Credit Suisse Group AG (CS) - NYSE
  • Oct. 14, 2015, 11:29 AM
    | Oct. 14, 2015, 11:29 AM
  • Oct. 13, 2015, 11:53 AM
    • According to Bloomberg, Swiss regulators will require that country's biggest banks to have capital of 5% of total assets - in line with the rule for U.S. too-big-to-fail lenders, but above the 3% minimum set by Basel.
    • UBS and Credit Suisse (NYSE:CS) have argued the Swiss financial system isn't comparable to the U.S. with its far deeper capital markets.
    • For UBS, says an analyst, the higher target means less in the way of capital returns to shareholders, For Credit Suisse, it likely means a larger-than-expected capital raise.
    • Previously: Credit Suisse: Evaluating all options (Oct. 8)
    | Oct. 13, 2015, 11:53 AM | 2 Comments
  • Oct. 8, 2015, 2:37 PM
    • Taking note of an FT report today of a major capital raise on the way, Credit Suisse (CS -3.2%) says it's "conducting a thorough assessment of [bank] strategy, evaluating all options for the Group, its businesses and its capital usage and requirements."
    • The results will be announced at the lender's investor day on Oct. 21.
    • Previously: Credit Suisse -4.7% on report of big capital raise (Oct. 8)
    | Oct. 8, 2015, 2:37 PM
  • Oct. 8, 2015, 8:31 AM
    • Credit Suisse (NYSE:CS) CEO Tidjane Thiam is prepping a "substantial" capital raise when he unveils his strategic plan in two weeks, reports the FT. Though the FT's sources didn't put a dollar amount on the plan, they say a recent Goldman analyst poll putting the offering at more than 5B Swiss francs is a good roadmap.
    • The fresh capital will be needed to absorb losses associated with a faster restructuring of the bank, and also to comply with expected tougher ratios to be announced by Swiss regulators.
    • Credit Suisse's CET 1 ratio is 10.3% versus 13.5% at rival UBS.
    • CS -4.7% premarket
    • Previously: Deutsche Bank reverses, turns higher premarket (Oct. 8)
    | Oct. 8, 2015, 8:31 AM
  • Oct. 1, 2015, 5:11 PM
    • JPMorgan Chase (NYSE:JPM) will pay almost a third of a $1.86B settlement to resolve accusations that a dozen big banks conspired to limit competition in the credit default swaps market, Bloomberg reports.
    • JPM reportedly will pay $595M, followed by Morgan Stanley (NYSE:MS) with $230M, Barclays (NYSE:BCS) at $175M, Goldman Sachs (NYSE:GS) at $164M, Credit Suisse (NYSE:CS) at $160M and Deutsche Bank (NYSE:DB) at $120M; BofA (NYSE:BAC), BNP Paribas (OTC:BNPZY), UBS, Citigroup (NYSE:C), Royal Bank of Scotland (NYSE:RBS) and HSBC would pay less than $100M each.
    • The deal would avert a trial and end years of litigation by hedge funds, pension funds, university endowments, small banks and other investors, who sued as a group.
    | Oct. 1, 2015, 5:11 PM | 35 Comments
  • Sep. 21, 2015, 7:25 PM
    • While brokers at Credit Suisse's (CS -0.4%) private banking business await a new CEO's thoughts on U.S. brokerage strategy, some are exiting the business for rivals.
    • Merrill Lynch says it's hired David Sterling (a seven-year CS veteran) and his client associate Joanna Smith, and on Friday Morgan Stanley confirmed it hired three Los Angeles-based brokers away from Credit Suisse.
    • New CEO Tidjane Thiam, who took office in early July, is set to give an investor update on strategy on Oct. 21, and observers think he may close the U.S. brokerage business due to lower margins there than elsewhere.
    | Sep. 21, 2015, 7:25 PM
  • Sep. 15, 2015, 11:38 AM
    • Barclays (BCS + 1.8%) and Credit Suisse (CS +1.7%) are up early, as Goldman Sachs says "this time feels different" in looking at European banks.
    • Goldman upgraded Credit Suisse to its Conviction Buy list and raised its price target to 32.50 Swiss francs, from 30.80. Shares are up 1.7% to 26.00 Swiss francs on SIX, implying 25% upside from here.
    • Meanwhile, it reiterated Barclays' position on the Conviction Buy list and raised its price target to 345 pence from 335p; shares are up 2.3% in London to 260.45p, implying 32.5% upside.
    • After years of Europe's banks missing goals, Goldman's Jernej Omahen says Barclays and CS CEOs have "changing incentives" -- less likely to persist with failed strategies -- and better prospects for growth.
    • Capital positions still need to improve and tbanks need to focus on costs and high return businesses; "most likely" at Credit Suisse, Omahen says, and less so at Barclays.
    | Sep. 15, 2015, 11:38 AM
  • Sep. 14, 2015, 4:12 PM
    • Credit Suisse (CS -2.2%) has a tentative agreement to settle allegations of "dark pool" wrongdoing for around $85M, The Wall Street Journal is reporting. The deal's not final but could be announced by the end of the month.
    • All told the bank is expected to pay $30M in fines to New York State and $55M in fines and returned funds to the SEC, tied to alleged shenanigans in its private trading zone.
    • Barclays is also negotiating with New York and the SEC to settle allegations tied to its own dark pool. Regulator attention to the area has been on the rise.
    | Sep. 14, 2015, 4:12 PM | 6 Comments
  • Sep. 14, 2015, 11:29 AM
    • A day ahead of the launch of Symphony -- a service seen as a potential rival to Bloomberg's lucrative terminal business -- New York's Department of Financial Services has reached a deal with four banks over record keeping for the system, CNBC reports.
    • Goldman Sachs (GS -0.4%), Bank of New York Mellon (BK -0.1%), Deutsche Bank (DB +0.1%) and Credit Suisse (CS -1.8%) are party to the deal where Symphony's chat service will keep all e-mail exchanges between the banks for seven years.
    • The banks will also have to hand over a "spare set" of duplicate encryption keys to an independent auditor.
    • Without the safeguards, the regulators worried that probes into insider trading and related crimes would be stymied.
    | Sep. 14, 2015, 11:29 AM
  • Sep. 9, 2015, 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.
    | Sep. 9, 2015, 6:07 PM | 3 Comments
  • Aug. 12, 2015, 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.
    | Aug. 12, 2015, 4:20 AM
  • Jul. 27, 2015, 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).
    | Jul. 27, 2015, 10:38 AM
  • Jul. 23, 2015, 9:15 AM
    | Jul. 23, 2015, 9:15 AM | 9 Comments
  • Jul. 23, 2015, 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.
    | Jul. 23, 2015, 3:24 AM
  • Jul. 22, 2015, 5:30 PM
  • Jul. 6, 2015, 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.
    | Jul. 6, 2015, 4:41 PM | 6 Comments
Company Description
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
Sector: Financial
Industry: Foreign Money Center Banks
Country: Switzerland