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Credit Suisse Group AG (CS)

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5.47-0.23 (-4.04%)
As of 11:51AM EDT. Market open.
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    European Stock Futures Higher; Central Banks Communication in Focus

    European stock markets are expected to open higher Tuesday, continuing the positive start to the new month with investors focusing on guidance from a number of key central banks. At 02:00 AM ET (0600 GMT), the DAX futures contract in Germany traded 0.5% higher, CAC 40 futures in France climbed 0.5% and the FTSE 100 futures contract in the U.K. rose 0.2%. Worries that central banks around the world will push economies into recession in tackling rampant inflation sent investors running for cover during the first six months of the year, with the broad-based pan-European STOXX 600 down some 16% year to date.

  • Reuters

    Credit Suisse scraps negative rates for Swiss private clients

    Credit Suisse is scrapping the negative interest rates it has charged wealthy Swiss clients since 2020, the lender said on Wednesday, as its economists anticipate a further rate hike in Switzerland this year. "Despite the continued negative interest-rate environment, Credit Suisse will repeal the account balance fee and thus move away from using negative interest rates in Swiss francs as of July 1 for the private client business," the bank said in a statement. In its first rate hike in 15 years, the Swiss National Bank (SNB) in June raised its policy interest rate to -0.25% from the -0.75% level it has deployed since 2015.

  • Reuters

    Credit Suisse wealth growth initiatives may need to be 'tempered'

    ZURICH (Reuters) -Credit Suisse's ambitions to redeploy some 3 billion Swiss francs ($3.14 billion) in capital towards its wealth management division by 2024 could be "tempered" due to a more challenging market environment that has emerged since the strategy was set in November, executives said on Tuesday. "Clearly, the rate at which you see some of the initiatives being deployed has to be tempered given the market environment," Wealth management head Francescso De Ferrari told investors and analysts during an investor presentation, adding the long-term strategy remained unchanged. The bank on Tuesday said it was sticking to a strategy overhaul laid out in November despite challenges created by market turmoil, while extending the savings it hopes to achieve through technology.