The bank’s adjusted net revenue stood at CHF 2.8 billion, registering a 40% decline compared to the first quarter in 2022. The adjusted pre-tax loss came in at CHF 1.3 billion for Q1, increasing by CHF 300 million compared to the previous quarter. The official announcement detailed that significant deposit and net asset outflows impacted…
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Regulators elsewhere are attempting to minimize the damage, and the European Banking Authority, The Single Resolution Board, and the ECB Banking Supervision committee issued a joint statement. They said: The resolution framework implementing in the European Union the reforms recommended by the Financial Stability Board after the Great Financial Crisis has established, among others, the…
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On the technical side the price of Crude oil on the daily chart is “walking the band” ( touching the Bollinger bands in consecutive sessions) indicating great push by the bears in high volumes. It is trading at a 15 month low with no signals of correcting to the upside just yet while the 50…
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UBS Chairman Colm Kelleher said: This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue. We have structured a transaction which will preserve the value left in the business while limiting our downside exposure. Acquiring Credit Suisse’s capabilities in wealth, asset…
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In the US, the government took emergency steps to give banks more funding to weather the crisis. On Wednesday, however, the focus shifted to Europe, where Credit Swisse falling shares took down the European banking index. Credit Suisse is the first major global bank to receive such an emergency lifeline since the financial crisis in…
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In July, the bank appointed Ulrich Körner new Group Chief Executive Officer to replace Thomas Gottstein. Credit Suisse noted that client activities have been impacted by economic challenges and market environment. The bank stated: The Investment Bank has been impacted by the substantial industry-wide slowdown in capital markets and reduced activity in the Sales &…
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According to the prosecution, the alleged scheme took place between 2005 and 2012 and spread through several countries and reportedly and cost the French state over €100 million of "fiscal damage". Credit Suisse said in a press statement: The settlement provides for a public interest fine comprising a profit disgorgement of EUR 65.6 million and…
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Joshi’s career spans three decades. During this time, he held various senior investment banking roles across different regions, helping oversee a series of businesses as well as complex transformation projects. Francesca McDonagh will start her new role as Group COO on 19 September 2022. In her new position, she will support the Group CEO in…
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Ulrich Körner, new CEO of Credit Suisse, said: This is a challenging undertaking but at the same time represents a great opportunity to position the bank for a successful future and realize its full potential. Gottstein took the helm of the bank in 2020 after the resignation of then CEO Tidjane Thiam following a spying…
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Credit Suisse fixed the issue with an update of its trade reporting systems in November 2019. In addition, form February 2015 to April 2022, the firm failed to establish and maintain a supervisory system to help it comply with its trade reporting obligations for short sales. During this period, Credit Suisse conducted supervisory reviews aiming…
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