found that shaky shareholders can do considerable damage, too. Saudi National Bank, the firm’s biggest shareholder, appears to be suffering a bad case of buyer’s remorse. Quizzed about any further investment in Credit Suisse, the response from the bank’s chairman was brutal: “Absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory”.
Investors are unlikely to lose everything. They nevertheless have plenty of reasons for concern. Multibillion-dollar losses from Credit Suisse’s dealings with Archegos Capital, a family office that collapsed in 2021, and Greensill Capital, a supply-chain-finance company that suffered the same fate in the same year, are near the top of the list. Last year clients withdrew cash from every corner of the bank.
When shareholders finally got their hands on the report on March 14th, it made for grim reading. At the end of 2022 Credit Suisse posted its fifth consecutive quarterly loss. Raising SFr4bn late last year repaired the bank’s common equity to risk-weighted assets ratio, a crucial indicator of a bank’s capital strength. The figure now stands at a respectable 14.1%, up from 12.6% at the end of September.
Although Ulrich Körner, Credit Suisse’s chief executive, hopes to trim the lender’s cost base and restructure the investment bank, there could still be more pain ahead. The remodelled investment bank, calledFirst Boston, will revolve around Michael Klein. Mr Klein, who served on Credit Suisse’s board of directors until October 2022, is a dealmaking supremo famed for sitting on both sides of the mega mining tie-up between Glencore and Xstrata in 2012.
Maharastra government employees including teachers are on long strike for vacancy fill up & ecomic demands why media totally silent
hehe, the arabs has no idea about finances.
Bancos, por que tê-los?
Başta ABD olmak üzere Batı Kapitalizmi.,çürüyen imajını siyaset eliyle güçlendirmeye çalışıyor.!
Don't worry Biden will save them ...USA to the rescue
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Credit Suisse finds ‘material weaknesses’ in financial reporting controls\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t So I assume the top management during the period in question are subject to clawback and sanction? Or can I already guess the answer... CS will get away with it Next
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Credit Suisse shares sink after top shareholder rules out more funding\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t Smart shareholder 😂 Y ahora es Credit Suisse. Qué está pasando. 🙃🔥🔥📉🧐
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