found that shaky shareholders can do lots of 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 Saudi bank’s chairman was brutal: “Absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory.”
. 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 firm that also imploded that year, are near the top of the list. Last year clients withdrew cash from every corner of the bank. It was all too much for one long-term shareholder: Harris Associates, an investment firm, sold the last of its shares.
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 cost base and restructure its investment bank, more pain could lie ahead. The remodelled investment bank, calledFirst Boston, will revolve around Michael Klein, a dealmaking supremo. He had served on Credit Suisse’s board of directors until October 2022. In February the bank bought his boutique advisory shop for $175m.
Can't have everything but scaring the pants off you sordid clients now and then does give some hope for future improvement.
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Source: TheEconomist - 🏆 6. / 92 Read more »
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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Asian stocks fall as Credit Suisse adds to bank fears\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
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Credit Suisse: Swiss National Bank must step in to halt three-way doom loop\n\t\t\tLet our global subject matter experts broaden your perspective with timely insights and opinions you\n\t\t\tcan’t find anywhere else.\n\t\t Too late. Dump it hard Seems Bitcoin is a better store of value than Credit Suisse stock 😉
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