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☆ Apollo assessing possible CS First Boston investment -source
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

Feb 7 (Reuters) - Apollo Global Management Inc (APO.N) is among a group of financial firms considering investing in Credit Suisse's (CSGN.S) revamped investment bank CS First Boston, a source with knowledge of the matter told Reuters. U.S. asset manager and private equity firm Apollo has been contacted by the Swiss bank about investing in CS First Boston (CSFB) but has yet to make a decision, the source added. It will now focus on managing money for the wealthy and create CSFB to run its investment banking activities. Apollo has already committed to buying the bulk of Credit Suisse's securitized products group, which will be outside CSFB. Credit Suisse, which reports fourth-quarter earnings on Feb. 9, said in November that it expects to complete the transaction by mid-2023.

☆ UBS flags uncertain year ahead after profit beats forecasts
▼ + stars: | 2023-01-31 | by ( Noele Illien | ) www.reuters.com time to read: +4 min

[1/2] The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland, Oct. 25, 2022. REUTERS/Arnd WiegmannZURICH, Jan 31 (Reuters) - UBS (UBSG.S), Switzerland's biggest bank, forecast an uncertain year ahead due to the war in Ukraine and sagging client confidence on Tuesday, despite trumping expectations for 2022 with a $7.6 billion net profit. Zuercher Kantonalbank analyst Michael Klien said UBS had benefited from one-offs, including a lower than expected tax rate. SLOWDOWNUBS said it gained $23.3 billion in net new fee generating assets in wealth management, with a strong Swiss performance. UBS announced plans to buy back more than $5 billion worth of shares this year after repurchasing $5.5 billion in 2022.

☆ Valuing Michael Klein is a fascinating sideshow
▼ + stars: | 2023-01-13 | by ( Liam Proud | ) www.reuters.com time to read: +5 min

The two sides have discussed a deal where Credit Suisse would acquire M. Klein & Company with Klein getting a stake in First Boston. Putting a price on M. Klein & Co is hard from the outside because its accounts aren’t publicly available. The size of that holding depends therefore on the relative worth of First Boston and M. Klein & Co. A 9% stake would then be worth $320 million, implying a huge payday for M. Klein & Co shareholders. If Klein makes money, Credit Suisse shareholders would do very well too.

☆ Take Five: Ready for that Santa rally?
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +5 min

1/FRANC DISCUSSIONCredit Suisse executives may need to sit down for an honest chat about whether the bank's latest strategic plan is enough to rally investors. And with the Federal Reserve, European Central Bank and Bank of England meeting in coming weeks, the drama isn't over. For some, the notion of peak rates, peak inflation and China's reopening is reason enough for cheer. After months of pain inflicted by high inflation and aggressive rate increases, perhaps it's time to bring on the Santa rally. That wouldn't necessarily cut short a rally in Aussie dollar, which recently has been driven more by China's re-opening hopes and a retreating greenback than the RBA.

☆ Credit Suisse projects $1.6 billion fourth-quarter loss as it embarks on strategy overhaul
▼ + stars: | 2022-11-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Switzerland's second largest bank Credit Suisse is seen here next to a Swiss flag in downtown Geneva. Credit Suisse on Wednesday projected a 1.5 billion Swiss franc ($1.6 billion) fourth-quarter loss as it undertakes a massive strategic overhaul. Credit Suisse revealed that it had continued to experience net asset outflows, and said these flows were approximately 6% of assets under management at the end of the third quarter. Credit default swaps are a type of financial derivative that provide the buyer with protection against default. "In wealth management, these outflows have reduced substantially from the elevated levels of the first two weeks of October 2022 although have not yet reversed," Credit Suisse said Wednesday.

☆ How Credit Suisse’s turnaround could work: podcast
▼ + stars: | 2022-11-10 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Nov 10 (Reuters Breakingviews) - CEO Ulrich Körner is raising $4 bln of fresh equity and shrinking the Zurich-based group’s trading business to put it on a steadier footing. In this Viewsroom podcast, Breakingviews columnists debate the merits of the plan and what’s at stake if it fails. Listen to the podcastFollow @aimeedonnellan on TwitterEditing by Amanda Gomez and Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ LGBT activists protest at FIFA Museum ahead of World Cup in Qatar
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

[1/2] Participants display placards as LGBT+ associations protest in front of FIFA World Football Museum, as Qatar is set to host the 2022 World Cup, in Zurich, Switzerland November 8, 2022. REUTERS/Arnd WiegmannZURICH, Nov 8 (Reuters) - A few dozen people protested in front of the FIFA Museum in Zurich on Tuesday to press for the rights of the LGBT+ community ahead of the World Cup hosted by Gulf state Qatar. In an interview filmed in Doha and to be screened later on Tuesday, a Qatar World Cup ambassador told German television broadcaster ZDF that homosexuality, which is illegal in the conservative Muslim country, was "damage in the mind". The All Out group that organised the Zurich protest said the demonstration aimed to "make sure FIFA and Qatar know the world is watching and that citizens around the world expect action". Qatar is the first Middle Eastern country to host the World Cup, but the small nation has come under intense pressure for its treatment of foreign workers and restrictive social laws.

☆ Michael Klein’s fourth act may be his toughest
▼ + stars: | 2022-10-28 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

Yet his toughest task yet will be making a success of Credit Suisse’s (CSGN.S) carved-out advisory unit, CS First Boston. Credit Suisse will be reluctant to provide that, having already slashed exposures to $3.6 billion from $10.2 billion in early 2021. Credit Suisse has struggled for years to encourage the two divisions to team up on deals involving billionaire business owners. Klein’s fourth investment banking act will be his toughest. Klein, a former Citigroup banker who has been on the Credit Suisse board since 2018, will act as an adviser to Chief Executive Ulrich Körner.

☆ 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.

☆ Hurricane Ian claims likely to push Swiss Re to Q3 loss
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

CFO John Dacey of the world's second largest reinsurer Swiss Re addresses a news conference to present the company's full year results in Zurich, Switzerland February 21, 2019. REUTERS/Arnd WIegmannSummarySummary Companies Swiss Re estimates Hurricane Ian claims at around $1.3 billionExpects Q3 net loss of around $500 millionSees total Hurricane Ian claims for industry at $50 bln-65 blnZURICH, Oct 18 (Reuters) - Swiss Re (SRENH.S) forecast on Tuesday a third-quarter net loss of around $500 million after the reinsurance company absorbed preliminary claims from Hurricane Ian of approximately $1.3 billion. Register now for FREE unlimited access to Reuters.com RegisterSwiss Re estimated the preliminary total insured market loss from Hurricane Ian at $50 billion–$65 billion. "Swiss Re maintains its very strong capital position, with Group (Swiss Solvency Test) ratio of 274%, as of 1 July 2022. Berenberg analyst Kathryn Fear cut her estimate for 2022 net income to $947 million from $1.72 billion.

☆ 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 investment chief lays out why the bank has cut its weighting to US stocks, how likely a recession now is and how the bank is positioning its billions of dollars in client assets
▼ + stars: | 2022-09-16 | by ( Karin Wasteson | ) www.businessinsider.com time to read: +5 min

Credit Suisse downgraded its global equities positioning from overweight to neutral in early August, and then cut it again on the 29th August from neutral to underweight. "If you want a job, you can get a job," Siu said. "From the beginning of the Covid outbreak, bond yield was 0.5%, now bond yield is 3.2%; a six-fold increase since then. Is bond yield attractive? In a recession risk scenario you do not want to be overweight high risk assets such as high yield."

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