Yesterday, 9:50 AM
- Credit Suisse (CS +2%) is tapping a rival executive to help it build out a new investment banking group for billionaires in the U.S. region.
- The bank had gotten out of private wealth in the U.S. last year. The new move is part of a strategic shift toward more wealth management (particularly in Asia) and away from certain trading businesses.
- Credit Suisse has hired Charlie Buckley from UBS, where he led a team focused on family offices, to work with company founders and entrepreneurs and focus on lending, capital markets and M&A.
- It's winding down businesses that require too much capital and aiming to support areas of investment that support its wealth management unit.
- The bank had posted a surprise profit yesterday, though net income fell 84%.
Thu, Jul. 28, 6:46 PM
- Credit Suisse (CS -3.1%) has won summary judgment in its favor to set aside a $24B lawsuit accusing it and another firm of an illegal loan-to-own scheme tied to resorts.
- Plaintiffs (including more than 3,000 property owners and other investors) accused the bank and real-estate adviser Cushman & Wakefield of loading up four luxury ski and golf resorts with debt in order to foreclose on them.
- Cushman allegedly artificially inflated the resorts' values to aid Credit Suisse in the scheme.
- The judgment ends a suit filed in 2010.
- After hours: CS -1.2%.
Thu, Jul. 28, 9:48 AM
- Credit Suisse Group AG (NYSE:CS): reported PTI of CHF 199M (adjusted CHF 290M)
- Restructured GM platform profitable with reported and adjusted PTI of CHF 154M and CHF 204M in 2Q16, respectively.
- IBCM returned to profitability with reported and adjusted PTI of CHF 135M and CHF 127M, respectively
- Net income of CHF 170M
- Shares -4%
Thu, Jul. 28, 2:32 AM
- Credit Suisse (NYSE:CS) reported a surprise profit for Q2, as Tidjane Thiam, the bank's recently appointed chief executive, pressed ahead with a radical overhaul.
- But net income still fell 84% to 170M Swiss francs ($172M), compared with 1.05B francs in the same period last year.
- "We are working hard to build a more flexible, resilient and efficient bank," Thiam said in the statement. "Brexit has no impact yet, honestly. As things clarify, we will adapt."
Wed, Jul. 27, 5:30 PM
- AB, ABMD, ACIW, ACOR, ADP, AEP, ALKS, ALLE, ALXN, AMT, APD, ARIA, AZN, BC, BCC, BCO, BCOR, BEN, BG, BGCP, BHI, BMS, BMY, BSX, BWA, BWEN, BZH, CAB, CBG, CBM, CELG, CFX, CIT, CL, CLF, CLFD, CME, CMS, COMM, COP, COR, CRR, CRS, CS, CSH, CVI, CVRR, CWT, DBD, DFT, DLX, DOW, DSX, EME, EPD, EQM, EQT, EXLS, F, FCFS, FCN, FI, FIG, FITB, FLY, FSS, GLOP, GNC, GOV, GPI, GPN, GRUB, GTLS, HCA, HEES, HOG, HP, HSY, HTH, IART, IDA, IGT, INCR, INGR, IP, IPGP, IRDM, ITC, ITG, IVC, IVZ, KEM, LAD, LAZ, LDOS, LEA, LKQ, LLL, LPG, MA, MCS, MD, MDP, MDWD, MINI, MITK, MJN, MKTX, MMC, MNRO, MPC, MPLX, MSCI, MTH, MTRN, MVIS, NAP, NEWM, NICE, NMR, NOV, NTCT, NYT, OAK, ODFL, ORI, OSK, PAG, PCG, PES, PF, PJC, PNR, POT, PRLB, PTEN, PX, RDN, RDS.A, RPM, RTN, SCG, SEE, SERV, SFE, SPB, SPGI, SQBG, SQNS, STNG, SXC, SXCP, TCK, TFX, TGI, THRM, TKR, TMO, TPX, TREE, TRI, TZOO, UAN, UBSI, UTHR, VC, VGR, VIVO, VNTV, WCC, WILN, WRLD, WST, WWE, YNDX, ZBH
Wed, Jul. 13, 5:34 PM
Wed, Jul. 13, 4:20 PM
- Fixed pay for some senior Credit Suisse (NYSE:CS) London bankers will be raised while so-called allowances - which have come under regulatory scrutiny - will be eliminated, reports Bloomberg.
- European regulators late last year vowed to take a close look at cash allowances to see if they were being used to skate around rules capping bonuses at twice fixed pay. U.K. banks have already eliminated allowances and are paying higher salaries, though the Brexit vote could blow the whole thing up.
Tue, Jul. 12, 3:26 PM
- Bernstein's Chirantan Barua won't win any contrarian awards by initiating coverage on UBS (UBS +2.4%) and Credit Suisse (CS +2.6%) with Underweight ratings.
- Credit Suisse has lost about two-thirds of its value over the past year, and UBS roughly half.
- As for Barua's call, he cites three reasons: 1) The QE rally is petering out; 2) Global valuations haven't yet corrected; 3) Capital concerns - Credit Suisse, for one, has one of the lowest core capital levels in Europe on a clean leverage basis.
Mon, Jul. 4, 5:18 AM
Sun, Jul. 3, 3:30 PM
Mon, Jun. 27, 9:13 AM
Fri, Jun. 24, 9:11 AM
- Gainers: AAU +20%. VGZ +18%. MUX +13%. AKG +12%. GPL +13%. GORO +12%. GFI +12%. EMES +12%. GOLD +12%. AU +12%. SBGL +11%. EXK +11%. KGC +10%. HMY +11%. SAND +10%. ABX +10%. EGO +9%. SA +7%. IAG +9%. AUY +9%. CDE 9%. NGD 9%. AEM 8%. NEM 8%. GG 8%. NG 8%. FSM 7%.
- Losers: LYG -27%. BCS -26%. SAN -24%. RBS -23%. AV -23%. BBVA -22%. DB -18%. ING -18%. BT -18%. VNR -11%. TEF -17%. CS -16%. PUK -15%. MT -15%. AEG -14%. RYAAY -13%. UBS -12%. FCAU -12%. GNCA -12%. NOK -12%. BBL -11%. IPI -11%. TOT -11%. ANFI -11%. MNKD -10%. BCEI -8%. VMEM -10%.
Mon, Jun. 20, 1:14 PM
- Credit Suisse's (NYSE:CS) stock price is being hurt by "an unusually high level of short positions," says CEO Tidjane Thiam, in an internal memo, reports Bloomberg. Hedge funds speculating the bank will need another capital raise are betting wrong, he says.
- Credit Suisse is lower by bout 50% since Thiam took over a bit less than a year ago, in part thanks to a $6B capital raise.
- Short interest in the shares is about 13% of the float, and up 9% since last month. The bank's risk-weighted capital ratio of 11.4% at the end of Q1 was flat from three months earlier. UBS's capital ratio is 14%.
Thu, Jun. 16, 9:37 AM
- "The trajectory of European banks is really worrying," says a fund manager. "If banks are a main indicator of the health of a region, it gives you another reason to think ‘what the hell is going on in Europe?”’
- Deutshce Bank (DB -3.5%) has retreated to the lowest since at least 1992, when Bloomberg began collecting the data, and Credit Suisse (CS -2.3%) is now off about 50% this year.
- The two lenders are in "restructuring mode and have capital issues," says one analyst. Doug Kass isn't as charitable, telling Bloomberg, Deutsche's issues are more significant than those of AIG in 2008. In the U.S., says Kass, Deutsche would be considered a failed bank.
Thu, Jun. 16, 3:29 AM
- According to the SNB's financial stability report, UBS and Credit Suisse (NYSE:CS) will likely each need to raise an extra 10B francs ($10.4B) in capital to meet new leverage requirements.
- Last month, Switzerland settled on the final version of new too-big-to-fail bank rules, which included a headline requirement for a 5% leverage ratio of core capital to total assets, of which at least 3.5% must be made up of high-quality common equity tier 1.
Tue, Jun. 14, 5:36 PM
Credit Suisse Group AG operates as a financial services company, which provides investment banking and advisory services. The company operates through two segments: Private Banking & Wealth Management; and Investment Banking. The Private Banking & Wealth Management segment offers comprehensive... More
Industry: Foreign Money Center Banks
Other News & PR