Senior Credit Suisse bankers flee to Barclays, Goldman and Citi after Archegos disaster May 19, 2021 About a dozen managing directors at Credit Suisse have recently left the banking giant or are in the process of doing so, with most of them poached by rivals including Barclays, Goldman Sachs and Citibank. Moreover, a range of senior bankers are expected to announce their departure in the coming weeks, with several others also [...]
New Credit Suisse chair Horta-Osório says bank’s crisis is worst he’s seen May 1, 2021 New Credit Suisse chair António Horta-Osório has told investors the recent crisis at the bank is the worst he has seen in his career. Speaking at an annual meeting yesterday the former Lloyds boss told investors the situation at Credit Suisse was severe. “I have personally worked at and led several banks in different countries [...]
Credit Suisse plunges to hefty loss as Archegos collapse takes its toll April 22, 2021 Credit Suisse today posted a hefty loss for the first quarter after suffering a multi-billion-pound hit from the collapse of US hedge fund Archegos. The lender reported a pre-tax loss of 757m Swiss francs (£593m), down from a 1.2bn franc profit last year but marginally ahead of analyst expectations. The figures were dragged down by [...]
City Moves: Who is switching jobs in the Square Mile this week? April 21, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. In this week’s City Moves, we have a host of newly created roles making their way across the Square Mile. From chief data officers to directors of environment social and governance – the [...]
BlackRock and Mustier’s blank cheque firm eye Credit Suisse fund management arm April 9, 2021 BlackRock and Jean-Pierre Mustier’s blank-check firm are among investors expressing interest in Credit Suisse’s asset management arm, three sources told Reuters, as the Swiss lender explores options for the unit after a run of costly scandals. U.S. investment firm State Street Corp is also eyeing a rival bid for all or part of the Swiss [...]
Credit Suisse shares rally after Archegos collapse April 1, 2021 Shares in Credit Suisse pushed higher today, clawing back some of their losses sparked by the collapse of US hedge fund Archegos Capital Management. The bank lost almost a fifth of its value after defaults on margin calls by Archegos, a family office run by billionaire Bill Hwang, prompted a fire sale by banks. Credit [...]
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) [...]