Finance

Archegos collapse, Credit Suisse ignored every last minute red flags

Editorial Bureau July 29, 2021

FRANKFURT (GERMANY) – Weeks before Archegos collapsed, Credit Suisse received what would turn out to be one of its final warnings from a junior analyst about the hedge fund’s impending disaster. Just as with earlier red flags, stretching back years, it was ignored. “Try and

Finance

Spying case, Credit Suisse enters out-of-court settlement with former banker

Editorial Bureau July 25, 2021

ZURICH (SWITZERLAND) -Credit Suisse has reached an out-of-court settlement with former star banker Iqbal Khan over allegations of spying that led to the resignation of the Chief Executive Tidjane Thiam, a spokesperson for the Swiss bank said on Sunday. “Everybody involved has agreed to settle and this matter is now closed,” Simone Meier said, confirming […]

Business

Archegos hedge fund scandal, investors of Credit Suisse seek strict action

Editorial Bureau April 7, 2021

ZURICH (SWITZERLAND) – Thomas Gottstein may have acted decisively enough this week to stay as Credit Suisse chief executive, but investors are likely to require more radical action after the bank’s $4.7 billion loss from the Archegos hedge fund scandal. Credit Suisse shares have dropped by 25% in the space of a month, with Switzerland’s […]

Finance

Archegos share plunge, Nomura, Credit Suisse face loss

Editorial Bureau March 29, 2021

TOKYO (JAPAN) – After a US hedge fund, named as Archegos Capital, defaulted on margin calls Nomura and Credit Suisse are facing billions of dollars in losses. The investors were put on edge about who else might have been caught out. Losses at Archegos Capital Management, run by former Tiger Asia manager Bill Hwang, had […]

Finance

Swiss bank watchdog FINMA says UBS, Credit Suisse will add onto crisis plans

Editorial Bureau March 19, 2021

ZURICH (SWITZERLAND) – Big Swiss banks UBS and Credit Suisse have bolstered their plans, as to how they would stabilise themselves in a financial crisis, said Swiss financial markets watchdog FINMA said on Friday. It added that there is still work to be done. Systemically important Swiss banks must demonstrate how they would right themselves […]

Finance

Credit Suisse announces free COVID screening for staff coming to office

Editorial Bureau February 12, 2021

ZURICH (SWITZERLAND) – Swiss newspaper Tages-Anzeiger reported on Friday that the largest bank in the country, Credit Suisse, is providing free coronavirus screening to all its staff who are not telecommuting. Although most of the employees are working from home, close to 15% are still coming to office. They can now avail of free saliva […]

Finance

Credit Suisse joins hands with QIA for multi-billion credit business

Editorial Bureau September 17, 2020

DUBAI (UAE) – Switzerland’s Credit Suisse and the Qatar Investment Authority revealed on Thursday they were coming up with a multi-billion dollar direct private credit business. QIA is the sovereign wealth fund of the Gulf state and has a 5.4% stake in the Swiss bank and manages about $300 billion (231.34 billion pounds) in assets. […]

Finance

Cantonal banks’ privileges should be scrapped: Credit Suisse CEO

Editorial Bureau September 12, 2020

VIENNA (AUSTRIA) – Credit Suisse CEO Thomas Gottstein said that the privileges enjoyed by Switzerland’s state-supported regional banks should be scrapped in a bid to ensure that they pay the same taxes as private banks. “I consider cantonal banks with implicit or explicit state guarantees and tax privileges a major market distortion in the Swiss […]

Finance

Credit Suisse to unveil digital banking app next month

Editorial Bureau September 10, 2020

ZURICH (SWITZERLAND) – Credit Suisse will unveil a digital banking app next month in its home market, offering free foreign transactions and digital wealth management, the bank said on Thursday. It is expected to be a challenge to fintechs like Revolut. The CSX banking app will offer free online transactions from October, hoping to woo […]

Finance

Spy scandal: FINMA begins enforcement proceedings against Credit Suisse

Editorial Bureau September 2, 2020

ZURICH (SWITZERLAND) – Enforcement proceedings have been opened against Credit Suisse over the espionage affair that ousted the bank’s leadership and marred its reputation, said Swiss financial supervisor FINMA on Wednesday. The proceedings were initiated after an auditor appointed last December completed its probe into Credit Suisse, which has acknowledged