Mon, Mar. 23, 8:58 AM
- In what could be a big boon for overseas banks doing business in China, Beijing is mulling sweeping changes for the securities industry which would include allowing foreign banks controlling stakes in their local joint ventures, reports Bloomberg.
- The looser restrictions would let players like Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM), Morgan Stanley (NYSE:MS), Credit Suisse (NYSE:CS), Deutsche Bank (NYSE:DB), and Citigroup (NYSE:C) compete more effectively with dominant incumbents like Citic Securities.
- Current rules approved in 2012 allow overseas banks to just 49% ownership of securities firms. Prior to that, the limit was 33%. The above-listed banks have all entered the market since 2007.
Tue, Mar. 17, 8:38 AM
- A dispute between a bank and a client over advice has ended in a settlement that included an unusual payment: more advice.
- Credit Suisse (NYSE:CS) will pay $10M in cash and provide $6.25M worth of investment banking advice to Freeport McMoRan (NYSE:FCX) to settle allegations it contributed to FCX having overpaid significantly for two oil and gas companies in 2013.
- Shareholders had claimed that the acquisitions were tainted by conflicts of interest, and that FCX officers and directors breached their duties by allowing the company to pay too much.
Wed, Mar. 11, 7:30 AM
- The appointment of a new CEO at Credit Suisse (NYSE:CS) boosts the chances of the investment bank there being restructured, says JPMorgan, upgrading to Overweight from Underweight.
- Source: Press Release
- Shares +0.3% premarket after yesterday's 6.7% surge.
- Previously: Prudential chief to head Credit Suisse (March 10)
Tue, Mar. 10, 9:19 AM
Tue, Mar. 10, 3:22 AM
- Credit Suisse (NYSE:CS) has confirmed that CEO Brady Dougan will step down in June 2015, to be replaced by the CEO of U.K. insurer Prudential (NYSE:PUK), Tidjane Thiam.
- Dougan has been under pressure over the bank's direction, legal woes and performance; CS shares have fallen 18% over the past year.
- The news also comes as Prudential reported its annual results, posting a 14% rise in operating pretax profit to £3.2B in 2014.
Mon, Mar. 9, 6:54 PM
- The FT and Bloomberg both report Tidjane Thiam, currently the CEO of U.K. insurer Prudential plc (NYSE:PUK), is set to replace Brady Dougan as Credit Suisse's (NYSE:CS) CEO. The FT states an announcement could happen as soon as Wednesday.
- Dougan, 55, has been Credit Suisse's CEO since 2007. He has come under fire over the bank's performance and legal woes. More recently, CS has also had to deal with the Swiss franc's surge.
- Thiame has run Prudential since 2009. Before that, he held positions at Aviva (another insurer) and McKinsey.
Tue, Feb. 24, 1:56 AM
- U.S. officials are probing at least 10 major banks for the possible rigging of precious-metals markets, even though European regulators shelved a similar investigation after finding no evidence of wrongdoing, WSJ reports.
- The DOJ is scrutinizing the price-setting process for gold, silver, platinum and palladium in London, while the Commodity Futures Trading Commission has opened a civil investigation.
- Banks under scrutiny: HSBC, BNS, BCS, CS, DB, GS, JPM, OTCPK:SCGLY, OTCPK:SGBLY, UBS
Fri, Feb. 20, 5:34 AM
- Credit Suisse (NYSE:CS) bankers did not force the sale of a Georgian-born oligarch’s stake in Azerbaijan’s largest oil field, a London court ruled today.
- Zaur Leshkasheli claimed CS breached a contract when it called in a loan to force the sale of his 51% stake in the Kyurovdag field, and that CS ignored or frustrated interest from potential buyers in Asia, Russia and the Middle East.
Fri, Feb. 20, 4:48 AM
- Squeezed by new capital and risk rules and tough markets, Wall Street is taking the ax to its workforce, a report by London research firm Coalition shows.
- The number of investment bankers, traders, salespeople and research analysts at the world’s largest banks has fallen 20% globally since its recent peak in 2010.
- While job cuts on the front end have become standard, firms have been increasing their back-office hiring to beef up controls in areas ranging from compliance to risk.
- Related tickers: BAC, BCS, OTCQX:BNPQY, C, CS, DB, GS, JPM, MS, UBS
Wed, Feb. 18, 5:37 AM
- The Swiss government will lay out tougher capital requirements for UBS (NYSE:UBS) and Credit Suisse (NYSE:CS) by year-end, ensuring the banks are not too big to fail.
- "Additional measures and adjustments are required to boost the resilience of systemically important banks further," the Swiss government said in a statement.
- Hundreds of banks, including UBS, were bailed out during the 2007-09 financial crisis.
Thu, Feb. 12, 9:15 AM
Thu, Feb. 12, 3:13 AM
- Far exceeding expectations, Credit Suisse (NYSE:CS) said it swung to a net profit of 921M francs ($990.8M) in the fourth quarter, as the bank announced pay cuts for senior executives and braced for challenges presented by the strengthened franc.
- Due to the strong local currency, "we estimate the net adverse impact on our profit to be approximately 3% and expect to more than offset this impact through the announced measures by end-2017," CEO Brady Dougan said in a statement.
- Credit Suisse and other Swiss banks have been facing further pressure from the Swiss National Bank's decision last month to abandon the euro cap on the franc.
- Credit Suisse shares have fallen nearly 15% since the Jan. 15 policy change.
Wed, Feb. 11, 5:30 PM
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Tue, Feb. 10, 1:54 AM
- The NY Department of Financial Services has sent subpoenas to Goldman Sachs (NYSE:GS), Credit Suisse (NYSE:CS), BNP Paribas (BNZPY) and Societe General (OTCPK:SCGLY), Reuters reports, expanding its probe of whether banks' electronic trading platforms allow them to front-run clients in the forex market.
- At issue is a latency period between the time an offer is floated and accepted.
- The department is already probing Barclays (NYSE:BCS) and Deutsche Bank (NYSE:DB) over similar concerns and installed monitors at those banks in recent months.
Tue, Feb. 3, 1:20 PM
- The EU last year put into place a new bank-resolution law which would force losses on bondholders - 8% of a failing bank's liabilities would have to be wiped out before a bailout could be discussed.
- Without the systemic support, S&P cuts ratings on Credit Suisse (CS +1.9%), HSBC (HSBC +1.5%), Barclays (BCS +6.2%), Lloyds (LYG +3.6%), RBS (RBS +3.6%), and Standard Chartered (OTCPK:SCBFF +2.4%).
- Among those on watch for a cut, says S&P, is Deutshce Bank (DB +3.5%).
Fri, Jan. 16, 5:34 PM
- Freeport McMoRan's (NYSE:FCX) settlement of a shareholder lawsuit over a pair of acquisitions leaves Credit Suisse (NYSE:CS), its counselor on the deals, facing the possibility that it could be forced to defend itself against the shareholders, who said in the court filing that they want to bring a case against the bank.
- The $137.5M settlement, one of the largest ever in such a case, explicitly allows shareholders to pursue claims against CS, which the plaintiffs say made a mathematical error that inflated the value of one of the acquired companies.
- While deal-related lawsuits against companies are commonplace, shareholders on occasion have started going after the banks that have advised them; in a sign of its unease over the possibility it will be targeted next, CS reportedly sought in recent weeks to join the settlement talks after earlier declining offers to do so.
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