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Search resuls for: "Bank Credit Suisse"


7 mentions found


☆ Credit Suisse considers splitting investment bank in three - FT
  + stars: | 2022-09-22 | by ( ) www.reuters.com   time to read: +2 min
The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland September 2, 2022. REUTERS/Arnd Wiegmann/File PhotoSept 22 (Reuters) - Credit Suisse Group AG (CSGN.S) has drawn up plans to split its investment bank in three, the Financial Times reported on Thursday, as the Swiss lender attempts to emerge from three years of relentless scandals. "We have said we will update on progress on our comprehensive strategy review when we announce our third-quarter earnings," the newspaper report quoted Credit Suisse as saying. Reuters reported earlier this month that Credit Suisse, Switzerland's second-biggest bank, was also looking to cut around 5,000 jobs, about one position in 10, as part of a cost-reduction drive. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Juby Babu in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.
☆ 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.
☆ First Boston deserves a selective revival
  + stars: | 2022-09-20 | by ( John Foley | ) 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. By 2006, Credit Suisse First Boston was once again just Credit Suisse. Register now for FREE unlimited access to Reuters.com RegisterFor today’s Credit Suisse, anything that conveys renewed ambition is worth a try. First Boston was a U.S. investment bank in which Credit Suisse first bought a stake in 1978. The Swiss bank took full control in 1990 after First Boston incurred large losses on loans it had made to clients.
☆ Walmart's secretive fintech ONE is the new disruptor in consumer banking, and the retailer has nabbed talent from Wall Street mainstays like Goldman Sachs.
  + stars: | 2022-09-20 | by ( Aaron Weinman | ) www.businessinsider.com   time to read: +5 min
In January last year, the retailer said it was pursuing a partnership with venture-capital firm Ribbit Capital, which backed Robinhood. The next month, Walmart lured Omer Ismail and David Stark, two executives from Goldman Sachs' Marcus, over to work on a fintech initiative. Insider's Ann Gehan, Carter Johnson, and Ben Tobin have identified the key people shaping this effort at its fintech called ONE. Done deals :Acrisure, a fintech company that operates an insurance broker and real-estate services company, has acquired B2Z Insurance. Aditxt, a biotech company developing tech around monitoring the immune system, raised $20 million after selling 3.33 million shares on Nasdaq.
☆ Chinese millionaires to double by 2026, Credit Suisse says, despite slowing economy
  + stars: | 2022-09-20 | by ( Selena Li | ) www.reuters.com   time to read: +2 min
REUTERS/Arnd WiegmannHONG KONG, Sept 20 (Reuters) - The number of Chinese millionaires is expected to double by 2026, according to a report by Credit Suisse (CSGN.S) issued on Tuesday, despite Beijing's national drive to ease wealth inequality and a sharply slowing economy. Total household wealth in China reached $85.1 trillion in 2021, up 15.1% or $11.2 trillion from 2020. That number in China is expected to double to 12.2 million in five years time, the report said. The bullish China wealth growth outlook comes even as the world's second-largest economy narrowly avoided contracting in the second quarter as widespread COVID-19 lockdowns and the slumping property sector hit consumer and business confidence. However, the Swiss private bank remains upbeat about five-year growth outlook, with global household wealth expected to increase by $169 trillion by 2026.
☆ 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.
☆ This large cap fund is staying above water in this bear market by being the 'antithesis of ARK'
  + stars: | 2022-09-17 | by ( Sarah Min | ) www.cnbc.com   time to read: +5 min
James Abate expects that his fund distinguished itself this year by maintaining a traditional bottom-up perspective on stocks. The flagship fund of Cathie Wood's ARK Invest, the ARK Innovation ETF , is down 28% this year. The fund manager maintains a concentrated portfolio of 35 to 50 of his best ideas. The fund manager also incorporates hedging techniques, specifically put options, from time to time to fortress the portfolio during periods of volatility, such as during the pandemic. Before founding Centre Asset Management in 2006, Abate started his career as a manager of valuation services at PriceWaterhouseCoopers in 1987, according to LinkedIn.
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