|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's range||0.0000 - 0.0000|
|Beta (5Y monthly)||1.19|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||4.76|
Hundreds of Credit Suisse's employees are resigning each week in a sign of uncertainty gripping the lender while it is being taken over by rival UBS, two people familiar with the matter said on Wednesday. Credit Suisse bankers, worried about their future are seeking safer employment at competitors, one person said. Swiss newspaper Blick reported earlier on Wednesday that each day around 150 people worldwide were resigning from Credit Suisse while one of the two people said they saw about 200 resignations a week.
(Bloomberg) -- Credit Suisse Group AG said that it’s been notified by the New York Stock Exchange that it’s no longer in compliance with minimum listing criteria.Most Read from BloombergChina Is Drilling a 10,000-Meter-Deep Hole Into Earth’s CrustWinklevoss Twins Attempt Pivot After Gemini Loses Money and EmployeesTwitter Is Now Worth Just 33% of Elon Musk’s Purchase Price, Fidelity SaysJPMorgan Builds Unit for World’s Richest Families in Wealth BetMcCarthy Confident on Debt Vote Despite Hard-Li
HONG KONG/SHANGHAI (Reuters) -Credit Suisse has scrapped plans to set up a locally incorporated bank in China to sidestep a potential regulatory conflict arising from its merger with UBS, said two sources with direct knowledge of the matter. Embattled Credit Suisse had been preparing for years to set up a wholly owned local bank in China. The reason for the Swiss lender's decision was that UBS, which is acquiring Credit Suisse as part of a government-orchestrated rescue of its smaller rival, already has a locally incorporated bank in China, said the sources.
(Bloomberg) -- Wells Fargo & Co. has hired Credit Suisse Group AG investment banker Jill Ford as head of its equity capital markets business, according to people familiar with the matter. Most Read from BloombergWinklevoss Twins Attempt Pivot After Gemini Loses Money and EmployeesMcCarthy Confident on Debt Vote Despite Hard-Line Ouster ThreatPutin Orders Tighter Defenses After Drone Strikes on MoscowStock Rally Loses Steam After AI-Fueled Euphoria: Markets WrapJPMorgan Builds Unit for World’s Ri
UBS Group AG's (UBS) acquisition of Credit Suisse Group AG receives the European Commission's nod after the latter concluded that the deal would not raise competition concerns.
A Credit Suisse Group AG unit was ordered to pay Georgian billionaire Bidzina Ivanishvili what is set be hundreds of millions of dollars by a Singapore court, in yet another blow for the bank in the long-running legal saga. Jan-Patrick Barnert reports on Bloomberg Television. Follow Bloomberg for business news & analysis, up-to-the-minute market data, features, profiles and more: http://www.bloomberg.com Connect with us on... Twitter: https://twitter.com/business Facebook: https://www.facebook.com/bloombergbusiness/ Instagram: https://www.instagram.com/quicktake/?hl=en
ZURICH (Reuters) -Credit Suisse was ordered to pay $926 million to Georgia's former prime minister on Friday for losing part of his fortune, in a Singapore court ruling that represents one of the biggest legal awards made against the bank. Singapore's International Commercial Court said a unit of Credit Suisse had not acted in good faith and neglected to keep the assets of Bidzina Ivanishvili safe, in the latest blow to the troubled bank, which is being taken over by UBS. Credit Suisse immediately said it would appeal the decision.
(Bloomberg) -- Pacific Investment Management Co. is considering joining hundreds of investors in challenging the Swiss regulator’s decision to wipe out about $17 billion of Credit Suisse Group AG bonds following the bank’s takeover by UBS Group AG.Most Read from BloombergEmerging US Debt Deal Would Raise Limit, Cap Spending for Two YearsCathie Wood’s ARKK Dumped Nvidia Stock Before $560 Billion SurgeEurope’s Economic Engine Is Breaking DownCredit Suisse Loses Singapore Case Against Georgian Bill
Credit Suisse should soon repay the emergency liquidity that the Swiss government gave the stricken bank to aid its rescue, Finance Minister Karin Keller-Sutter said in an interview published on Friday. The country's second biggest lender was given access to 200 billion Swiss francs - half of which was covered by government guarantees - as part of its state orchestrated rescue in March. The bank has already paid back some of the 170 billion francs of loans, which included 100 billion francs in liquidity support from the Swiss National Bank (SNB).
UBS on Thursday won unconditional EU antitrust approval to acquire Credit Suisse as part of a government-orchestrated rescue of its Swiss rival. The European Commission said the deal would not raise competition concerns in Europe, confirming a Reuters story earlier this month. UBS, which is twice as big as Credit Suisse by assets, agreed to buy its competitor for 3 billion Swiss francs in stock and to assume up to 5 billion francs in losses in March, in a shotgun merger engineered by Swiss authorities to avert contagion in global banking.
The Swiss government on Thursday moved to speed up work on extending a public liquidity backstop Credit Suisse received access to in March under emergency rules to other systemically important banks and make it a permanent part of regulatory framework. Provision of state-guaranteed cash for such banks were they to fall in distress was proposed over a year ago with the finance ministry tasked with preparing draft legislation by mid-2023. But a global banking turmoil and a deepening crisis of confidence in Credit Suisse prompted Swiss authorities to authorize the central bank in March to provide 200 billion Swiss francs ($225.00 billion) in liquidity to the nation's no. 2 lender in emergency measures.
(Reuters) -UBS has been a net gainer in customer balances following its rescue of Credit Suisse, Chairman Colm Kelleher said on Wednesday, citing positive feedback from wealthy clients. Bank mergers can sometimes lead to turbulence, with clients withdrawing their cash, although this tended to happen very quickly, Kelleher told a WSJ event in London, while some clients come back. "I think the rot has stopped and we have clients coming back," Kelleher added, saying feedback from Credit Suisse clients about UBS had so far been positive.
(Bloomberg) -- Credit Suisse Group AG withdrew an appeal over the writedown of AT1 bonds by Switzerland’s banking regulator, a Swiss court said. Most Read from BloombergMcCarthy, Graves Signal Impasse in White House Debt TalksChina’s New Covid Wave Set to See 65 Million Cases a WeekLuxury Stocks Lose $30 Billion in One Day on Demand FearsMcCarthy Says Debt Deal Remains Elusive as Negotiations ResumeWorld’s Richest Man Loses $11 Billion After LVMH Stock RoutCredit Suisse had argued that the wipeo
Credit Suisse senior managers will have their outstanding bonus payments for 2022 either cancelled or reduced following an order issued on Tuesday by the Swiss Finance Ministry. The order affects the top three levels of Credit Suisse management and follows the multi-billion franc state rescue of Switzerland's second biggest bank. Governments rarely impose a complete halt to bonus payouts, but in Switzerland there has been public backlash against them at Credit Suisse, whose rescue earlier this year was backed by roughly 260 billion Swiss francs of state funding and guarantees.
DOHA (Reuters) -Standard Chartered CEO Bill Winters on Tuesday said the sale of Credit Suisse to UBS was "surprising" given the "unusual" terms of the deal, which prioritised shareholders over bondholders. "The conclusion was very surprising to me, in terms of the way that the bank was resolved through this very unusual sale to UBS, with associated unusual payments to shareholders versus bondholders," Winters told an audience at the Qatar Economic Forum, organised by Bloomberg. Under the rescue deal, engineered by Swiss authorities over one March weekend amid global banking turmoil, UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.4 billion) in stock and to assume up to 5 billion francs in losses that would stem from winding down part of the business.
(Bloomberg) -- Julius Baer Group Ltd. slumped the most in a year after the Swiss wealth manager posted a weaker boost to its business than some analysts had expected after the turmoil at rival Credit Suisse Group AG. Most Read from BloombergChina’s $23 Trillion Local Debt Mess Is About to Get WorseBiden, McCarthy Stay Positive Though Debt Deal Remains ElusiveSaudi Energy Minister Tells Oil Speculators to ‘Watch Out’Parents Sue Elite Schools for ‘Indoctrinating’ Their Kids With Anti-Racist Polici
(Reuters) -A derivatives committee ruled on Monday that a bankruptcy credit event had not occurred in relation to Credit Suisse, quashing investors' efforts to trigger a payout on credit insurance linked to the Swiss lender. The ruling was in response to an investor question about $17 billion in senior and subordinated bonds issued by Credit Suisse whose holders were wiped out when the Swiss bank was taken over by UBS in March in a state-assisted deal. It should not surprise investors who have read the Credit Suisse prospectuses, said Philip Jacoby, chief investment officer at Spectrum Asset Management in Stamford, Connecticut, one of the biggest holders of the bank's debt months before its takeover.
(Bloomberg) -- A panel overseeing the credit-default swap market has ruled that the government-brokered takeover of Credit Suisse Group AG didn’t constitute a bankruptcy event in which an insurance payout could be triggered. Most Read from BloombergChina’s $23 Trillion Local Debt Mess Is About to Get WorseMexico Raises Alert Level on Volcano Rumbling Near CapitalParents Sue Elite Schools for ‘Indoctrinating’ Their Kids With Anti-Racist PoliciesChina’s New Covid Wave Set to See 65 Million Cases a
Quinn Emanuel and Pallas, law firms which are already suing Swiss regulator Finma on behalf of investors who owned AT1 bonds, have received multiple requests from senior managers at Credit Suisse to take legal action on their behalf, the report said. Credit Suisse and Finma declined to comment, while Law firms Quinn Emanuel and Pallas did not immediately respond to Reuters' request for comment.
(Bloomberg) -- Hedge funds looking to trigger payouts on derivatives tied to Credit Suisse Group AG are clashing with investors that piled into a different hot trade.Most Read from BloombergDisney Closes Florida Star Wars Hotel, Scraps Plan to Move 2,000 EmployeesWall Street Fears $1 Trillion Aftershock From Debt DealMcCarthy Puts Debt-Limit Talks on ‘Pause’ as Clock Ticks DownMorgan Stanley CEO Gorman to Step Down Within 12 MonthsNYC Skyscrapers Sit Vacant, Exposing Risk City Never PredictedThe
(Bloomberg) -- UBS Group AG has hired Credit Suisse Group AG’s former Australian equity capital markets syndicate banking head Tim Usasz.Most Read from BloombergDisney Drops Plan to Move Workers to Florida, Closes HotelWall Street Fears $1 Trillion Aftershock From Debt DealNYC Skyscrapers Sit Vacant, Exposing Risk City Never PredictedSingapore Air Hands Staff Eight Months’ Salary Bonus After Record ResultsUkraine Leader Zelenskiy to Visit Hiroshima in Bid to Rally AidThe Sydney-based banker will
(Bloomberg) -- A day after dismissing a question that would have forced a payout on some of Credit Suisse Group AG’s default swaps, a panel that oversees the derivatives market received another query that could trigger the contracts. Most Read from BloombergDisney Drops Plan to Move Workers to Florida, Closes HotelWall Street Fears $1 Trillion Aftershock From Debt DealSingapore Air Hands Staff Eight Months’ Salary Bonus After Record ResultsHere’s How Much Wealth You Need to Join the Richest 1% G
Credit Suisse came close to falling below minimum levels of cash held at the Swiss central bank days before its forced takeover by UBS, a regulatory document shows. As of mid-March 2023, Credit Suisse barely reached its internal cash limit at the Swiss National Bank. A breach indicates a risk that the bank will not be able to make payments properly, Swiss financial regulator FINMA wrote in the German-language decree, which has not previously been disclosed.
LONDON (Reuters) -A European body that reviews disputes in the credit default swaps market said on Thursday it will discuss whether a bankruptcy credit event occurred at Credit Suisse after regulators wiped out the bank's junior bondholders in a state-assisted merger with UBS. The EMEA Credit Derivatives Determination Committee (CDDC) said it will meet on Friday to discuss the fresh question raised by an investor on Thursday, it said on its website. Holders of Credit Suisse's $17 billion of Additional Tier 1 (AT1) bonds were wiped out in March in a 3 billion Swiss franc ($3.35 billion) merger, in the first rescue of a global bank since the 2008 financial crisis.
(Bloomberg) -- Credit default swaps tied to Credit Suisse Group AG subordinated debt are tumbling after a panel ruled that the wipe-out of the Additional Tier 1 notes won’t trigger a payout. Most Read from BloombergSingapore Air Hands Staff Eight Months’ Salary Bonus After Record ResultsWall Street Fears $1 Trillion Aftershock From Debt DealHere’s How Much Wealth You Need to Join the Richest 1% GloballySam Zell, Billionaire Real Estate Investor, Dies at 81Supreme Court Leaves Intact Social Media