CS - Credit Suisse Group AG
| Previous close | 8.89 |
| Open | 8.37 |
| Bid | 0.00 x 1300 |
| Ask | 0.00 x 1300 |
| Day's range | 8.17 - 8.53 |
| 52-week range | 6.47 - 14.12 |
| Volume | 3,725,114 |
| Avg. volume | 4,111,812 |
| Market cap | 20.463B |
| Beta (5Y monthly) | 1.48 |
| PE ratio (TTM) | N/A |
| EPS (TTM) | -0.14 |
| Earnings date | N/A |
| Forward dividend & yield | 0.26 (2.89%) |
| Ex-dividend date | 02 May 2019 |
| 1y target est | 12.37 |
- Zacks
Credit Suisse to Show Strength in Q1, Lowers CEO Salary
Credit Suisse (CS) expects the strong year-on-year improvement trend to continue in the first quarter of 2020.
- Reuters
Credit Suisse offers paid leave for workers needing to care for children, elderly
Credit Suisse will be giving employees needing to care for children and family members affected by the coronavirus outbreak a month of paid leave through mid-April, its chairman and CEO told staff in a memo late on Monday. "The Executive Board has decided to grant paid leave until mid-April for all those employees who have to find childcare solutions due to school closures or need to take care of older family members, in particular, as a result of the situation," Chairman Urs Rohner and new CEO Thomas Gottstein said in the memo to employees seen by Reuters. Credit Suisse and other Swiss lenders are considering a 20 billion Swiss franc ($21 billion) loan program to help small businesses, the Handelszeitung newspaper reported on Friday.
- Reuters
Exclusive: U.S. prosecutors believe Credit Suisse is culpable in Mozambique scandal - sources
U.S. prosecutors are investigating Credit Suisse Group AG's role in a $2 billion Mozambique corruption case and believe they have evidence of the Swiss lender’s culpability after three former bankers pleaded guilty last year, according to two sources familiar with the matter. Prosecutors believe Credit Suisse can be held criminally liable for its employees' crimes if they were committed in the scope of their role and at least partly benefited the bank, said one of the sources who is a U.S. law enforcement official.
- Bloomberg
Wary of Some China IPOs in U.S., Global Banks Walk Away From Deals
(Bloomberg) -- Global banking giants have grown more wary of underwriting initial public offerings by Chinese companies in the U.S., concerned about rising reputational risks after a string of disappointing deals.The heightened scrutiny augurs a harder sell for Chinese firms once the market overcomes the current tumult. Even before the rout in equities that began last month, 26 of the 33 Chinese companies that went public in the U.S. during 2019 were trading at less than their offer prices, according to data compiled by Bloomberg.That’s one of a number of concerns among market participants. Geopolitical strains between the U.S. and China, particularly in technology, continue to pose a challenge -- the January trade deal notwithstanding. A push in Washington to consider measures to reduce American capital flowing to Chinese securities adds to the political element. Along with limited institutional investor demand for some names, it all means the hurdles may be too high for smaller deals that lack transparent financial backgrounds.“Major investment bank interest in China’s offshore IPOs has been dropping,” said Brock Silvers, a managing director at Adamas Asset Management in Hong Kong. “Given overhanging risks and lessened opportunities for profit, banks have begun to rethink participation.”Among recent deals that saw global banks walking away:Morgan Stanley discontinued work on the IPO of online insurance platform Huize Holding Ltd. this February, corporate filings show.Credit Suisse Group AG dropped off the IPOs of Bitcoin mining equipment maker Canaan Inc., drone maker EHang Holdings Ltd. and Xiaomi-backed podcast app Lizhi Inc., filings show.Credit Suisse, Citigroup Inc. and Bank of America Corp. dropped off the planned IPO of Ucommune Group Holdings Ltd. -- China’s largest rival to WeWork -- late last year, according to people familiar with the matter then.The Chinese IPOs in the U.S. last year posted an average decline of 21%. Deal sizes were cut in 14 of the 33, Bloomberg-compiled data show.There’s by no means a wholesale retreat by Wall Street from Chinese listings, and it’s not unusual to see lenders pull out of individual transactions -- or even a whole sector of issuers, such as with peer-to-peer credit providers early last year. But the recent moves are notable, market participants say.“The current environment has dampened enthusiasm,” Stephen Peepels, head of U.S. securities for the Asia-Pacific region at law firm Hogan Lovells, said of increasing U.S.-China strains. “If they’re not confident that they can deliver good performance on the IPO price” then big banks would rather avoid having their investor clients involved, he said.Another dynamic that’s sown concern among some bankers is the murky provenance of investors on some deals -- a so-called “friends and family” cohort that helps pump up order books, potentially beyond true levels of market demand. Parallel practices have spurred angst in China’s bond market.“Sometimes the Chinese network is very strong and sometimes they may get suppliers or customers to buy their shares,” said Ringo Choi, the Asia-Pacific IPO Leader at Ernst & Young Global Ltd. in Hong Kong. “Banks may become concerned if they cannot do proper diligence on the investors or if some shareholders become too influential.”It’s not a factor that banks discuss publicly, as they seek work on bigger offshore IPOs and indeed look to build a business in China’s domestic market, newly opening up to overseas underwriters.International banks have been walking away from some smaller IPOs because the risks of getting involved in these deals can be greater than the reward, said a person familiar with the matter who asked not to be named.Credit Suisse stopped work on the EHang and Canaan listings after its experience with 36Kr Holdings Inc. in November. After a $20 million IPO, 36Kr tumbled more than 60% from its offer price -- even after the size of the offering was slashed by almost two-thirds and it was priced at the bottom of the range marketed.The Swiss bank had concerns about market conditions around the time of the EHang and Canaan deals, a person familiar with the matter said. Credit Suisse declined to comment.In December, China’s largest rival to WeWork, Ucommune, lost three international banks that had been working on its planned U.S. listing. Credit Suisse, Citigroup and Bank of America dropped off the IPO, people familiar with the matter said at the time. Citi and Bank of America both declined to comment.With stock markets increasingly volatile, market conditions elevate the risks for underwriters concerned about any post-IPO slumps.“If you go through the whole process and at the end of the day it doesn’t happen, first of all there are a lot of costs involved,” said Stephen Chan, a partner at law firm Dechert LLP in Hong Kong. “And also it’s a reputational issue if you can’t bring a deal to life.”(Adds Credit Suisse declined to comment in 15th para, concerns about market conditions in 14th para)\--With assistance from Dong Cao and Crystal Tse.To contact the reporters on this story: Julia Fioretti in Hong Kong at jfioretti4@bloomberg.net;Manuel Baigorri in Hong Kong at mbaigorri@bloomberg.net;Lulu Yilun Chen in Hong Kong at ychen447@bloomberg.netTo contact the editor responsible for this story: Lianting Tu at ltu4@bloomberg.netFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Zacks
Credit Suisse Enters Oversold Territory
Credit Suisse Group has been on a bit of a cold streak lately, but there might be light at the end of the tunnel for this overlooked stock.
- Bloomberg
Bank Boardroom Battles Put Powerful Chairmen in Spotlight
(Bloomberg) -- First was the stunning power struggle atop Credit Suisse Group AG. Then cross-town rival UBS Group AG named a new chief out of the blue. Now Standard Chartered Plc is quietly looking for one.Barely a week passes these days without a European bank chairman ousting a chief executive officer or seeking potential new ones. The turmoil has engulfed the boardrooms of almost all of the region’s top firms, from Germany’s troubled lenders to Switzerland’s large wealth managers, France’s investment banking powerhouses and London’s financial giants.The turnover speaks to the dire state of European finance more than a decade after the financial crisis and almost six years into the region’s controversial experiment with negative interest rates. But the frequency and the speed at which top executives are being swapped out, at times over the vocal opposition of large shareholders, underscore another key difference with Wall Street: The powerful role of chairmen.“There’s been a quite a lot of churn,” said Stilpon Nestor, who advises companies on governance at Nestor Advisors. The chairmen “are playing a more active role. The big governance changes after the crisis aimed at exactly that: giving more power to the board.”Unlike their peers on Wall Street, where CEOs frequently also hold the position of chairman, European banks separate the two roles fairly strictly. Regulators made that a legal requirement after the financial crisis showed the need for more checks and balances, although there are exceptions. The European Central Bank built on that by telling boards that it expects them to challenge management on the implementation of strategy and culture.Today, about two-thirds of CEOs at U.S. financial companies are also chairman of the board, most prominently Jamie Dimon, who has run the biggest Wall Street firm for the past 14 years. In Europe, that number is just 1%, according to data from the responsible investment arm of Institutional Shareholder Services.The strengthening of the board has encouraged chairmen to take a more active role and move more decisively to replace top executives when needed. At Deutsche Bank AG, supervisory board chairman Paul Achleitner is on his fourth CEO in eight years at the lender during which he has overseen a long series of unsuccessful turnaround efforts. Credit Suisse has the third CEO since Rohner took over in 2011.Achleitner’s BackseatHowever, in a sign that a backlash may be brewing, both chairmen are facing mounting opposition from key shareholders unhappy with their performance. Achleitner has become a lightning rod for many long-time Deutsche Bank investors after overseeing a long decline in the stock. Several stakeholders were debating last year whether to push the Austrian out.Now Achleitner -- one of the best-connected executives in Germany -- is taking a backseat in discussions with some shareholders in an effort to defuse tensions, according to people familiar with the matter. He’s been making fewer public appearances, with CEO Sewing taking a more active role in communicating with backers, the people said, asking for anonymity to discuss private meetings.Deutsche Bank declined to comment.“A lot of people actually wonder whether the pendulum has gone too far with the board assuming more and more executive decision-making responsibilities and the CEO becoming less and less responsible,” said Nestor. “This is a real concern in some banks.”At Credit Suisse, Rohner has draw the ire of David Herro, a major shareholder who supported Thiam and said it was a mistake to replace a CEO over a spying scandal, given that he had just completed a successful turnaround of the lender.“We think there is great potential in Credit Suisse and we would hate to see it ruined by a chairman who is not on the same page of shareholder value creation as we are,” he said last month. “If he really loved the company, he should step down and resign.”At UBS Group AG, Chairman Axel Weber recently poached the CEO of Dutch lender ING Groep NV to replace Sergio Ermotti, one of the longest-serving European bank CEOs, as shareholders look for new ideas to maintain the bank’s edge in wealth management. But tensions had been brewing for some time at UBS as well, with Weber saying more than a year ago that the bank was starting to look at potential CEO candidates.Ermotti’s MoveWeber, who has been chairman of UBS since 2012, has said the search for his own successor will start next year. That search became more complicated after Ermotti, who was seen as a potential candidate for the chairman role, on Tuesday agreed to join reinsurer Swiss Re AG instead -- a move that suggests he wasn’t entirely happy about his departure from UBS.At Standard Chartered, Chairman Jose Vinals has informally approached banking executives this year to gauge their interest in taking over from Chief Executive Officer Bill Winters, according to people familiar with the plans who asked not to be identified. His search is not currently part of any formal selection process, the people said.Winters had a public spat with investors last year after some opposed the bank’s compensation policy, saying that shareholders’ criticism of his pension award was “immature.” While Standard Chartered eventually cut his retirement allowance, the chairman was not happy with Winters’s public handling of the situation, some of the people said.‘Increasingly Complex’HSBC Holdings Plc, meanwhile, removed CEO John Flint last year, citing an “increasingly complex” environment. Chairman Mark Tucker and Flint clashed over style, with Flint focused on cultural issues at the firm and Tucker taking a more data-driven approach, people familiar with the matter have said.Tucker named Noel Quinn interim CEO, but he has yet to find on a long-term replacement, a task complicated after UniCredit SpA’s Jean Pierre Mustier dropped out of consideration for the role. Now pressure on the chairman -- the first outsider ever hired for the role at the 165-year-old institution -- is ramping up after a steep share price decline following a Feb. 18 strategy overhaul that failed to impress investors.The bank chairmen “know that investors are increasingly prepared to vote against them, so there’s a lot of explaining they have to do on the management changes,” said Ingo Speich, head of sustainability and corporate governance at Deka Investment, which holds stakes in European banks.Whether chairmen are ousted ahead of time or not, the wave of change ultimately won’t stop at the CEO level. At Deutsche Bank, Achleitner’s second five-year term ends in 2022. The current term of HSBC’s Tucker will expire at the bank’s shareholder meeting in 2021.‘Next Transformation’Rohner, who has been on Credit Suisse’s board since 2009, will see his term end in April next year. The bank on Thursday denied a report in the Financial Times that he is seeking to extend his tenure, saying there is an orderly succession plan for a replacement.The chairmen have accompanied banks through far-reaching overhauls but their successors will face another set of challenges. That’s especially true for the necessity to adapt their business to higher environmental, societal and governance standards, a paradigm shift similar to that of the automotive industry, says Speich at Dekabank.“European bank chairmen have been an anchor of stability in recent years, but they’re getting older and asking themselves about where the journey’s going,” said Speich. “We need to see that generational change in order for banks to manage their next transformation.”(Updates with Deutsche Bank declining to comment in 10th paragraph.)\--With assistance from Harry Wilson and Patrick Winters.To contact the reporters on this story: Nicholas Comfort in Frankfurt at ncomfort1@bloomberg.net;Steven Arons in Frankfurt at sarons@bloomberg.netTo contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Christian BaumgaertelFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Reuters
Goldman, Citi among banks curbing Italy trips over coronavirus fears - sources
LONDON/MILAN (Reuters) - Goldman Sachs, JPMorgan, Citigroup Inc, Credit Suisse and other banks have curbed trips to Italy amid fears that the coronavirus outbreak across the north of the country could quickly spread across Europe, sources said. Lazard, BNP Paribas and Deutsche Bank also rushed to warn staff against all "non-essential travel" to northern Italy, four sources told Reuters, speaking on condition of anonymity as banking policies are confidential.
- Reuters
UBS, Credit Suisse's emergency plans are effective - financial watchdog
The emergency plans of UBS and Credit Suisse to deal with a financial crisis are effective, Switzerland's regulator FINMA said on Tuesday. The assessment follows a review of the recovery and resolution plans for the country's big banks which FINMA ordered to be submitted by the end of 2019. The review followed the implementation of Switzerland's Too Big to Fail rules, aimed at reducing risks in the country's financial system and avoiding the need for taxpayer-funded rescues.
- Reuters
UBS, Credit Suisse's emergency plans are effective: financial watchdog
The emergency plans of UBS and Credit Suisse to deal with a financial crisis are effective, Switzerland's regulator FINMA said on Tuesday. The assessment follows a review of the recovery and resolution plans for the country's big banks which FINMA ordered to be submitted by the end of 2019. The review followed the implementation of Switzerland's Too Big to Fail rules, aimed at reducing risks in the country's financial system and avoiding the need for taxpayer-funded rescues.
- Reuters
Goldman, Citi among banks curbing Italy trips over coronavirus fears
LONDON/MILAN (Reuters) - Goldman Sachs , Citigroup Inc , Credit Suisse and other investment banks have curbed trips to Italy amid fears that the coronavirus outbreak across the north of the country could quickly spread across Europe, sources said. Lazard , BNP Paribas and Deutsche Bank also rushed to warn staff against all "non-essential travel" to northern Italy, four sources told Reuters, speaking on condition of anonymity as banking policies are confidential.
- Yahoo Finance UK
UBS names Dutchman Ralph Hamers as new chief executive
Hamers, currently ING chief executive, will replace Sergio Ermotti as CEO of UBS in November.
- Yahoo Finance UK
HSBC 'running hard to stand still' with restructure
Analysts and investors react cautiously to HSBC's plans to pivot away from the US and Europe, and towards Asia.
- Yahoo Finance UK
HSBC to axe 35,000 jobs as profit slumps
The bank announced plans to cut costs by $4.5bn, as annual profits slumped by a third in 2019.
- Reuters
Activists in dinghy urge Credit Suisse off climate 'collision course'
Climate activists clad in Titanic-era costumes gathered in a rubber dinghy outside Credit Suisse's headquarters on Thursday, to urge incoming chief executive Thomas Gottstein to steer the bank off a climate "collision course". "Credit Suisse is like the Titanic on collision course with the iceberg of climate chaos," activist Beate Thalmann said. A man, wearing a captain's hat, scraped a paddle against the sidewalk of Zurich's Paradeplatz while other protesters with instruments gestured to Celine Dion's song "My Heart Will Go On" from the 1997 film about the stricken liner.
- Yahoo Finance UK
'Proud' Credit Suisse CEO Tidjane Thiam bows out with profit jump
Thiam reported a 40% jump in full-year profits and better-than-expected revenue growth, just a day before he is due to leave the bank over a spying scandal.
- Reuters
Investment bank loss mars Thiam's final act at Credit Suisse
Credit Suisse posted its highest annual profit in nearly a decade on Thursday, but volatile earnings at its investment bank and trading divisions muted outgoing Chief Executive Tidjane Thiam's swan song. The 57-year-old Franco-Ivorian native will leave the Swiss bank on Friday following a spying scandal which clouded the final overview of the turnaround he has led since joining Credit Suisse in 2015. Thiam said Switzerland's second-biggest bank would continue to benefit from the bet it made on global wealth nearly four-and-a-half years ago, shortly after his arrival.
