Boris Johnson ‘very hopeful’ government can bail out Liberty Steel April 1, 2021 Boris Johnson has said today that he is “very hopeful” the government will be able to bail out ailing Liberty Steel, saying it “would be crazy” for the government not to buy British steel post-Brexit. The Prime Minister said on a trip to Middlesbrough today that business secretary Kwasi Kwarteng had been in “daily contact” [...]
US regulatory scrutiny grows as Archegos collapse sparks losses March 30, 2021 US regulatory scrutiny mounted today as Wall Street began to count the cost of losses sparked by the collapse of hedge fund Archegos Capital Management. Shares in Credit Suisse fell a further three per cent, taking total losses to 16 per cent for the week, on fears about the losses linked to Archegos’ meltdown. The [...]
Outgoing Lloyds Bank CEO to be made Credit Suisse chairman December 1, 2020 Credit Suisse has named outgoing Lloyds Banking Group chief executive officer António Horta-Osório as its next chairman. The change will bring the nearly decade-long tenure of outgoing chairman Urs Rohner to a close. “António Horta-Osório shall succeed Urs Rohner who will step down in 2021 as previously announced upon reaching the statutory term of 12 [...]
Credit Suisse profit drops as wealth management fees tumble October 29, 2020 Credit Suisse Group said it would renew dividends and begin a share buyback programme despite posting a 38 per cent drop in net profit for the third quarter as a surge in investment banking failed to offset a slowdown in wealth management. The Swiss banking giant reported a profit of 546 million Swiss francs (£461m) [...]
Credit Suisse to connect clients with early-stage investment opportunities October 23, 2020 Credit Suisse, Linklaters, Deloitte and The Conduit Connect have launched a new venture to partner early-stage companies with potential investors. The partnership will connect members of London-based social change initiative The Conduit with Credit Suisse clients to access impact investment opportunities. The Conduit Connect currently matches early-stage investment opportunities, such as The Library of Things, [...]
Softbank invested in Credit Suisse funds financing its Vision Fund bets June 15, 2020 Softbank has reportedly invested over $500m (£399m) into Credit Suisse investment funds that made large bets on startups backed by the Japanese tech investment giant’s Vision Fund. Softbank invested in the Swiss lender’s $7.5bn range of supply-chain finance funds, the Financial Times reported, citing three people familiar with the matter. The funds are marketed by [...]
Credit Suisse cuts ex-boss Thiam’s bonus in wake of spying scandal March 25, 2020 The spying scandal that rocked Credit Suisse cost former chief executive Tidjane Thiam part of his bonus in 2019, with his overall compensation falling 15 per cent to 10.7 million Swiss francs (£9.2m). Thiam quit in February after a bitter boardroom battle with chairman Urs Rohner in the wake of the scandal over surveillance of [...]
Credit Suisse quarterly profit rises despite coronavirus turmoil March 19, 2020 Credit Suisse said it was on course to deliver strong results for the first quarter despite market volatility related to the coronavirus pandemic. In a trading update released this morning, the Swiss banking giant said profits for the quarter would comfortably beat the 1.06bn Swiss Francs (£940m) it reported before tax for the first quarter [...]
Credit Suisse chair ‘sought to extend’ tenure despite pledge to step down March 5, 2020 Credit Suisse chairman Urs Rohner has reportedly sounded out shareholders about extending his tenure multiple times in recent months, despite repeatedly pledging to step down in 2021. Rohner, who has held the role since 2011, recently ousted Tidjane Thiam as chief executive of the Swiss lender in a bitter board battle after Credit Suisse became [...]
Bittersweet farewell for Tidjane Thiam as Credit Suisse profits soar February 13, 2020 Credit Suisse has reported its highest annual profits in almost a decade, just days after chief executive Tidjane Thiam was ousted in the wake of a lurid spying scandal that erupted last year. The figures Credit Suisse’s pre-tax profit rose 40 per cent to 4.7bn Swiss francs (£3.7bn) for 2019, the highest figure since 2010. [...]