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

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

Finance

Credit Suisse set to merge global markets, investment banking units

Editorial Bureau July 30, 2020

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 […]

Finance

Credit Suisse CEO Gottstein: Things are going in the right direction

Jim Stein June 10, 2020

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 […]