Credit Suisse

Credit Suisse Group AG posted its third straight quarterly loss after investment banking revenue declined and clients pulled money, underscoring the Swiss ...

The bank saw net outflows of 7.7 billion francs as clients traded less and cut risk in response to gyrating equity markets. The Zurich-based bank reported a net loss of 1.59 billion Swiss francs ($1.6 billion) in the three months through June, driven by a loss at the investment bank and trading businesses and higher litigation expenses.

CREDIT SUISSE Group replaced its embattled chief executive officer and said it would embark on a new turnaround plan just 9 months after the last one, ...

Credit Suisse is well capitalised, finance chief David Mathers told reporters on Wednesday when asked whether the Swiss bank might increase its capital ...

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The embattled Swiss bank posted a net loss of 1.593 billion Swiss francs ($1.66 billion), far below consensus expectations among analysts for a 398.16 ...

Credit Suisse Chairman Axel Lehmann in May gave his full backing to Gottstein and denied reports that the board had discussed replacing him. "Today marks a leadership change for Credit Suisse. It has been an absolute privilege and honor to serve Credit Suisse over these past 23 years. "[Koerner] knows banking inside out. The investment bank was hit by significantly lower capital markets issuance activity and reduced client activity, Credit Suisse said in a summary on Wednesday, acknowledging that the division's positioning "was not geared towards benefiting from the volatile market conditions" and its areas of strength, such as capital markets, were "significantly impacted." "First, we embarked on a thorough strategy review and we announced today that we are speeding up our transformation, and Thomas has decided that at that point of time, also for personal reasons, it is better to do a change," Lehmann said, adding that Gottstein was "instrumental" in developing the strategic review. In a statement Wednesday, Gottstein said the second-quarter results were "disappointing" and that the bank's performance was "significantly affected by a number of external factors, including geopolitical, macroeconomic and market headwinds."

Profits and assets under management trended lower for troubled Swiss giant Credit Suisse, though the bank saw improvements in new money.

For the first six months of 2022, the bank registered positive net new money of 4.8 billion francs in the region, up from 900 million francs last year. One of the bright spots for Credit Suisse in the region was it posted positive net new assets of 2.3 billion francs in the second quarter, up from a net outflow of 7 billion francs in the same period last year. Net revenues for the first six months totaled 1.5 billion francs, marking a 35 percent year-on-year decrease.

Credit Suisse Group AG, the Swiss bank that lost dozens of key dealmakers last year, is once again offering lucrative retention payments to prevent senior ...

When investment banks get into trouble, the bonus pool often suffers. But that doesn't always mean that everybody gets badly paid. Bankers in key franchise ...

The guy who accidentally sent a hard drive to the town dump with all his Bitcoin on it is still trying to get it back; even though the valuation has fallen since last year, the drive is still potentially worth $176m and backers are apparently interested. Alternatively, CS might decide to bring in someone from outside; having raided UBS for their CEO and chair, and Goldman Sachs for their Chief Risk Officer and CTO, it looks like these are the two banks that might be the most likely targets. Presumably you’d prefer they were well-fed, perhaps having just finished a successful date or spent a rewarding evening with their family, to put them in a good mood and full of the spirit of charity. The most obvious internal candidate would be David Miller, but he might be considered to be too identified with the leveraged loans business on one hand, and with “swagger” statements about hiring that the new CEO might not want to be held to on the other. But money isn’t the only card banks have to play in order to attract and retain talent. Credit Suisse appears to be in this sort of position; according to Bloomberg, it’s offered a $10m package to an unnamed senior financial sponsors package.

The bank said David Miller and Michael Ebert would run the investment bank, while the unit's chief executive, Christian Meissner, would focus on its strategic ...

What Credit Suisse has billed as a transition year looks to be turning into another «annus horribilis» as it posts a massive second-quarter loss.

Adverse market conditions will likely negatively impact client activity in the coming months, leading to a further loss in the investment bank in the third quarter, the bank said. Assets under management fell to 1.5 trillion francs in the second quarter, down from 1.6 trillion francs at the end of the first quarter. The results disappointed, particularly in the investment bank which posted an 860 million franc loss in the second quarter.

Credit Suisse Group AG Chairman Axel Lehmann said that the changes at the top of the bank reflect the pressure the institution and chief executive Thomas ...

Thomas Gottstein, who took the reins in 2020 after a spying scandal involving his predecessor, will be replaced by Ulrich Körner, who heads the beleaguered ...

This includes links with investment firm Archegos and supply chain financing firm Greensill Capital—which collapsed and cost the bank billions—a spying debacle that took out Gottstein’s predecessor and a mass exodus of senior staff. Credit Suisse also announced a new “comprehensive strategic review” to cut costs, turn business around and return to profitability, suggesting harsh cuts to its investment bank. Credit Suisse, one of Europe’s largest banks by assets, announced Wednesday it is replacing its chief executive and will undertake a “comprehensive strategic review” in the wake of mounting losses, the latest attempt to turn the beleaguered bank around after numerous scandals and years of instability.

The bank posted a net loss of 1.593 billion Swiss francs ($1.66 billion) on Wednesday. It also announced the immediate resignation of CEO Thomas Gottstein, ...

CET 1, or common equity tier one capital, ratio is a measure of a bank's solvency. Asked if he had any plans to sell the company or merge with another bank, Lehmann said "that is a clear no." - Asked if he had any plans to sell the company or merge with another bank, Lehmann said "that is a clear no." Credit Suisse Chairman Axel Lehmann denied any intention to sell or merge the embattled Swiss lender after it reported a massive second-quarter loss.

Credit Suisse, however, wants to do some very heavy lifting: in the medium term, it wants to cut its adjusted operating costs by 8%, or by CHF1.3bn a year based ...

Credit Suisse's third quarter results and plan for the investment bank will be announced at the end of October. In the meantime, there are already signs that the bank is trying to stop key people leaving. Credit Suisse will “continue to invest in relationship managers, in technology and in risk and compliance,” he said today. Inviting third party capital will "maximise the potential of the franchise," said Mathers. Lehmann declined to comment on whether failure to attract third party capital will lead to the closure of the securitisation business altogether, but Mathers cautioned against presuming that there will be an exit from the business. Precise details of the "bold" and "far reaching" changes will be released with the third quarter results. Much of this loss came from the investment bank, which generated a CHF1.1bn loss in Q2 and had a Q2 cost income ratio of 195.7%. If Credit Suisse could get anywhere near Deutsche Bank's newly-flexed cost target, it would be a huge achievement. In an inflationary environment, simply keeping costs stable is an effort - just ask Deutsche Bank, which has this morning jettisoned its 70% cost/income cost target in the face of rising inflation, and will now be targeting something in the low to mid-70s this year instead.

Credit Suisse, a Swiss investment banking company, has denied claims that the firm wants to sell its business or raise capital to support its financial ...

Why Risk Management is a Fixture Among BrokersTraditionally the company is employing a risk management team that is monitoring the exposure of the brokerage and the performance of select clients which it deems risky for the business. This aspect of running a brokerage is also one of the most crucial ones when it comes to employing the right kind of talent. Why Risk Management is a Fixture Among BrokersTraditionally the company is employing a risk management team that is monitoring the exposure of the brokerage and the performance of select clients which it deems risky for the business. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, most brokers employ a risk management department tasked with analyzing the data and flow of the broker to mitigate the firm’s exposure to financial markets moves. This aspect of running a brokerage is also one of the most crucial ones when it comes to employing the right kind of talent. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, most brokers employ a risk management department tasked with analyzing the data and flow of the broker to mitigate the firm’s exposure to financial markets moves. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. Read this Term and risk management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data.

The Swiss bank's latest dose of bad news: Another $1 billion+ loss, a new CEO and its second major strategic review in two years.

Credit Suisse announced a new CEO along with its dismal second-quarter results to spearhead a strategy review for the group and put the bank back on a ...

Credit Suisse will seek to emulate that and mold the firm into «a more focused, agile group» with a significantly lower cost base to provide the foundation for sustainable returns. Clearly, something needs to be done at the investment bank which suffered an $860 million pre-tax loss in the second quarter. Perhaps learning lessons from those debacles, the bank is seeking to focus more heavily on its core strengths of global wealth management, Swiss universal banking, and asset management. One objective of the new strategy will be to reduce the group's absolute cost base to below 15.5 billion francs. In June, Credit Suisse conducted a rather milquetoast Investor Deep Dive, where the beleaguered bank affirmed the strategy adopted in November, focusing on risk culture, compliance, technology, and closing with wealth management. Credit Suisse announced a new CEO along with its dismal second-quarter results.

Koerner had worked for Credit Suisse from 1998 to 2009, and in 2007 seemed the likely successor to then-CEO Oswald Gruebel. Instead, the board of directors ...

Koerner and Lehmann are far from the integrative and visionary beacons the bank needs to lead it out of its misery. Koerner and chairman Axel Lehmann, another manager with an enormously important function, have mainly worked in the wings and neither has ever stood out as a particularly remarkable leader. While everyone deserves a second, or even third, chance in life, the appointment of Ulrich «Ueli» Koerner to the CEO post nevertheless caused surprise in several respects.