Cash-strapped Credit Suisse considers halving its bonus pool following £1.7bn loss January 11, 2023 Credit Suisse is considering cutting its bonus pool by 50 per cent as the embattled investment bank seeks to cut costs, Bloomberg has reported. The Swiss asset manager faced a challenging 2022 when its share price sunk 67 per cent. In the nine months to September 2022, Credit Suisse swung to a pretax loss of [...]
The never ending shakeup: Credit Suisse shuffle top bankers yet again January 3, 2023 Credit Suisse announced a series of staff changes on Tuesday following the departure of the co-head of its European investment banking operation, according to internal memos seen by Reuters and confirmed by a company spokesperson. The Swiss bank, in the midst of an overhaul that includes spinning-off its investment bank into a newly re-branded entity, [...]
Credit Suisse took suspicious invoices as backing for £114m Greensill loan December 12, 2022 Credit Suisse accepted suspicious invoices from Sanjeev Gupta’s metals empire as collateral for a $140m (£114m) loan to Greensill Capital, just months before it collapsed in October 2020, according to reports. The Swiss bank accepted invoices, issued by Gupta’s Liberty Commodities and sold to Greensill, as collateral on the loan, even though several of the [...]
Gupta’s UK steel business strikes nears deal with creditors to stave off bankruptcy November 15, 2022 The UK arm of Sanjeev Gupta’s steel empire has struck a preliminary deal with major creditors that could let it stave off insolvency proceedings by restructuring its debts. Liberty Steel Group has reached a preliminary agreement with Credit Suisse Asset Management, Greensill Capital, and Greensill Bank to restructure its debts, the steelmaker said in a [...]
Credit Suisse plots 9,000 job cuts and £3.5bn share sale in final attempt to save business October 27, 2022 Scandal-stricken lender Credit Suisse is looking to raise 4bn Swiss francs (£3.5bnn) by offloading stock as it slashes 9000 jobs and spins off its investment bank in a bid to steady the ship after heavy losses this year.
Credit Suisse pays £208m to settle French probe October 24, 2022 Credit Suisse has agreed to pay France €238m (£208m) to settle a tax fraud and money laundering probe brought against it by the country’s economic crime agency. The embattled financier said in a statement it had reached a settlement with France’s Parquet National Financier (PNF) financial crime unit to resolve a “legacy matter” relating to [...]
Credit Suisse offers to buy back $3bn of its own debt October 7, 2022 Beleaguered bank Credit Suisse has offered to buy back $3bn of its own debt. It announced this morning it was making a cash tender offer in relation to eight euro or pound sterling denominated senior debt securities. This comes amid doubts over the solidity of Credit Suisse, which have been mounting after a string of [...]
Citi swoops in for Credit Suisse veteran Jens Welter September 28, 2022 A top executive has quit his job at beleaguered bank Credit Suisse for Citigroup just nine months after being made co-head of global banking. Jens Welter ended his 27-year career with the Swiss bank where he became a top adviser, and will join Citi as the new co-head of European investment banking. He will also [...]
Credit Suisse board considering splitting investment bank into three parts September 22, 2022 The board of Credit Suisse is considering splitting up its investment bank into three. Among proposals put forward by its leadership are the resurrection of a “bad bank” for risky assets. Reported first by the Financial Times, under proposals the bank would look to sell profitable units in a bid to offset damaging capital raise. [...]
Credit Suisse hires new finance chief in boardroom shake-up August 22, 2022 Embattled Swiss lender Credit Suisse has hired Deutsche Bank’s Dixit Joshi as finance chief and promoted Francesca McDonagh to chief operating officer as it looks to reset after a string of crises.