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☆ Harris Associates backs Credit Suisse handling of governance
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Nov 11 (Reuters) - Credit Suisse (CSGN.S) shareholder Harris Associates backed the Swiss bank's handling of any potential conflicts of interest for Michael Klein, then board member, and director Blythe Masters when it implemented a sweeping overhaul last month. "We believe they have properly dealt with situations where there have been conflicts," Deputy Chairman David Herro said in an emailed comment. Reuters earlier reported the bank's recent decision to exit certain investment banking activities is drawing scrutiny from at least two investors and a proxy adviser worried about how Credit Suisse managed potential conflicts of interest. Reporting by Oliver Hirt, writing by Michael Shields, Editing by Elisa MartinuzziOur Standards: The Thomson Reuters Trust Principles.

The company will be a preferred long-term partner for Credit Suisse, the bank has said. Credit Suisse declined to comment beyond Lehmann's remarks Oct. 27 when the bank unveiled the restructuring. The investment bank spin-off and the sale of the securitized products unit to Apollo are key planks of the reorganization. Klein, a 59-year-old former Citigroup rainmaker who runs advisory boutique M. Klein & Co, has been a Credit Suisse board member since 2018. Klein and Credit Suisse also have discussed combining M. Klein & Co into CS First Boston, according to one source familiar with the discussions.

☆ Credit Suisse's possible First Boston revival may face hurdles
▼ + stars: | 2022-10-26 | by ( Megan Davies | ) www.reuters.com time to read: +4 min

The source said Credit Suisse has been making efforts to reclaim the First Boston brand since retiring it years ago. It was unclear whether Credit Suisse would be happy to co-exist with the other First Boston brands. When contacted by Reuters, FirstBoston.net said via email that it was not affiliated with Credit Suisse and declined comment on whether Credit Suisse had contacted it. Another company with First Boston branding is First Boston Advisors, an investment banking advisory business previously branded as Methuselah Advisors. McShane said that reviving First Boston would probably see Credit Suisse "try and brush over that the brand was abandoned."

"Policy stability is absolutely critical," Miles Celic, chief executive of finance lobby group TheCityUK told Reuters. Finance chiefs want Sunak to balance spending on infrastructure with easing immigration policy for skilled workers and investing in education, Celic added. Sunak confirmed on Tuesday that he was keeping Hunt as his finance minister, after he was appointed late in Truss' brief premiership to shore up confidence in Britain's finances - and tear up much of her planned tax-cutting agenda. Britain's 164 billion pound ($185 billion) financial industry was largely locked out of directly serving EU customers after Brexit. Any moves to extract more tax from banks are likely to be met with industry opposition.

☆ ECB set to warn of risks in its non-binding opinion on Spanish tax proposal, sources say
▼ + stars: | 2022-10-18 | by ( Jesús Aguado | ) www.reuters.com time to read: +4 min

MADRID, Oct 18 (Reuters) - The European Central Bank is set to warn of the adverse impact on Spanish banks' solvency of a proposed tax on the sector and of a higher cost of credit in an upcoming non-binding opinion, two sources with direct knowledge of the matter said. The central bank's opinions describe the risks from any proposed measures on credit or financial stability. Internal calculations undertaken by those experts believe that the tax could hit the Spanish banks' capital by an average of around 0.5 percentage points. "It affects solvency and financial stability but will not ultimately put Spanish banks at risk," the first source said. Though bankers have said that legally challenging the bill was an option, a senior executive from a top Spanish bank recently told Reuters that no legal options were being explored for now.

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's Meissner to leave bank after overhaul, source says
▼ + stars: | 2022-10-17 | by ( Elisa Martinuzzi | ) www.reuters.com time to read: 1 min

LONDON, Oct 17 (Reuters) - Credit Suisse (CSGN.S)'s investment bank chief Christian Meissner will be leaving the bank once an overhaul has been announced, a person with knowledge of the matter said on Monday. A Credit suisse spokesman declined to comment when contacted by Reuters, ahead of the reorganisation that is scheduled for Oct. 27. Meissner in August had been tasked with overseeing the strategic review of the business. Register now for FREE unlimited access to Reuters.com RegisterReporting by Elisa MartinuzziOur Standards: The Thomson Reuters Trust Principles.

The watchdog's latest annual report said it had 72 open insider dealing cases as of 31 March 2022, compared to 71 the prior year. It had 88 open insider dealing cases as of March 2020, before the pandemic gripped Britain. Stamping out market abuse such as insider dealing – trading a company's publicly-quoted securities with access to confidential, market-moving information - is a key enforcement area for the FCA. The FCA said the insider dealing arrests and searches disclosed to Reuters related to suspect activity both before and after March 2020, when Britain first imposed COVID-19 lockdowns. The watchdog added they were unrelated to four insider dealing prosecutions it had commenced since March 2020.

☆ 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.

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