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☆ 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.

☆ Egypt leads 2022 gains, Saudi marks first annual loss in 7 years
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +3 min

Dec 29 (Reuters) - The Saudi Arabian stock market ended lower on Wednesday, marking its first annual loss in seven years, while the Egyptian bourse was the Middle East's best performer in 2022. Saudi Arabia's benchmark index (.TASI) eased 0.1%, hit by a 1.1% fall in Al Rajhi Bank (1120.SE). According to Wael Makarem, senior market strategist – MENA at Exness, stock markets have witnessed a difficult period in 2022 as inflation, rising interest rates and the war in Ukraine strongly impacted investor sentiment. The kingdom's largest lender, Saudi National Bank (1180.SE), finished 1.2% higher. Oil prices - a key catalyst for the Gulf's financial markets - surged 80% earlier this year before giving up most gains.

☆ Swiss central bank sees onus on Credit Suisse to execute revamp
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Christmas tree is decorated in front of the headquarters of Swiss bank Credit Suisse in Zurich, Switzerland November 23, 2022. REUTERS/Arnd WiegmannZURICH, Dec 17 (Reuters) - Credit Suisse (CSGN.S) needs to execute its revamp successfully and end a string of negative headlines from Switzerland's second-biggest bank, Swiss National Bank Chairman Thomas Jordan said in an interview aired on Saturday. It said this month the turnaround was well under way after completing a 4 billion Swiss franc ($4.3 billion) capital hike. It takes time, it is a big challenge for the management and employees of Credit Suisse," Jordan told Swiss broadcaster SRF in an interview. The SNB (SNBN.S) lost 142.2 billion Swiss francs in the first nine months of 2022 as rising interest rates and the stronger Swiss franc slashed the value of foreign investments.

☆ Regulators find deficiencies in Credit Suisse resolution plan, shortcomings in BNP Paribas plan
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Christmas tree is decorated in front of the headquarters of Swiss bank Credit Suisse in Zurich, Switzerland November 23, 2022. REUTERS/Arnd Wiegmann//File PhotoDec 16 (Reuters) - The U.S. Federal Reserve and the Federal Deposit Insurance Corp identified two deficiencies in Credit Suisse’s so-called “living will” that details how the firm would be unwound in the event of bankruptcy related to the bank’s U.S. governance and cash flow forecasting. Banking regulators also identified a shortcoming, which is not as severe as a deficiency, in BNP Paribas’ resolution plan connected to the continuity in resolution of its securities repurchase agreement activity for the bank’s U.S. operations. Last month, the Fed and FDIC also said Citigroup Inc must remediate its living will, saying problems with the bank’s data governance could adversely affect its ability to produce timely and accurate data during a period of financial stress. Reporting by Hannah Lang in Washington, Editing by Franklin PaulOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: China reopening as volatility ebbs
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +4 min

What's more, Wall Street's 'fear index' is showing little if any trepidation about the final month of the year. Even though it backed up a bit today, the VIX index of implied S&P500 volatility (.VIX) closed at its lowest in 8 months on Friday. Morgan Stanley updated its China equity recommendation to overweight, citing "multiple positive developments alongside a clear path set towards reopening." China's yuan , surged past 7 to the dollar in onshore and offshore markets - its best levels in almost three months. The China re-opening optimism buoyed the oil price even as OPEC+ nations at the weekend held their targets steady despite last week's market speculation of another output cut.

[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.

☆ Credit Suisse shares get closer to offer price in $2.4 bln cash call
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] Switzerland's national flag flies above a logo of Swiss bank Credit Suisse in front of a branch office in Bern, Switzerland November 29, 2022. REUTERS/Arnd WiegmannMILAN, Dec 1 (Reuters) - Credit Suisse (CSGN.S) shares fell to a fresh record low on Thursday approaching the offer price of the 2.24 billion Swiss francs ($2.37 billion) rights issue the loss-making bank needs to help stabilise its finances. By 1019 GMT, Credit Suisse shares fell to as low as 2.667 francs, which is around 5% above the 2.52 francs offer price in the rights issue. Rights to subscribe to the capital increase fell as much as 51% on the day. "The share price is... above the offer price of CHF 2.52 for their CHF 2.2bn rights offering, which is also the 'hard underwriting' price for the consortium of 19 banks.

[1/2] The logo of Swiss bank Credit Suisse is seen in Zurich, Switzerland October 26, 2022. Credit Suisse declined to comment on the market moves. Credit Suisse rights for its 2.24 billion Swiss francs ($2.4 billion) share issue were down 8%, having reversed initial gains. Credit Suisse bonds also weakened, with additional tier 1 dollar bonds down over 4 cents and many sinking below the levels seen during a sell off in the bank's shares and bonds in early October, Tradeweb data showed. Battered by a series of scandals and mounting losses, Credit Suisse last month embarked on a turnaround plan.

☆ 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.

☆ 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."

☆ Qatar Investment Authority plans to raise stake in Credit Suisse - FT
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. REUTERS/Arnd WiegmannNov 2 (Reuters) - The Qatar Investment Authority plans to raise its stake in Swiss lender Credit Suisse Group AG (CSGN.S) by investing in a share sale alongside the Saudi National Bank (1180.SE), the Financial Times reported, citing people with knowledge of the talks. Credit Suisse declined to comment on the report, while Qatar Investment Authority did not immediately respond to a Reuters request. read moreLast week, Saudi Arabia-controlled SNB said it would invest up to 1.5 billion francs in Credit Suisse to take a stake of up to 9.9% and may invest in the investment bank. ($1 = 0.9980 Swiss francs)Reporting by Anirudh Saligrama in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse posts huge third-quarter loss as it announces major strategic overhaul
▼ + stars: | 2022-10-27 | 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 on Thursday posted a massive quarterly loss, significantly worse than analyst estimates, as it announced a significant strategic overhaul. The embattled lender posted a third-quarter net loss of 4.034 billion Swiss francs ($4.09 billion), compared with analyst expectations for a loss of 567.93 million Swiss francs. The figure is also well below the 434 million Swiss franc profit posted for the same quarter last year. This is a developing news story and will be updated shortly.

☆ Russia bans dealing in capital of 45 foreign-owned banks or banking units
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

[1/3] The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland October 4, 2022. REUTERS/Arnd WiegmannSummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Oct 26 (Reuters) - Russia on Wednesday banned dealings in the shares or share capital of 45 banks or banking units, all either owned by parties in countries that Russia terms "unfriendly" or owned through foreign capital. Western countries and allies, including Japan, have piled financial restrictions on Russia since it sent troops into Ukraine in late February. Moscow retaliated with obstacles for Western businesses and their allies leaving Russia, and in some cases seized their assets. read more read more read moreReporting by Reuters; Editing by Louise HeavensOur 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".

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.

☆ Stocks making the biggest moves midday: Roblox, Continental Resources, Fox Corp and more
▼ + stars: | 2022-10-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Fox Corp , News Corp — Fox shares dropped 8%, while News Corp gained more than 4% after Rupert Murdoch formed a special committee to explore a possible deal that would put his two media companies back together. Wells Fargo reiterated its equal weight rating on the streaming service ahead of the company's earnings this week. Speculative tech stocks — South American e-commerce stock Mercadolibre surged 11%, while Chinese tech stock Pinduoduo jumped more than 6%. Bank stocks — Several bank stocks moved higher Monday on positive earnings for the sector. Bank of NY Mellon gained 4.9% following its earnings beat and Signature Bank , set to report earnings on Tuesday, jumped 6%.

☆ Credit Suisse capital gap conundrum draws analyst answers
▼ + stars: | 2022-10-14 | by ( Noele Illien | ) www.reuters.com time to read: +4 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland October 4, 2022. A spokesperson for Credit Suisse, which will unveil its strategic review alongside its results on Oct. 27, said it would be premature to comment on any outcome before then. Credit Suisse shares have plunged almost 50% since the start of the year, trimming its market value to 11.88 billion francs. Credit Suisse's five-year credit default swaps, a key risk benchmark, were indicated as high as 363 basis points on Wednesday, data from S&P Global Market Intelligence shows. "Credit Suisse is facing the biggest upheaval the bank has ever seen," Thomae from Deka Investment said.

☆ Deutsche Bank names former Credit Suisse banker as new APAC head of private bank
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: 1 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland October 4, 2022. REUTERS/Arnd WiegmannSINGAPORE, Oct 12 (Reuters) - Deutsche Bank (DBKGn.DE) said on Wednesday it was replacing its Asia Pacific head of international private banking with a senior hire from embattled Swiss bank Credit Suisse (CSGN.S). Singapore-based Jin Yee Young, who had resigned from her role as the deputy head of Credit Suisse's Asia Pacific wealth management business, was appointed as the Asia Pacific head of the international private bank of Deutsche Bank. The veteran banker's appointment comes into effect from January, Deutsche Bank said in a statement on Wednesday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Xinghui Kok; Editing by Anshuman Daga and Kim COghillOur Standards: The Thomson Reuters Trust Principles.

☆ Deutsche Bank names ex-Credit Suisse banker as new APAC head of private bank
▼ + stars: | 2022-10-12 | by ( Xinghui Kok | ) www.reuters.com time to read: +1 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland October 4, 2022. REUTERS/Arnd WiegmannSINGAPORE, Oct 12 (Reuters) - Deutsche Bank (DBKGn.DE) said on Wednesday it was replacing its Asia Pacific head of international private banking with a senior hire from embattled Swiss bank Credit Suisse (CSGN.S). Singapore-based Jin Yee Young, who resigned from her role as the deputy head of Credit Suisse's Asia Pacific wealth management business, was appointed as the Asia Pacific head of the German lender's international private bank. read moreThe veteran banker's appointment comes into effect from January, Deutsche Bank said in a statement. "Wealth management continues to be a cornerstone of our offering for clients in the Asia Pacific region, and a critical growth driver for our platform," said Alexander von zur Muehlen, Deutsche Bank's Asia Pacific CEO.

☆ Credit Suisse to buy back $3 billion in debt, sell landmark hotel as credit fears persist
▼ + stars: | 2022-10-07 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Signage hangs over the entrance of a Credit Suisse Group AG branch in Zurich, Switzerland, on Sunday, Sept. 25, 2022. Troubled bank Credit Suisse offered to buy back up to 3 billion Swiss francs ($3.03 billion) of debt securities Friday, as it navigates a plunging share price and a rise in bets against its debt. The offers on the debt securities will expire by Nov. 3 and Nov. 10, respectively. Credit Suisse shares were trading more than 7% higher following the news Friday, however they remain down around 50% year to date. Credit Suisse is the only major bank for which the curve has recently flattened," MSCI Research Executive Directors Gergely Szalka and Thomas Verbraken noted.

☆ Credit Suisse: strategy review on track, details due on Oct. 27
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Switzerland's national flag flies above the logo of Swiss bank Credit Suisse at its headquarters in Zurich, Switzerland April 18, 2021. REUTERS/Arnd WiegmannSummarySummary Companies Bank says strategy review "well on track"Details still set to emerge on Oct. 27Shares up after sharp falls last weekZURICH, Sept 26 (Reuters) - Credit Suisse Group (CSGN.S) is pressing ahead with its strategic review that includes potential divestitures and asset sales, the Swiss bank said on Monday, reiterating it would share more details with third-quarter results due on Oct. 27. Citing people familiar with the situation, Reuters reported last week that Credit Suisse is sounding out investors for fresh cash as it attempts a radical overhaul of its investment bank. The board of directors and the executive board were considering alternatives that go beyond the conclusions of last year's strategic review, it said. Shares in Switzerland's second-biggest bank rose 2.7% in early trade after falling more than 12% to record lows on Friday.

☆ Credit Suisse: details of strategy review still due on Oct. 27
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

Switzerland's national flag flies above the logo of Swiss bank Credit Suisse at its headquarters in Zurich, Switzerland April 18, 2021. REUTERS/Arnd WiegmannZURICH, Sept 26 (Reuters) - Credit Suisse Group (CSGN.S) is pressing ahead with its strategic review that includes potential divestitures and asset sales, the Swiss bank said on Monday, reiterating it would share more details with third-quarter results due on Oct. 27. Register now for FREE unlimited access to Reuters.com RegisterThe board of directors and the executive board were considering alternatives that go beyond the conclusions of last year's strategic review, it said. It added: "The bank is currently executing on a number of strategic initiatives including potential divestitures and asset sales." Citing people familiar with the situation, Reuters reported last week that Credit Suisse is sounding out investors for fresh cash as it attempts a radical overhaul of its investment bank.

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.

☆ The US tops the world with more than 140,000 ultra-rich citizens worth more than $50 million, after adding another 30,000 to the rolls in 2021
▼ + stars: | 2022-09-23 | by ( Lakshmi Varanasi | Andy Kiersz | ) www.businessinsider.com time to read: +3 min

The US has the highest number of individuals with worth more than $50 million, according to a new global wealth report. The US is also home to the majority of people with more than $100 million in wealth. Credit Suisse's report found that over the past two years, the number of "ultra high net worth individuals" — those with more than $50 million in assets — in the world has grown by 50%. China, which ranks second for the number of ultra high net worth individuals, only claims 12% of the world's share. As of 2021, the top 1% controls more than 35% of the country's wealth, the report noted.

☆ Credit Suisse shares hit record low after report bank is looking to raise cash
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterSwitzerland's national flag flies in front of the headquarters of Swiss bank Credit Suisse in Zurich, Switzerland July 27, 2022. REUTERS/Arnd Wiegmann/File PhotoLONDON, Sept 23 (Reuters) - Credit Suisse (CSGN.S) shares dropped to a record low on Friday after a Reuters report said the company is looking to raise fresh cash. Shares in Credit Suisse (CSGN.S) fell over 7% in early trade to a record low of 4.26 francs. Including Friday's move, shares are down over 50% this year and are on track for their worst yearly performance since 2008. Register now for FREE unlimited access to Reuters.com RegisterReporting by Samuel Indyk; Editing by Dhara RanasingheOur Standards: The Thomson Reuters Trust Principles.

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