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CS

Credit Suisse Group AG

5/24/2013, 6:21 AM ET

Quote & Headlines Market Currents StockTalk

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| Earnings
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| On the move

Monday, May 6, 10:20 AM Assured Guaranty (AGO +3.2%) pops after UBS agrees to pay $358M to settle claims over questionable MBS the bank issued and Assured guaranteed. The cash, says Mark Palmer, will allow Assured to buy back shares continuing to trade at a massive discount to book value. A settlement with Credit Suisse (CS) may be next. MBIA (MBI +3.5%) jumps as well. Comment! [Financials, On the Move]
Friday, May 3, 9:30 PM Credit Suisse (CS) says an ex-emerging markets VP "conducted an after-hours document raid" under cover of a supposed vacation and also e-mailed top secret documents to her personal e-mail account before resigning and accepting a position at Goldman Sachs. CS claims Agostina Pechi "intends to use confidential information to compete with [the firm] and intends to provide this information to her new employer specifically to target CS's clients." Goldman's response: no comment. Comment! [Financials]
Sunday, April 28, 3:17 AM Credit Suisse (CS) and Texas-based Lone Star Funds have agreed to pay €6.7B ($8.7B) to acquire the the assets of Royal Park Investments, a vehicle created in May 2009 to manage the toxic assets of Belgium's collapsed Fortis bank. The Belgian government, one of Royal Park's largest shareholders, will receive €1B, thereby allowing it to cut its debt by 0.2% of GDP. Fortis successor company Ageas, an insurer, will receive €1.04B. (PR) Comment! [Financials, Top Stories, M&A]
Wednesday, April 24, 5:46 AM Credit Suisse (CS): Q1 EPS of $0.85 misses by $0.01. (PR) Comment! [Earnings, Breaking News, Financials]
Wednesday, April 24, 12:05 AM Notable earnings before Wednesday’s open: ABB, ABX, ASH, ATI, AVY, BA, BYD, CFR, CKSW, COR, CP, CS, CVE, DPS, EDU, ELN, EMN, ERIC, F, FDML, GD, GLW, GRA, HCBK, HES, ICON, LAD, LL, LLY, LO, MDCO, MSI, MTH, NDAQ, NOC, NS, NVS, NYCB, OC, OCR, OSIS, PG, PLD, PX, RES, ROK, S, SO, SVU, TEL, TKR, TMO, TROW, TUP, USG, VLY, VMED, WAB, WHR, WLP, WM, WYN Comment! [Earnings]
Tuesday, April 23, 5:30 PM Notable earnings before Wednesday’s open: ABB, ABX, ASH, ATI, AVY, BA, BYD, CFR, CKSW, COR, CP, CS, CVE, DPS, EDU, ELN, EMN, ERIC, F, FDML, GD, GLW, GRA, HCBK, HES, ICON, LAD, LL, LLY, LO, MDCO, MSI, MTH, NDAQ, NOC, NS, NVS, NYCB, OC, OCR, OSIS, PG, PLD, PX, RES, ROK, S, SO, SVU, TEL, TKR, TMO, TROW, TUP, USG, VLY, VMED, WAB, WHR, WLP, WM, WYN Comment! [Earnings]
Tuesday, April 23, 8:29 AM Already under plenty of regulatory pressure for reform, Swiss banks now face increasingly restive shareholders over compensation. ISS has recommended owners reject a Credit Suisse (CS) plan to issue 27M shares with which to pay executives. Last year the proxy advisory firm nearly led a defeat of a UBS pay plan. Comment! [Financials]
Tuesday, April 23, 7:37 AM Credit Suisse (CS) pulls back further from alternative investments amid the Volcker Rule, selling Strategic Partners - its P-E unit with $9B in AUM - to Blackstone (BX) for an undisclosed price. Comment! [Financials]
Monday, April 22, 12:19 PM New regulations here and across the pond will eliminate $17B of trading revenue from the global banks, says Deutsche Bank - about 9% of total sales last year. The costs will be onerous enough, says Deutsche, as to maybe force the departure from FICC (bonds, commodities, currencies) trading of any firm with less than 6% market share. At risk: HBC, RBS, CS, MS, SCGLY.PK. UBS has already exited. 3 Comments [Financials]
Wednesday, April 17, 1:38 PM "Too little has been changed to avoid a repeat of the problem," says the Boston Fed's Eric Rosengren, arguing banks with broker-dealer units continue to hold too little capital. "The status quo represents an ongoing financial stability risk." The largest ones still standing are MS, UBS, GS, C, DB, CS, BAC, BCS, and JPM, and each of the U.S. ones passed the Fed stress test and are returning capital. 5 Comments [Financials]
Friday, April 12, 6:00 AM A break-up of the big banks is on the minds of none other than analysts at the banks themselves. Wells Fargo reckons shareholders might "intensify demands" for it, especially as the likes of Bank of America (BAC), Citigroup (C) and JPMorgan (JPM) trade at discounts of 25-30% to more-focused rivals. JPM's analysts have questioned the viability of running an investment bank "as part of a universal banking business." 7 Comments [Financials, Top Stories]
Tuesday, April 2, 5:59 PM Credit Suisse (CS) says a lawsuit filed by New York Attorney General Eric Schneiderman should be dismissed. The suit claims CS misled investors regarding the quality of loans which ultimately backed securities the firm underwrote in the years leading up to the financial crisis. The bank says the case is sparse on details and should have been filed sooner: "It is striking how threadbare the allegations are even with all of the extra time the NYAG took to file it," the firm's lawyers noted. Comment! [Financials]
Wednesday, March 27, 7:08 AM Credit Suisse (CS) snaps up the overseas wealth management unit of another U.S. bank, agreeing to buy Morgan Stanley's (MS) EMEA advisory business for an undisclosed sum. Morgan is unloading the unit as it focuses on building its wealth management business in the States. Comment! [Financials, M&A]
Wednesday, March 20, 3:56 AM Freddie Mac (FMCC.OB) has sued Bank of America (BAC) JPMorgan (JPM), Citigroup (C) and 12 other major banks for losses caused by the manipulation of the Libor rate. Freddie, which invested in mortgage bonds and swaps tied to U.S. dollar Libor, is seeking a whole gamut of damages for what it sees as fraud, antitrust violations and breach of contract. The FHFA has already calculated that Freddie and Fannie Mae lost $3B in total because of the Libor manipulation. 11 Comments [Financials]
Thursday, March 14, 4:29 PM The latest move in banks responding to regulations regarding use of capital, Credit Suisse (CS) is winding down its hedge fund investment unit - Asset Management Finance - disbanding the team after failing to sell part of its portfolio to P-E investors. It's quite the turnabout for the bank, which just a few months ago was negotiating to buy a Goldman unit involved in the same business. Comment! [Financials]
Thursday, March 14, 3:36 AM Credit Suisse (CS) has settled a lawsuit with the bondholders of National Century Financial Enterprises, which collapsed in 2002 in a $2.9B fraud, in a deal that will cut 134M Swiss francs ($141M) from the bank's Q4 net profit. The investors - the state of Arizona, AllianceBernstein (AB), Lloyds (LYG), MetLife (MET) and Pimco - argued that as placement agent, CS should have known about the fraud. (previous) 1 Comment [Financials]

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