and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse chairman says outflows have basically stopped
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Dec 2 (Reuters) - Credit Suisse (CSGN.S) Chairman Axel Lehmann said in a TV interview with Bloomberg on Friday the embattled bank's outflows have basically stopped and that it is seeing partial inflows. Credit Suisse has reported sharp outflows as wealthy clients move assets elsewhere, while the bank battles to recover from a string of scandals by focusing more on its flagship wealth management franchise and pruning back investment banking. Credit Suisse, whose shares have plunged this year to record lows, is in the midst of raising 4 billion Swiss francs ($4.23 billion) to bolster its finances. Reporting by Noele Illien; Editing by Michael ShieldsOur Standards: The Thomson Reuters Trust Principles.

☆ Blackstone's grand ambitions for attracting retail money faces a hiccup
▼ + stars: | 2022-12-02 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

It's also a key part of the firm's push to attract retail investors, Insider's Rebecca Ungarino reports. Bloomberg previously reported that both firm CEO Steve Schwarzman and President Jon Gray have each put $100 million of their own money into BREIT since July. But as nice as it is to have the bosses' money backing your fund, that's not the target audience. And while there is a lot of upside to attracting retail investors — its private wealth arm has quadrupled in size to $233 billion in assets in four years — there are risks, too. Click here to read more about the recent headwinds facing Blackstone's big bet to attract retail money.

☆ Morning Bid: Why payrolls might not matter to markets
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +4 min

It's payrolls Friday, yet the most keenly awaited U.S. economic data point may not hold much sway over markets that are already behaving as if the U.S. tightening cycle is over. If it holds at current levels, this would mark one of the biggest weekly drops in the last two years . One line of argument goes that to justify the move seen in government bond markets, the Fed needs to be more or less done in December. So, where does this all leave the November non-farm payrolls report out at 1330 GMT? In the light of that data, markets may be anticipating a lower number later on.

☆ Factbox: Global banks take axe to jobs as cost pressures mount
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +4 min

LONDON, Dec 2 (Reuters) - Banks typically trim jobs towards the end of the year, but 2022 has seen a bigger wave of redundancies and layoffs. Rising cost pressures as a result of inflation and shrinking revenues in many core business lines amid volatile markets are making bank bosses nervous about profitability in 2023. 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. CREDIT SUISSECredit Suisse (CSGN.S) is accelerating cost cuts announced just weeks ago, Chairman Axel Lehmann said on Dec. 2, confirming a Reuters report, as the bank races to slash its cost base by around 2.5 billion Swiss francs ($2.68 billion). 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.

[1/4] A Christmas tree is decorated in front of the headquarters of Swiss bank Credit Suisse in Zurich, Switzerland November 23, 2022. Credit Suisse declined to comment on job cuts in the Hong Kong private banking business. Credit Suisse said in October it intends to reduce its cost base by around 2.5 billion Swiss francs ($2.67 billion) to about 14.5 billion in 2025. Client outflows have partially reversed and very few clients have left entirely, Credit Suisse Chairman Axel Lehmann told a Financial Times conference on Thursday. The fresh round of private banking cuts signals challenges facing Credit Suisse as it shifts towards banking for the wealthy, after vowing to ramp up wealth management globally.

☆ Outflows at Credit Suisse have partially reversed - chairman
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Dec 1 (Reuters) - Client fund outflows at Credit Suisse (CSGN.S) have partially reversed and very few clients have left entirely, Chairman Axel Lehmann told a Financial Times conference on Thursday. "It was a storm in the retail and partially in the wealth management segment, in particular in Asia, where we had really massive outflows for two to three weeks," Lehmann said. "Since then it completely flattened out and it partially reversed," he said. Credit Suisse has reported sharp outflows as wealthy clients move assets elsewhere, while the bank battles to recover from a string of scandals by focusing more on its flagship wealth management franchise and pruning back investment banking. Credit Suisse, whose shares have plunged this year to record lows, is in the midst of raising 4 billion Swiss francs ($4.23 billion) to bolster its finances.

☆ Credit Suisse shareholders greenlight $4.2 billion capital raise
▼ + stars: | 2022-11-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021.Credit Suisse shareholders on Wednesday approved a 4 billion Swiss franc ($4.2 billion) capital raise aimed at financing the embattled lender's massive strategic overhaul. Credit Suisse's capital raising plans are split into two parts. The new share offering will see the SNB take a 9.9% stake in Credit Suisse, making it the bank's largest shareholder. The second capital increase issues newly registered shares with pre-emptive rights to existing shareholders, and passed with 98% of the vote. Credit Suisse Chairman Axel Lehmann said the vote marked an "important step" in the building of "the new Credit Suisse."

☆ Credit Suisse shareholders approve 4 billion Swiss franc capital raise
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 22 (Reuters) - Credit Suisse (CSGN.S) shareholders approved on Wednesday a 4 billion Swiss franc ($4.20 billion) share capital hike intended to fund the embattled Swiss bank's turnaround. Some 92% and 98% of shareholders at an extraordinary general meeting supported the two share capital increases which were first proposed last month under the scandal prone bank's restructuring plan. "Today’s vote by shareholders marks a further important step in our journey to build the new Credit Suisse" chairman Axel Lehmann said after Wednesday's result. "This vote confirms confidence in the strategy, as we presented it in October, and we are fully focused on delivering our strategic priorities to lay the foundation for future profitable growth," he addedThe approval comes after Credit Suisse on Wednesday also announced it expects to make a pre tax loss of up to 1.5 billion Swiss francs ($1.58 billion) during its fourth quarter, saying the "challenging" economic and market environment had had an adverse effect on client activity across its businessTo fund an overhaul which will see the Swiss bank cut thousands of jobs and scale back its investment bank, Credit Suisse had drawn up a plan that would give new and existing shareholders the chance to buy new shares. ($1 = 0.9520 Swiss francs)Reporting by Noele Illien, Editing by John RevillOur Standards: The Thomson Reuters Trust Principles.

The company will be a preferred long-term partner for Credit Suisse, the bank has said. Credit Suisse declined to comment beyond Lehmann's remarks Oct. 27 when the bank unveiled the restructuring. The investment bank spin-off and the sale of the securitized products unit to Apollo are key planks of the reorganization. Klein, a 59-year-old former Citigroup rainmaker who runs advisory boutique M. Klein & Co, has been a Credit Suisse board member since 2018. Klein and Credit Suisse also have discussed combining M. Klein & Co into CS First Boston, according to one source familiar with the discussions.

☆ Walmart-backed One has made a splash with high-profile hires and big potential, but customers of the old regime feel left behind
▼ + stars: | 2022-11-02 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

The ones left behindHaving your bank acquired by the nation's largest retailer might seem like an exciting opportunity. Read our full deep-dive into how One customers feel frustrated by changes made to their bank in the wake of its acquisition. In other news:Diddy, Heidi Klum, and Mindy Kaling are just a few of the many celebrities that celebrate Halloween with statement looks. Diddy/Instagram; Noam Galai/Getty Images for Heidi Klum; Mindy Kaling/Instagram2. Credit to Heidi Klum for going all in.

ZURICH/NEW YORK, Oct 28 (Reuters) - After months of reflecting, Credit Suisse's chairman Axel Lehmann revealed an overhaul "to rebuild Credit Suisse as a strong ... bank with a firm foundation, rock-solid like our Swiss mountains". On Thursday, Credit Suisse outlined plans to raise 4 billion Swiss francs from investors, cut thousands of jobs and shift its focus from investment banking towards its rich clients. Credit Suisse said its clients pulled funds in recent weeks at a pace that led the lender to breach some regulatory requirements for liquidity, underscoring the deep impact of wild market swings and social media speculation about its health. It will separate its investment bank to create CS First Boston, focused on advisory work such as mergers and acquisitions and arranging deals on capital markets. And that's the pond that Credit Suisse is swimming in."

LONDON, Oct 27 (Reuters) - Seeking to restore vigour to a business that's been languishing, Credit Suisse (CSGN.S) says it will reshape its investment bank by resurrecting the First Boston brand. Still, Credit Suisse says it expects CS First Boston to generate 14% of total group revenue by 2025, starting with annual sales of about $2.5 billion. Credit Suisse has been plagued by an exodus of senior bankers over the past 18 months. Yet most trading activities will remain within Credit Suisse, raising questions on CSFB's ability to compete with the likes of Goldman Sachs and JPMorgan (JPM.N). Credit Suisse is hoping to eventually pursue an initial public offering of CSFB, Körner told analysts.

The troubled Swiss bank outlined what its chairman Axel Lehmann dubbed a "blueprint for success", after racking up a 4 billion Swiss franc loss in the third quarter of the year and following torrid weeks for the group. Saudi National Bank, the Kingdom's biggest lender, committed to invest up to 1.5 billion francs in Credit Suisse to achieve a shareholding of up to 9.9%. The Swiss bank said it also aims to separate out its investment bank to create CS First Boston, focused on advisory and capital markets, and hopes to attract third-party capital and set up a partnership with the new Credit Suisse. Credit Suisse said it will create a capital release unit to wind down non-strategic, higher-risk businesses, while announcing the sale of a large part of its securitised products business. Credit Suisse needs to revamp after a series of costly and morale-sapping blunders that triggered a wholesale change of management, a halt in dividend payments and an urgent rethink about its future.

Oct 26 (Reuters) - Credit Suisse Group AG (CSGN.S) is set to announce a major strategic overhaul on Thursday after a string of losses and risk management failures have put the embattled Swiss lender under investor scrutiny. Reuters Graphics Reuters GraphicsCredit Suisse Chairman Axel Lehmann, who pledged to reform the bank, said its capital base was strong. Reuters GraphicsSo far, questions about the bank's restructuring, and whether or not it will need fresh capital to fund it, remain open. On Wednesday it was close to levels seen before the early October market rout. Reuters Graphics($1 = 0.9891 Swiss francs)Reporting by Vincent Flasseur and Davide Barbuscia; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ If Credit Suisse loves its bankers, set them free
▼ + stars: | 2022-10-21 | by ( Liam Proud | ) www.reuters.com time to read: +6 min

LONDON, Oct 21 (Reuters Breakingviews) - Credit Suisse (CSGN.S) is a weak bank with some strong bankers. SECOND COMINGImagine, then, that Credit Suisse spins out its advisory and capital-markets business. But Credit Suisse has never quantified the business it wins from intragroup referrals, which suggests it is low. In this case, it will be higher if those people are no longer at Credit Suisse. First Boston was a U.S. investment bank in which Credit Suisse first bought a stake in 1978.

A clock is seen near the logo of Swiss bank Credit Suisse at the Paradeplatz square in Zurich, Switzerland October 5, 2022. Credit Suisse is also considering spinning off part of its advisory and investment banking business, which could bring in outside investors and be named First Boston, Bloomberg has reported. If such deals do not materialize or fall short of expectations, Credit Suisse will go for a capital increase, said that person. "I am more worried that Credit Suisse will be bought at a bargain price by an American bank," he said. Ray Soudah, Chairman of Swiss mergers and acquisitions specialist Millenium Associates, said disposals risked making Credit Suisse "an even greater target".

A clock is seen near the logo of Swiss bank Credit Suisse at the Paradeplatz square in Zurich, Switzerland October 5, 2022. Abu Dhabi and Saudi Arabia were weighing up, through their sovereign wealth funds, whether to put money into Credit Suisse's investment bank and other businesses, Bloomberg reported. A spokesperson for Credit Suisse declined to comment, reiterating that it will update on its strategy review when it announces third-quarter earnings. The largest Middle Eastern sovereign fund investor in Credit Suisse, the Qatar Investment Authority, declined to comment. The New Jersey case was the largest of its remaining exposure on its legacy RMBS business, Credit Suisse said, with five remaining cases, all far smaller, still in litigation.

☆ 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 wayward debt is a bet for the bold
▼ + stars: | 2022-10-06 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 6 (Reuters Breakingviews) - Credit Suisse’s (CSGN.S) debt derivatives are still sending spooky signals, even though its equity is not. Yet its credit default swaps (CDS), contracts used to speculate on a company defaulting on its debt, are still bizarrely elevated, despite the absence of any bad news. Five-year swaps were trading at roughly 360 basis points on Thursday, compared with around 200 basis points in mid-September, according to Refinitiv data. Credit Suisse’s one-year CDSs, meanwhile, were quoted at around 600 basis points on Thursday morning, according to one trader. Investors willing to bet that Credit Suisse can survive would make handsome gains.

☆ 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.

Search resuls for: "Axel Lehmann"

25 mentions found