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☆ 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.

☆ 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.

☆ 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 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.

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".

☆ Credit Suisse taps RBC, Morgan Stanley for capital increase -Bloomberg News
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Oct 18 (Reuters) - Credit Suisse Group AG (CSGN.S) is working with banks including Royal Bank of Canada (RBC) (RY.TO) and Morgan Stanley (MS.N) on a potential capital increase, should it need to shore up its balance sheet and raise funds for its restructuring, Bloomberg News reported on Tuesday, citing people familiar with the matter. A capital increase through a possible share sale, under the name Project Ghana, could come after the bank's formal restructuring announcement on Oct. 27, the report added. Credit Suisse and Morgan Stanley declined to comment. Royal Bank of Canada did not immediately respond to a Reuters request for comment. Earlier, Reuters reported citing a source that Credit Suisse has approached at least one Middle Eastern sovereign wealth fund for a capital injection, while some funds are looking at the scandal-hit bank's businesses as potential investment opportunities.

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 places U.S. asset management arm for sale - source
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

Oct 17 (Reuters) - Credit Suisse Group AG (CSGN.S) recently launched a process that could see its U.S. asset management arm sold, a source familiar with the matter said on Monday, as the troubled Swiss bank seeks to reshape its business after multiple scandals. The source added there was no guarantee of a sale and Credit Suisse could ultimately retain the business. read moreGlobally, Credit Suisse's asset management business managed around $447 billion and had almost 1,200 employees, as of June 30, according to the bank's website. It offers both traditional products, such as mutual funds, as well as alternative investments including real estate and private equity. A number of banks have divested U.S. asset management units in recent years, due to intense competition from large managers and a squeeze on fees from the shift to passive investing.

☆ 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 starts sale of U.S. asset management arm - Bloomberg News
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

Oct 17 (Reuters) - Credit Suisse Group AG (CSGN.S) has recently begun a sale process of its U.S. asset management arm, Bloomberg News reported on Monday, citing people familiar with the matter. The unit, which includes a platform for investing in collateralized loan obligations, is expected to draw interest from private equity firms, the report said, adding that no final decision has been made and Credit Suisse could opt to hold on to the unit. Credit Suisse declined to comment on the report. Earlier in the day, Reuters reported citing a source that Credit Suisse has approached at least one Middle Eastern sovereign wealth fund for a capital injection, while some funds are looking at the scandal-hit Swiss bank's businesses as potential investment opportunities. ($1 = 0.9959 Swiss francs)Register now for FREE unlimited access to Reuters.com RegisterReporting by Niket Nishant, Mehnaz Yasmin and Manya Saini in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ 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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