Credit Suisse Group AGNYSE
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.
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
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.
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)
Fri, Sep. 16, 1:00 PM
Fri, Sep. 16, 9:16 AM
Thu, Sep. 15, 5:36 PM
Tue, Aug. 9, 4:20 AM
- In an interview with Bloomberg, Credit Suisse (NYSE:CS) CEO Tidjane Thiam discussed the bank's strategy, progress, and many challenges.
- Thiam also outlined that the lender doesn't need to raise capital "in most foreseeable scenarios," would not need to buy another bank and was "working hard to correct" its share price level.
Mon, Aug. 8, 9:29 AM
- Goldman Sachs (NYSE:GS), Credit Suisse (NYSE:CS) and the European Bank for Reconstruction & Development have invested $150M in TFI TAB Gida, the Turkish company that controls the biggest international Burger King franchise.
- The trio of investors may also be involved in an IPO in the next couple of years, although their current funding will be invested in new restaurants.
Mon, Aug. 8, 2:51 AM
- Deutsche Bank (NYSE:DB) and Credit Suisse (NYSE:CS) will be dropped from the Stoxx 50 index (NYSEARCA:FEU) of European blue-chips starting today due to the so-called "fast-exit" rule.
- The law states that a component will be deleted if it ranks 75 or below on the respective index's monthly selection lists for a consecutive period of two months.
- Shares in both companies slumped to record lows post-Brexit and have shed almost 50% of their value year-to-date.
Fri, Aug. 5, 2:56 PM
- Citigroup (C +3.5%) is the buyer of a portfolio of credit-default swaps from Credit Suisse (NYSE:CS) which is pulling out of some securities businesses in a reshaping, Bloomberg reports.
- The gross notional value of the portfolio is said to be about $380B, and last week Credit Suisse said selling it would reduce its leverage exposure by $5B.
- Citigroup had bought a similar batch of credit derivatives (about $250B in notional value) from Deutsche Bank last year, and it has more total derivatives than any other U.S. lender.
Tue, Aug. 2, 12:41 PM
- Germany's Commerzbank (OTCPK:CRZBY) tumbled nearly 9% after warning it won't hit its profit target this year, while Italy's banks fell broadly on continued investor worries about their health.
- Meanwhile, European exchange operator Stoxx is invoking its "fast exit" rule to kick Deutsche Bank (DB -3.6%) and Credit Suisse (CS -4.6%) out of its Stoxx 50 (FEZ -1.1%) index on August 8. Typically index changes are made just once a year, but the performance of the two has been so horrid of late (both down about 50% in 2016) that Stoxx doesn't want to wait.
- Bloodied longs can take comfort in the fact that these sorts of things tend to happen a lot closer to the bottom than the top.
- Italy (NYSEARCA:EWI) closed with losses of 2.8%, as did Spain (NYSEARCA:EWP). Germany (NYSEARCA:EWG) lost 1.8%, as did France (NYSEARCA:EWQ).
- The Nasdaq's 1.1% decline is leading the U.S. lower, with the S&P 500 down 0.8%, and the Dow off 0.6%.
Tue, Aug. 2, 4:57 AM
- Credit Suisse (NYSE:CS) and Deutsche Bank (NYSE:DB) will be dropped from the Stoxx Europe 50 index (NYSEARCA:FEU) next Monday and replaced with ASML Holding (NASDAQ:ASML) and Vinci (OTCPK:VCISY).
- The move follows a more than 45% slump in shares of both Credit Suisse and Deutsche Bank so far this year.
- CS -4.3%; DB -2.8% premarket
Mon, Aug. 1, 4:32 PM
Fri, Jul. 29, 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%.