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
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]
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
ZURICH (SWITZERLAND) – Credit Suisse announced on Thursday that it was merging its global markets and investment banking divisions. This is the major strategic step initiated by CEO Thomas Gottstein. The second biggest bank of the country posted a 24% rise in Q-2 net profit to touch 1.162 billion Swiss francs (981.39 million pounds), going […]
ZURICH (Finance) – Credit Suisse Chief Executive Thomas Gottstein has announced that business conditions are showing signs of improvement after an unpleasant start this year. “Those early indications that we have seen now in the last couple of weeks have been actually quite promising and going in the right direction. We clearly had a lot […]