Credit Suisse Group AGNYSE
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  • Thu, Dec. 1, 1:52 AM
    • Pledging to come clean about secret assets, Credit Suisse (NYSE:CS) has frozen dozens of accounts as it tries to determine if U.S. clients are hiding money from the IRS, Bloomberg reports.
    • The bank is looking at indicators such as phone numbers or powers of attorney to determine whether Americans are the true owners of accounts not disclosed to the tax agency.
    | Thu, Dec. 1, 1:52 AM | 7 Comments
  • Sun, Nov. 20, 7:17 AM
    • Credit Suisse (NYSE:CS) has pushed more than 1M customers into a new Swiss bank which goes live today, a step toward what could be Switzerland's biggest stock market listing in more than a decade.
    • The creation of the new subsidiary that caters for Swiss retail, corporate, private and IB clients, is part of a broader shake-up under CEO Tidjane Thiam to focus more on wealth management and less on volatile investment banking.
    • Considered one of the group's crown jewels for its profitability, its executives hope the new bank - Credit Suisse (Schweiz) AG - could command a valuation of around 20B Swiss francs ($19.8B).
    | Sun, Nov. 20, 7:17 AM | 9 Comments
  • Mon, Nov. 14, 10:40 AM
    • The election means a stronger dollar, higher interest rates, tax cuts, and infrastructure spending, says Bank of America, boosting Credit Suisse (CS +3.9%) to Buy from Neutral.
    • Credit Suisse is also considered a higher risk stock, and those are the ones you want to own in a bull market.
    • Better U.S. growth means improved profitability for investment banking and better investor perception of investment banking is particularly key for Credit Suisse, says the BofA team.
    • CS is now higher by 13% since the election.
    | Mon, Nov. 14, 10:40 AM
  • Fri, Nov. 11, 8:26 AM
    • "Some Democrat appointments at the DOJ have only a few weeks left before they are replaced," says Barclays, laying out a bullish case for European lenders who are likely to face smaller mortgage-related settlements.
    • Chief among them is Deutsche Bank (NYSE:DB), which has been staggered by reports that Obama's DOJ wants $14B to walk away.
    • Also in talks with Justice are Credit Suisse (NYSE:CS) and RBS. Under investigation, but not necessarily in settlement discussions yet are Barclays (NYSE:BCS), UBS, and HSBC.
    | Fri, Nov. 11, 8:26 AM | 15 Comments
  • Thu, Nov. 10, 9:17 AM
    | Thu, Nov. 10, 9:17 AM
  • Wed, Nov. 9, 10:22 AM
    • Banking stocks are ripping solid gains on the heels of the Republican party taking the White House and retaining control of Congress. The prospect of higher interest rates and lighter regulation is outweighing concerns over new U.S. trade policies.
    • "Bank stocks have been besieged by Dodd-Frank regulations and a climate not conducive to supporting a stronger level of economic growth," observes Smead Capital Management.
    • Notable gainers include SunTrustBanks (STI +2.9%), Comerica (CMA +3.5%), Wells Fargo (WFC +2.7%), State Bank Financial (STBZ +3.7%), First Republic Bank (FRC +3.3%), Barclays (BCS +2.8%), Credit Suisse (CS +1.6%).
    • Then there's JPMorgan (JPM +3.2%) and Bank of America (BAC +3.2%) which just carved out new  52-week highs.
    • The SPDT KWB (NYSEARCA:KBE) is up 2.66% on the day, while the SPDR KBW Regional Banking ETF (NYSEARCA:KRE) is 2.84% higher.
    | Wed, Nov. 9, 10:22 AM | 32 Comments
  • Wed, Nov. 9, 4:19 AM
    • Donald Trump's victory throws into question the core assumption the Fed will raise interest rates soon and follow with further gradual hikes over coming years.
    • Banks are struggling on the news. Fed Funds futures are now pricing in less than a 50% chance of a December move and the ECB is likely to interpret the uncertainty with stimulus and lower rates for longer.
    • Premarket movement: GS -8.3%, WFC -3.5%, C -3.2%, BAC -2.4%, CS -2.3% JPM -2.2%, LYG -1.8%, HSBC -1.7%, USB -1.4%, BCS -1.5%, ING -0.6%, MS, DB, RBS, UBS
    • #Election2016
    | Wed, Nov. 9, 4:19 AM | 128 Comments
  • Thu, Nov. 3, 9:15 AM
    | Thu, Nov. 3, 9:15 AM
  • Thu, Nov. 3, 5:27 AM
    • Credit Suisse Group AG (NYSE:CS): Q3 PTI of CHF327M
    • Revenue of CHF5.4B (-9.8% Y/Y)
    • Press Release
    | Thu, Nov. 3, 5:27 AM
  • Thu, Nov. 3, 2:52 AM
    • Investment banking revenues helped offset weakness at Societe Generale (OTCPK:SCGLY) as the Deputy CEO warned political and geopolitical risks remain a key concern in Europe.
    • Credit Suisse (NYSE:CS) defied loss expectations with a suprise profit, but Chief Tidjane Thiam said the macro-environment remains challenging.
    • Higher fees and better margins led ING to beat expectations in Q3, but the company announced plans to shed 7,000 jobs and further invest in digital platforms.
    | Thu, Nov. 3, 2:52 AM
  • Mon, Oct. 31, 4:35 AM
    • Credit Suisse (NYSE:CS) is looking at partnering with other banks to cut costs. Chief Executive Tidjane Thiam told FT that cost saving projects with other lenders could mean a new level of savings.
    • Cost cutting tie-ups have previously been resisted by banks with analysts pointing to fear over losing certain controls, but Thiam said it is something they are now having conversations about.
    | Mon, Oct. 31, 4:35 AM | 1 Comment
  • Tue, Oct. 25, 3:14 AM
    • A series of huge DOJ fines on Barclays (NYSE:BCS), Credit Suisse (NYSE:CS) and Deutsche Bank (NYSE:DB) for mis-selling mortgage securities could be postponed until after next month's presidential election, Sky News reports.
    • The delay also means RBS will likely have to account for the majority of a fine in its 2017 results, making it virtually certain that the bank will record its tenth consecutive annual loss.
    | Tue, Oct. 25, 3:14 AM | 8 Comments
  • Thu, Oct. 6, 8:21 AM
    • The European banks have gone "from value trap to value trade," says the team at Citigroup, noting the group is the worst-performing region/sector out of 285 tracked over the last 10 years.
    • Fundamentals still aren't great, they acknowledge, but bank valuations on both a relative and absolute basis make them a buy.
    • ETF: EUFN
    • Individual names: DB, SAN, CS, UBS, ING, BBVA
    | Thu, Oct. 6, 8:21 AM | 10 Comments
  • Wed, Oct. 5, 5:58 AM
      • Bond investor Jeff Gundlach says Deutsche Bank's (NYSE:DB) woes highlight the impact of the negative-interest-rate policy in Europe on the region’s lenders.
      • “You cannot save your faltering economy by killing your financial system and one of the clear poster children for this is Deutsche Bank’s stock price,” he said. “If you keep these negative interest rate policies for a sufficient future period of time you are going to bankrupt these banks.”
      • Europe’s banks have seen their value shrink by about $280B in 2016; DB has lost almost half its market value.
      • “Deutsche Bank will be supported by Germany if push comes to shove,” he says. “But what about Credit Suisse (NYSE:CS), which has shown a similar decline in stock price? Who’s there to bail them out?”
      • Gundlach also says that even the Fed, which has not cut rates below zero, is seeing signs that its policies aren’t working.
    | Wed, Oct. 5, 5:58 AM | 1 Comment
  • Fri, Sep. 30, 1:05 PM
    | Fri, Sep. 30, 1:05 PM
  • Thu, Sep. 22, 10:52 AM
    • Facing criticism the ECB's negative rate regime is crippling profits for EU banks, Mario Draghi says overcapacity is what's really hurting the sector. "The ensuing intensity of competition, exacerbates this squeeze on margins."
    • A Citigroup report begs to differ: It notes share prices of banks in negative interest rate countries have fallen far more than those of lenders in regions with positive rates.
    • Related ETF: EUFN
    • Notable banks: Deutsche Bank (NYSE:DB), Santander (NYSE:SAN), Credit Suisse (NYSE:CS), ING (NYSE:ING), BBVA (NYSE:BBVA)
    | Thu, Sep. 22, 10:52 AM | 15 Comments