Details of Credit Suisse’s $4 billion capital raising strategy are revealed
Embattled bank Credit Suisse (CSGN.S) on Monday provided further information about its strategy to collect 4 billion Swiss francs (about $4.01 billion) from its investors to help it combat the largest crisis in its 166-year existence. The second-largest lender in Switzerland is establishing new capital to finance a restructuring that will result in thousands of…
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Before a change in strategy, Credit Suisse is in the news
With only a few days left before announcing a significant strategy rewrite, Credit Suisse (CSGN.S) is working quickly to finalise sales of business units that would lower the amount of funding it might require from investors. The troubled Swiss lender is attempting to move past a string of scandals and legal actions and may undertake…
Credit Suisse still at the centre; prior that is the change in strategy
On Monday, when markets placed Credit Suisse (CSGN.S) under close examination, the bank’s shares and bonds experienced precipitous declines.Insisting that its capital & liquidity are robust, the Swiss bank has stated that it will have more to say regarding a strategic rethink when it reports third-quarter results on October 27.Investor scrutiny of Switzerland’s second-largest bank…
Koerner is anticipated to be named the newest CEO of Credit Suisse
Ulrich Koerner is anticipated to be named as the new CEO of Credit Suisse Group AG (CSGN.S), the latest management change at the Swiss bank as it fights to recover from a string of crises, according to two persons with knowledge of the matter on Tuesday. Outgoing CEO Thomas Gottstein has been under increasing pressure…
Credit Suisse makes headliner again with a verdict on trail
Credit Suisse (CSGN.S) managed to make headlines again, as they have for the past 18 months over various scandals and distresses. Now, it is to determine whether or not the bank couldn’t stop cash laundering which is linked to a cocaine trafficking group. This would significantly mark this event as the nation’s major banks’ first…
Credit Suisse on redeeming AT1 bond, and attempt at repaying debt
Credit Suisse (CSGN.S) has been the hotspot of controversy for a while now, it had chosen to reel investors in for a more expensive dollar bond just to reimburse a $1.5 billion capital-hiking distribution. A marginal number of investors deemed the act the right call to evade raising suspicions over its credibility in paying back…
Credit Suisse poised to revamp senior management
Loss-making Credit Suisse could shake up senior management as new Chairman Axel Lehmann seeks to put the embattled Swiss bank back on stable ground, Swiss Sunday newspaper NZZ am Sonntag reported. The paper said Chief Legal Officer Romeo Cerutti, finance chief David Mathers, and Asia-Pacific regional boss Helman Sitohang were set to step down. These three…
Big Credit Suisse investor hopeful for bank’s turnaround
One of the largest shareholders of Credit Suisse hopes the bank‘s new chairman, Axel Lehmann, can steer the embattled lender through a turnaround. This is stated by David Herro of Harris Associates on the investor’s website. Harris Associates is the bank‘s third-biggest investor with a stake of 5%. They remained hopeful for the bank and its strategic plan. In…
Credit Suisse files five insurance claims on Greensill-linked funds
Credit Suisse has filed five insurance claims related to $1.17 billion. This is in exposure across two of its Greensill-linked supply chain finance funds. They had filed five claims related to $846 million in exposure for its Luxembourg-based supply chain finance fund. The bank stated in a document published on its website, meanwhile it filed two claims for its…
Former Credit Suisse security head targeted
Credit Suisse’s former head of global security services is one of three people targeted in a new investigation. This was announced by Swiss financial markets watchdog FINMA following an espionage affair at the bank. Zurich-based lawyer Andreas Josephsohn confirmed his client was one of three individuals targeted by the proceedings. Swiss newspaper NZZ am Sonntag was…
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