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☆ Swiss regulator investigates 12 banks in Lebanese central banker corruption case
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

ZURICH, Feb 27 (Reuters) - Switzerland's financial regulator has investigated 12 banks and launched enforcement proceedings against two of them in relation to corruption charges against longtime central banker Riad Salameh, it said on Monday. Lebanese authorities charged Salameh, his brother Raja and one of his assistants on Thursday with money laundering, embezzlement and illicit enrichment after months of delay in the high-profile case. The Swiss Financial Market Supervisory Authority (FINMA) on Monday said it has investigated 12 banks in relation to allegations of money laundering linked to the case. FINMA declined to comment on the nature of the enforcement proceedings in this case, or the banks involved. The Salameh brothers are alleged to have transferred $330 million to Swiss accounts via the offshore company Forry Associates, which is registered in the British Virgin Islands, Swiss newspaper SonntagsZeitung newspaper reported.

☆ Credit Suisse shares plunge again on report of regulatory probe
▼ + stars: | 2023-02-21 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +2 min

London CNN —Shares of embattled Swiss bank Credit Suisse fell to a record low Tuesday after a report that regulators are reviewing comments the lender’s chairman made about the health of its finances. The bank’s stock plunged as much as 9% to trade at 2.52 Swiss francs ($2.73), before recovering slightly. Credit Suisse did not respond to a CNN request for comment Tuesday. The Swiss financial regulator, Finma, declined to comment. The rumors, which sparked a selloff in the lender’s shares, followed a series of missteps and compliance failures that cost Credit Suisse billions.

☆ Credit Suisse finds new genre of loose crisis talk
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

Reuters reported on Monday that financial regulator Finma is reviewing remarks the Credit Suisse (CSGN.S) chair made in a punishing period late last year. He said in early December that outflows during October, mainly in wealth management, had “completely flattened out”, “partially reversed” and “basically stopped”. He could argue that the outflows had indeed stabilised when he spoke, but then deteriorated again afterwards. Either way, the usual argument for speaking up is to counteract negative rumours, which in Credit Suisse’s case swirled on social media. Credit Suisse’s 6% share fall after the Reuters report suggests that silence might have been a better guard against both risks.

☆ 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.

☆ Credit Suisse shares look set to continue sell-off
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Feb 10 (Reuters) - Credit Suisse (CSGN.S) shares looked set to continue their slide on Friday after the bank's reported its latest heavy losses on Thursday and the Swiss regulator said it was watching the situation 'very closely." The bank's shares were indicated 1.1% lower in premarket activity on the Swiss Market Index on Friday. Credit Suisse's stock fell 14.7% on Thursday to 2.77 francs, valuing the lender at 11.1 billion Swiss francs after results which were described by one shareholder as "catastrophic". A string of banks downgraded their outlook for Credit Suisse's shares on Friday. Morgan Stanley, Barclays, and RBS all cut their target prices, contributing to the negative sentiment around Credit Suisse.

☆ Swiss regulator Finma says it is monitoring Credit Suisse
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: 1 min

LONDON, Feb 9 (Reuters) - Finma says that while Credit Suisse Group (CSGN.S)'s liquidity buffers had a stabilising effect on the bank and are are being rebuilt after outflows, the regulator "monitors banks very closely during such situations." Finma said the bank's outflows "were indeed significant" in the fourth quarter, according to a statement to Reuters on Thursday. The bank used its liquidity buffers, which is "what they are built for," the regulator said, adding it welcomes the strategy overhaul announced last year. Battered by one scandal after another, the bank saw a sharp acceleration in withdrawals in the fourth quarter, with outflows of more than 110 billion Swiss francs ($120 billion), although it said the picture has been improving. Reporting by Elisa Martinuzzi; Editing by Andres GonzalezOur Standards: The Thomson Reuters Trust Principles.

FTX said in a court filing in Wilmington, Delaware, late on Wednesday that the DOJ's proposed review would only add cost and delay to its bankruptcy case. As part of its own investigation, FTX asked U.S. Bankruptcy Judge John Dorsey, who is overseeing its Chapter 11 proceedings, to help it secure documents from Bankman-Fried, members of his family and other insiders with information about FTX transactions that used "misappropriated and stolen" funds. FTX is also seeking information about political donations by Mind the Gap, a political action committee founded by Barbara Fried, and Guarding Against Pandemics, an advocacy organization founded by Sam Bankman-Fried and his brother, Gabriel Bankman-Fried. The U.S. Department of Justice's bankruptcy watchdog has called for an independent investigation into its collapse, a request that received backing from a bipartisan group of U.S. senators. Sam Bankman-Fried, who has been accused of stealing billions of dollars from FTX customers to pay debts incurred by his crypto-focused hedge fund, has pleaded not guilty to fraud charges.

[1/2] The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, U.S., November 12, 2022. REUTERS/Marco Bello/File PhotoZURICH/LONDON, Jan 26 (Reuters) - Financial watchdogs and government agencies from the United States, Japan and Switzerland are among creditors of bankrupt crypto exchange FTX, as well as companies including Airbnb and crypto giant Binance, a court filing has shown. A host of companies from traditional industries and the crypto sector, including Airbnb Inc (ABNB.O) and Binance, the world's largest crypto exchange and once an arch-rival of FTX, were also cited as creditors. FTX said last year it owed its 50 biggest creditors nearly $3.1 billion. FTX founder Sam Bankman-Fried, who has been accused of stealing billions of dollars from FTX customers to pay debts incurred by his crypto-focused hedge fund, has pleaded not guilty to fraud charges.

☆ Swiss watchdog FINMA sees increased risks for financial sector
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Nov 10 (Reuters) - Swiss financial watchdog FINMA sees heightened danger for the sector given great uncertainty about interest rates and the economy, it said on Thursday. In its annual risk monitor publication, it identified seven principal risks for the financial sector, including from interest rates, credit linked to mortgages and other loans, cyberattacks, combating money laundering, and increased impediments to cross-border market access. Risk from widening of credit spreads was cited for the first time. Reporting by Michael Shields; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

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."

☆ Credit Suisse nears sale of securitized-products group to Apollo, Pimco - source
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

Oct 26 (Reuters) - Credit Suisse (CSGN.S) is nearing a deal to sell its securitized-products group to investors Apollo Global Management (APO.N) and Pacific Investment Management Co, a person familiar with the matter told Reuters on Wednesday. The Wall Street Journal, which first reported about the development, said Credit Suisse will give details of the sale and other measures for a planned strategy change on Thursday. The consortium including Pimco, a big bond manager, and Apollo, a large alternative asset manager, beat out a group comprised of Centerbridge Partners and Martello Re Ltd., a life and reinsurance company, the WSJ report added. Credit Suisse and Pimco declined to comment, while Apollo, Centerbridge and Martello did not immediately respond to Reuters' requests for comment. Last week, Reuters reported that money managers Janus Henderson Group (JHG.N) and investment firms including Blue Owl Capital Inc (OWL.N) are weighing potential offers for the Swiss bank's U.S. asset management unit.

☆ Swiss watchdog to monitor Credit Suisse strategy rollout
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Oct 27 (Reuters) - Credit Suisse (CSGN.S) has taken measures to reduce risks and improve its capital situation, Swiss banking supervisor FINMA said on Thursday after the bank unveiled a sweeping overhaul. "It is clear that FINMA will continue to monitor that all the supervisory requirements are met during the implementation phase of the new strategy," it said in an emailed statement in response to a Reuters query. Credit Suisse had said earlier that it had experienced significantly higher withdrawals of deposits in the first two weeks of October "following negative press and social media coverage based on incorrect rumors". Asked about the liquidity situation, FINMA said: "The general principle is that (liquidity) buffers are there to be used in appropriate situations. "It is clear that a credible plan must exist for how the buffers can be replenished within a reasonable period."

☆ Credit Suisse nears sale of securitized-products group to Apollo, Pimco -WSJ
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 26 (Reuters) - Credit Suisse (CSGN.S) is nearing a deal to sell its securitized-products group to investors Apollo Global Management (APO.N) and Pacific Investment Management Co, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The consortium including Pimco, a big bond manager, and Apollo, a large alternative asset manager, beat out a group comprised of Centerbridge Partners and Martello Re Ltd., a life and reinsurance company, the Journal reported. Apollo, Pimco, Centerbridge and Martello did not immediately respond to Reuters' requests for comment. Reuters reported last week that money managers Janus Henderson Group (JHG.N) and investment firms including Blue Owl Capital Inc (OWL.N) are weighing potential offers for the Swiss bank's U.S. asset management unit. Reporting by Mehnaz Yasmin in Bengaluru; Editing by Anil D'SilvaOur 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".

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