|Bid||13.84 x 27000|
|Ask||13.93 x 38500|
|Day's range||13.85 - 13.91|
|52-week range||10.94 - 14.12|
|Beta (5Y monthly)||1.55|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||0.26 (1.84%)|
|Ex-dividend date||01 May 2019|
|1y target est||17.47|
Credit Suisse still has questions to answer about its surveillance activities which came to light last year, the head of Switzerland's financial watchdog on Thursday. "The use of external security companies is not a supervisory issue per se," Thomas Bauer, chairman of FINMA said. "For us it [the Credit Suisse spying affair] is a case about which we still have questions," Bauer added.
(Bloomberg) -- Credit Suisse Group AG has stopped working on the upcoming U.S. initial public offering of Chinese gay dating app Blued, according to people familiar with the matter.Credit Suisse joins other investment firms, including Citigroup Inc. and Bank of America Corp., that in recent months have dropped off the U.S. debuts of high-profile Chinese companies. The Swiss bank has halted work on a number of U.S. listings by Chinese companies, as concerns grow about a potential sector downturn and level of investor demand. Since the summer, Credit Suisse’s name has vanished from the listing documents of podcast app Lizhi Inc., bitcoin mining machine maker Canaan Inc. and drone company EHang Holdings Ltd., the filings show.It wasn't clear why Credit Suisse dropped off Blued’s IPO, but it did so before the company filed publicly, as opposed to Lizhi, Canaan and EHang. Blued founder Geng Le didn’t immediately respond to an email query during non-business hours. A spokeswoman for Credit Suisse declined to comment.Read more: Gay Dating App Blued Said to Plan U.S. IPO at $1 Billion ValueFounded in 2012 by former policeman Geng, Blued has become an icon for the Chinese LGBTQ community and attracted more than $130 million in venture capital as of March last year. Besides providing dating services to 40 million users, the app also offers live streaming and connects men who want to become parents with overseas surrogates. The services are part of Blued’s larger strategy to diversify its business and generate revenue.Blued has said it’s eyeing an IPO ideally in the U.S., which offers a simpler process and deeper capital markets. The trick for Geng will be convincing investors he can expand his operations in a country where gay people have few legal protections and every new service pushes the frontiers of government tolerance and social acceptance.Read more: The App That’s Helping Gay Couples Have Kids in ChinaCitigroup and Bank of America stopped working last year on the listing of Ucommune Group Holdings Ltd., the largest rival to WeWork in China.U.S. listings by Chinese companies in 2019 were plagued by poor performance and pared-down fundraising targets, which in turn has dented investor demand already weakened by U.S.-Chinese trade tensions. Shrunken deal sizes mean the fee pool also gets smaller, making deals less attractive to banks.The 33 Chinese companies that listed in the U.S. last year have dropped by an average 13% from their IPO price, and only 9 of them have risen since their floats, according to data compiled by Bloomberg.To contact the reporters on this story: Julia Fioretti in Hong Kong at firstname.lastname@example.org;Lulu Yilun Chen in Hong Kong at email@example.comTo contact the editors responsible for this story: Lianting Tu at firstname.lastname@example.org, Edwin Chan, Colum MurphyFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
The imminent danger posed by climate change means activists were not guilty of trespassing when they occupied a Swiss bank and played tennis to demand an end to funding of fossil fuel projects, a judge ruled on Monday. Wearing whites and wigs, a group of young people staged the tennis sit-in at the Lausanne branch of Credit Suisse in November 2018 to highlight their campaign and urge Swiss maestro Roger Federer to end his sponsorship deal with the bank. The activists were charged with trespassing and fined 21,600 Swiss francs (£17,135.85), but in their appeal hearing on Monday Judge Philippe Colelough said they had acted proportionately and waived the fine.
Zacks Value Trader Highlights: Brighthouse Financial, Credit Suisse, MetLife, Penn National Gaming and Signet
Growth stocks continue to be sizzling hot in 2020 but value investors shouldn't despair. There are still stocks with attractive fundamentals and great Zacks Ranks.
A private investigator from the firm tasked with tailing former Credit Suisse banker Iqbal Khan has countered Khan's legal action with criminal complaints against the banker, his wife and the police, Swiss prosecutors said on Wednesday. Khan, who left Credit Suisse in July to became rival UBS's co-head of wealth management, filed a criminal complaint in Switzerland following a confrontation with private detectives tailing him and his wife on Sept. 17. The scandal led to an investigation by Switzerland's bank watchdog into Credit Suisse's conduct and criminal proceedings in Zurich which remain ongoing.
The young activists, mostly students, were fined 21,600 Swiss francs (16,973 pounds) for trespassing at Credit Suisse branches in November 2018. Lawyers for the students who are appealing the fine said on Tuesday they were acting as whistleblowers for the climate emergency.
Russian bank VTB is suing a Mozambique state-owned company over $535 million it extended as part a series of loans now at the centre of a $2 billion debt scandal. An online court filing dated Dec. 23 shows VTB has lodged a lawsuit in Britain's High court against the Mozambique state and Mozambique Asset Management, which borrowed the money from VTB as part of a costly project that U.S. authorities say was an elaborate front for a bribery and kickback scheme. VTB had been in talks with the southeast African country over restructuring the loan, which the deputy head of VTB Capital's legal department said in October represented a "significant exposure" for the bank.
Margarita Louis-Dreyfus borrowed $1 billion from Credit Suisse last year to buy out minority shareholders of Louis Dreyfus Company (LDC), pledging her majority stake in the commodities trader as collateral, a company filing showed. LDC's chairwoman, who assumed control of the 169-year-old business in 2009, faces a requirement to buy shares from family minorities wishing to sell under a long-term arrangement established by her late husband Robert. LDC had previously indicated that she had obtained a bank loan to finance the buyout, without giving details.
The U.S. Financial Industry Regulatory Authority (FINRA) and major exchanges have fined Credit Suisse's U.S.-based securities business $6.5 million for supervisory failings, FINRA said late on Monday. FINRA, the securities industry self-regulator, and the exchanges found that Credit Suisse Securities (USA) LLC did not establish a supervisory system reasonably designed to monitor for potential trading violations, such as spoofing and layering, for clients it had offered direct market access to numerous exchanges between 2010 and 2014.
Europe’s investment banks are getting to grips with stricter research rules, low or negative interest rates, and depressed market activity.
(Bloomberg) -- Credit Suisse Group AG blamed an ousted executive for a second spying scandal that’s shaken the bank, again painting former Chief Operating Officer Pierre-Olivier Bouee as a rogue operative who kept all executives and directors in the dark about his activities.Bouee, who was allowed to resign in October, has now been declared having been fired for cause, according to a Credit Suisse statement on Monday. He stands to lose about 4 million Swiss francs ($4.1 million) in stock as a result.The former executive, once a confidante of Chief Executive Officer Tidjane Thiam, used a contractor to spy on former human resources head Peter Goerke and concealed evidence of the surveillance, the statement said. There was “no indication” other members of the board knew about the spying.Credit Suisse is struggling to emerge from the embarrassing episode that highlighted infighting among its top brass and the methods used by the bank to protect its business. The surveillance of former international wealth management head Iqbal Khan led to a confrontation in downtown Zurich between him and his pursuers. That led to the exposure of the personal rift between Thiam and Khan.In the aftermath of the Khan incident, Credit Suisse hired Homburger, a blue-chip Swiss law firm, to investigate the spying and said that Bouee had acted alone in what Thiam at the time called an isolated event. Chairman Urs Rohner told the public that staff surveillance was not “part of our toolbox.”It now turns out, the “responsible individuals” didn’t answer truthfully when asked about additional surveillance and didn’t disclose the shadowing of Goerke, according to Credit Suisse’s latest account.Bouee didn’t immediately respond to a message sent to him on LinkedIn.In the meantime, others have stepped forward to say they also have been followed. Colleen Graham, who headed up a joint venture between Credit Suisse and Palantir Technologies Inc., has also alleged the bank took retaliatory measures against her -- including surveillance -- after she had refused to sign off on how revenue from the joint-venture would be booked.In a Sept. 25 email to Thiam and Rohner, which also went to board member John Tiner and was seen by Bloomberg, Graham -- whose case dates from 2017 -- describes being followed in the U.S. from the “lobby of my lawyer’s office into a pharmacy several blocks away and to the building where I was interviewing” at BlackRock Inc. Graham spotted the same woman, she wrote, in a black Range Rover on Long Island. Her obvious presence indicated “the woman wanted me to know she was following me.”Graham was not mentioned anywhere in Credit Suisse’s Monday’s statement. However, the 20-year veteran of Credit Suisse wrote to Switzerland’s finance regulator in October asking for an interview with Finma, after she said the bank and Homburger snubbed her requests to consider her information, according to a copy of the correspondence seen by Bloomberg.‘Cultural failure’“How is it that the very same men who were just informed of my surveillance were comfortable publicly announcing that the Iqbal Khan event was an isolated event?,” she wrote to Finma chief Mark Branson. “This is cultural failure at the very least and this is a pattern of behavior.”Finma said on Friday that it would hire an independent auditor to look into Credit Suisse’s surveillance activities, which “raise various compliance issues.”A Finma spokesman declined to say whether Graham’s case is included in their new review, reiterating only that it’s focused on “relevant corporate governance questions, particularly in relation to the observation activities, the handling of information in this context and the use of electronic communications.”Credit Suisse has rejected her allegations as “baseless,” which it says it will continue to fight. U.S. Department of Labor investigators looked at her allegations and dismissed the claims in April, the bank said.Credit Suisse shares fell about 0.9% as of 10:31 a.m. in Zurich and are up about 24% this year.In following Khan, Credit Suisse was probably concerned that he may take hard-to-replace wealth managers with him to his new employer UBS Group AG. The reasons for the surveillance of Goerke seem less clear. The executive was followed for a period of several days in February with the help of a contractor. Credit Suisse has apologized.“The observation of Peter Goerke, which has now been confirmed, is inexcusable,” Rohner said in the statement. “We are aware that the observations of Iqbal Khan and Peter Goerke have damaged the reputation of our bank.”In a press conference following the Khan investigation, Rohner said that Thiam still enjoyed the backing of the bank’s board. He may face further tough questions after he allowed a personal dispute to escalate into a scandal that damaged the reputation of Credit Suisse and Swiss banking. Rohner personally negotiated Khan’s exit and took control of the investigation, while Thiam has lost a trusted ally in Bouee.The controversy overshadowed the conclusion of Thiam’s painful three-year turnaround of the bank, which was finally starting to bear fruit. However, Credit Suisse cut its main profitability target for this year and next earlier in December, as trade tensions and negative interest rates clouded the outlook.(Adds detail from Graham’s email in ninth paragraph)To contact the reporters on this story: Marion Halftermeyer in Zurich at email@example.com;Hugo Miller in Geneva at firstname.lastname@example.org;Patrick Winters in Zurich at email@example.comTo contact the editors responsible for this story: Dale Crofts at firstname.lastname@example.org, James HertlingFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Credit Suisse on Monday admitted to snooping on another of the bank's former executives, deepening a spying scandal at the Swiss group, which is already under investigation for putting its ex-wealth management chief under surveillance. Switzerland's second-largest bank blamed former chief operating officer Pierre-Olivier Bouee for hiring detectives in February to track former HR head Peter Goerke. Credit Suisse had earlier blamed Bouee for a similar incident involving former wealth management boss Iqbal Khan and had also cleared Thiam of any role in it.
Investing.com -- China cuts import tariffs to make sure the coming phase-1 trade deal with the U.S. doesn't invite complaints from other trading partners. Russia and Ukraine ink a deal that takes off the table the risk of a big disruption to Europe's gas supplies in the new year, and Disney's latest Star Wars movie falls short of expectations on its opening weekend. Here's what you need to know in financial markets on Monday, 23rd December.
(Bloomberg) -- Credit Suisse Group AG’s second investigation into a spying crisis may conclude exactly the same way as the first: with the bank saying a rogue operative acted alone without the board or chief executive’s consent in ordering the surveillance of former executives.The Zurich-based bank is set to report on Monday the results of a probe into claims it spied on ex-human resources head Peter Goerke. It’s leaning toward the conclusion that the office of former chief operating officer Pierre-Olivier Bouee acted alone in ordering the surveillance, according to people with knowledge of the matter.The revelations of the further incidents of spying -- including that of a former employee in the U.S. -- are an unwelcome turn of events for chairman Urs Rohner and CEO Tidjane Thiam after the bank said that the surveillance on international wealth management head Iqbal Khan was an isolated event that ran contrary to the bank’s culture and values.In the aftermath of that incident, Bouee took the fall and was determined to have acted alone in having Khan followed. He and his security chief resigned. He was seen as a close confidante of Thiam, having worked with his boss at other companies before joining Credit Suisse. It prompted some analysts to question why he would have taken this action alone.Open SecretThe Khan incident gripped financial circles. A rising star, he tussled with men sent to spy on him in downtown Zurich after he announced his departure to become co-head of wealth management at UBS. The scandal shone a light on his and Thiam’s acrimonious relationship -- something that had been an open secret among the city’s bankers for months.Credit Suisse’s board are meeting this weekend to discuss the most recent events and decide on its response, according to one of the people.Thiam said in a memo to employees after the Khan incident that the surveillance “was strictly an isolated event and full accountability has been taken by the individuals concerned,” while Rohner said staff surveillance was not “part of our toolbox.”Goerke was spied upon from Feb. 20 to Feb. 22, Swiss paper NZZ reported, saying the reason for the alleged operation was unclear. Credit Suisse probably ordered the observation via a middleman, the newspaper said. Goerke left the bank’s executive committee in late February.The most recent revelations have prompted the Swiss financial markets regulator Finma to step up its investigation into Credit Suisse, according to a statement late Friday. The probe will be heightened with the help of an independent auditor, the body said, adding that the “observation activities carried out by Credit Suisse raise various compliance issues.”NeighborsKhan had enjoyed a rapid rise through the ranks of Credit Suisse, and was promoted by Thiam to lead a key unit. But their relationship soured after an argument at a house party in early 2019, and following several months of tension Khan left the bank.Credit Suisse may have had Khan followed out of fears he would have sought to recruit difficult-to-replace top wealth managers with him to UBS. The reasons for Goerke’s surveillance have been less clear.Colleen Graham, who headed up a joint venture between Credit Suisse and Palantir Technologies Inc., has also alleged the bank took retaliatory measures against her -- including surveillance -- after she had refused to sign off on how revenue from the joint-venture would be booked.Credit Suisse said in a statement that it had conducted a “thorough and comprehensive internal investigations into every one of Ms. Graham’s claims and found them to be entirely baseless.” At the same time, Department of Labor investigators “looked at her allegations for more than a year, found that there was no basis for the matter to proceed, and dismissed her claims entirely,” it said.Swiss newspaper SonntagsZeitung said on Sunday preliminary results also show no evidence that Thiam knew about the surveillance.(Adds statement on Graham claims)To contact the reporters on this story: Jan-Henrik Förster in Zurich at email@example.com;Patrick Winters in Zurich at firstname.lastname@example.orgTo contact the editor responsible for this story: Dale Crofts at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Investing.com -- Europe’s stock markets were happy to drift into the holiday season on Monday, largely shrugging off news over the weekend that China would cut tariffs on hundreds of kinds of imported goods in what analysts saw as a preliminary to signing a preliminary trade deal with the U.S. in the New Year.
A second probe into staff surveillance at Credit Suisse is set to clear Chief Executive Tidjane Thiam, Swiss newspaper SonntagsZeitung reported on Sunday. Credit Suisse last week said it had initiated an investigation after a Swiss newspaper reported that its former head of human resources, Peter Goerke, was followed by private detectives in February.