Wed, Sep. 9, 6:07 PM
- New York regulators have sent letters seeking information to big banks that are primary Treasury dealers as part of a probe on potential manipulation of bond auctions, Reuters reports.
- The banks -- including Barclays (NYSE:BCS), Deutsche Bank (NYSE:DB), Goldman Sachs (NYSE:GS), Societe Generale (OTCPK:SCGLY) and Credit Suisse (NYSE:CS) -- aren't charged with specific wrongdoing at the moment, as the investigation is still in early stages.
- Boston's public employee pension fund, State-Boston Retirement System, had sued 22 primary dealers in July alleging conspiracy to manipulate Treasury auctions; meanwhile, little-known hedge fund Element Capital has been buying tens of billions of dollars worth of bonds at the auctions, well over its $6B assets under management, the WSJ reports, drawing attention from the Treasury Dept.
- Element Capital has been the largest purchaser in dozens of auctions over the past 10 months.
Wed, Aug. 12, 4:20 AM
- Credit Suisse (NYSE:CS) and Barclays (NYSE:BCS), two of the largest operators of dark pools, have entered settlement negotiations with the SEC and NY attorney general over facilitating unfair advantages, incorrect stock pricing and other wrongdoing in their trading platforms.
- Credit Suisse is in talks to pay a fine in the high tens of millions, which would be the largest fine ever levied against a private trading venue operator, while Barclays' discussions also suggest a large fine.
Mon, Jul. 27, 10:38 AM
- By some measures, Credit Suisse's (CS -0.8%) Crossfinder dark pool is Wall Street's largest, trading more so-called Tier 1 stocks than any other private exchange.
- New York Attorney General Eric Schneiderman is prepping a civil case against the bank, reports Charlie Gasparino, marking the 2nd major civil action since his office opened a probe last year.
- The exact nature of the charges is unclear, but a source says they will be similar to the "latency arbitrage" case launched against Barclays last year (Barclays has asked a judge to dismiss).
Thu, Jul. 23, 9:15 AM
Thu, Jul. 23, 3:24 AM
- Credit Suisse (NYSE:CS) swung to a profit of 1.05B Swiss francs ($1.1B) in the second quarter, compared with a loss of 700M francs a year earlier, when it was fined $2.6B in the U.S. for helping Americans evade taxes.
- The results take Credit Suisse into a a new era under Chief Executive Tidjane Thiam (the former CEO of Prudential), who took over the bank at the beginning of the month.
- Upcoming challenges for Thiam: Scaling down Credit Suisse's investment bank and bolstering the lender's capital cushion.
Wed, Jul. 22, 5:30 PM
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Mon, Jul. 6, 4:41 PM
- Last year, the Fed and FDIC found most of wind-down plans submitted by twelve of the largest U.S. banks (or U.S. units of overseas banks) had numerous deficiencies, and sent the lenders back to the drawing board.
- The two government agencies today posted public sections of the latest versions of the living wills, and said they will begin reviewing. Feedback is expected before year-end.
- The lucky 12: BAC, BK, C, GS, JPM, MS, STT, UBS, WFC, BCS, CS, DB.
Wed, Jun. 24, 11:58 AM
- The corporate brokerage business can be considered sort of a loss-leader, as banks do the work for minimal fees in the expectation of winning more lucrative investment banking business.
- Credit Suisse (NYSE:CS) had been the broker to Barclays for 25 years, but the business was put up for grabs amid a review of bank performance by new Chairman John McFarlane. Already Barclays' top adviser for M&A globally, JPMorgan (NYSE:JPM) won the mandate, also beating out Bank of America, Goldman Sachs, and UBS.
Thu, Jun. 4, 2:48 PM
- Credit Suisse (CS +1.2%) is building a Calgary-based team to take advantage of increased interest from large energy players in oil and gas assets being put on the block in the wake of crashing crude prices.
- The acquisition and divestiture team will initially have two or three members and is likely to be expanded over time. It will compliment an existing team in Houston.
- "There are a number of pension funds or other large asset managers that like the idea of having direct investments in the sector, to complement playing it through public equities," says Tom Greenberg, head of the bank's energy investment operation in Canada.
- Source: Reuters
Wed, Jun. 3, 12:36 PM
- “A clear separation has emerged between the biggest brokers and the rest of the market,” says Jay Bennett of Greenwich Associates. A survey by his firm finds the top four U.S. equity brokers - Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM), Bank of America (NYSE:BAC), and Morgan Stanley (NYSE:MS) - are widening their market share lead over the rest of the industry.
- According to Greenwich, all had more than an 8% share of trading, with number five Credit Suisse (NYSE:CS) at 6.9%.
- Bennett calls it a segmented market composed of the big four, the rest of the bulge bracket, and a long tail of competitors with relatively smaller shares.
- ETFs: IAI, KCE, KBWC
Fri, May 22, 12:10 PM
- Welcome back my friends to the show that never ends ...The New York Department of Financial Services is probing more abuse of forex markets by the banks - this time by the use of automated trades driven by computer algorithms, reports the FT.
- Findings could indicate more widespread abuse than what U.S. and U.K. authorities disclosed on Wednesday (along with nearly $6B in fines and a number of guilty pleas). Sources remind that this week's charges related to manipulation performed by bank employees, but this probe covers electronic trading, which accounts for the majority of forex transactions.
- Trading platforms under the scope include those from Barclays (NYSE:BCS) and Deutsche Bank (NYSE:DB), and information has been subpoenaed from BNP Paribas (OTCPK:BNPQF), Credit Suisse (NYSE:CS), Goldman Sachs (NYSE:GS), and SocGen (OTCPK:SCGLY).
- The investigation into Barclays is the most advanced, but DFS has initially reached similar nefarious conclusions about the goings-on at Deutsche too. The probes of the other lenders are at even earlier stages.
- Previously: Lawsky stepping down as New York's top bank regulator (May 20)
Fri, May 15, 2:42 PM
- Any talks between Charter Communications (NASDAQ:CHTR) and Time Warner Cable (NYSE:TWC) about a merger may be up in the air, but bankers won't be the bottleneck, as they're ready to talk about $25B or even more to make it happen.
- Following previous reports that Charter could go for $25B-$30B in debt, the cableco is talking with the same four bankers that committed $24B to Charter's early-2014 bid: Bank of America Merrill Lynch (NYSE:BAC), Credit Suisse (NYSE:CS), Deutsche Bank (NYSE:DB) and Goldman Sachs (NYSE:GS).
- As one banker noted, "it should be quick to move to next steps, as the banks know the company pretty well," and said the package should end up as two-thirds bonds.
- Aside from any regulatory issues, leverage seems to be foremost on the mind of dealmakers (and investors). Liberty Broadband's (NASDAQ:LBRDA) Greg Maffei has gone public with the notion that Liberty could raise capital through rights offerings or tap $700M in cash to help with funding while maintaining its 25% stake in Charter.
- Other banks could join in too, which could make such a deal one of the largest junk bonds ever. Time Warner's on the edge of junk status, rated BBB/Baa2 by S&P and Moody's.
Tue, Apr. 21, 3:41 AM
- Credit Suisse (NYSE:CS) reports a 23% rise in net income (1.05B Swiss francs) in the first quarter from the year-ago period, beating expectations of 1.03B francs, as its investment banking operations and stellar flows into equity markets boosted profit.
- "We delivered another quarter of strong and consistent performance," said CEO Brady Dougan, presenting his last set of results before Prudential boss Tidjane Thiam takes the helm in June.
- Return on equity for the period was 9.9%, up from 8% in the first three months of 2014.
Mon, Apr. 20, 5:30 PM
Mon, Apr. 13, 4:02 AM
- "There have been no such talks," declared Julius Baer (OTCPK:JBAXY) CEO Boris Collardi when asked whether the bank held discussions with larger rival Credit Suisse (NYSE:CS) about merging.
- Talk in Swiss banking circles has long linked Credit Suisse to Julius Baer, which has $297.2B in assets and is the fourth-largest private bank in Switzerland.
- Previously: Julius Baer hits all-time high on Credit Suisse buyout rumor (Apr. 08 2015)
Wed, Apr. 8, 11:24 AM
- “It’s just a rumor that comes out every three months, and a part of the market believes it,” says a skeptical Swiss trader. While Swiss private banking is in a tough spot at the moment making consolidation an interesting premise, he says no one is going to touch Julius Baer (OTCPK:JBAXY +2.9%) while it still has outstanding tax issues with the U.S.
- "A merger with Credit Suisse (CS -0.5%) just doesn't add up," says one analyst.
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