Credit Suisse plans to complete its group restructuring in 2018, it said Thursday as it raised its 2018 profit target for its wealth-management and connected business in Asia-Pacific, and announced new guidance for 2019 and for 2020. "Our teams remain strongly focused on driving value for our clients and shareholders through 2018 and our objective is to achieve a group reported return on tangible equity of between 10-11% for 2019 and between 11-12% for 2020," CEO Tidjane Thiam said in the statement.
Banks and financial institutions of particularly intrinsic importance to the global financial ecosystem are sometimes blithely referred to as "too big to fail". A more sober term is 'global systemically important banks', or G-SIBs for short. In the aftermath of the financial crisis, at the 2009 G20 summit, an international body called the Financial Stability Board (FSB) was set up, its aim being to monitor the global financial system and make recommendations, when it deemed appropriate. The 2017 list was published on Tuesday and it makes for interesting reading.
Credit Suisse is considering spreading its trading, investment-banking and wealth management activities across several European locations after Brexit, «Bloomberg» reported, citing three sources on condition of anonymity.Switzerland’s second-largest bank is considering moving the activities affected by Brexit to a number of European cities, instead of replacing London with one large alternative location.
Ten years from the onset of the global financial crisis, global wealth has grown by 27%, according to Credit Suisse Research Institute’s 2017 Global Wealth Report. The world’s richest people have seen their share of the globe’s total wealth increase from 42.5% at the height of the 2008 financial crisis to 50.1% in 2017, or $140tn, according to Credit Suisse’s global wealth report published on Tuesday.
Credit Suisse Chief Executive Tidjane Thiam on Thursday expressed caution about Bitcoin, saying the current interest in the crypto-currency could eventually subside. ”Bitcoin presents a number of challenges. The first of them is really the anonymity,“ Thiam told a results news conference. ”I think most banks in the current state of regulation have little or no appetite to get involved in a currency which has such anti-money laundering challenges.
Swiss bank Credit Suisse posted a near six-fold year-on-year rise in third-quarter net profit on Thursday, beating analyst expectations amid an ongoing restructuring plan. Switzerland's second-largest bank reported 244 million Swiss francs ($244 million) in third-quarter net profit. The results mark the first time the lender has posted three consecutive profitable quarters under the guidance of CEO Tidjane Thiam. It was also significantly above the 41 million Swiss francs reported for the same period last year.
Activist investor RBR Capital Advisors, supported by Gaël de Boissard, a former Credit Suisse investment bank co-head on Tuesday confirmed it has built a position in Credit Suisse and has been talking with the Swiss bank's management. RBR Capital Advisors will reveal its plan later in the week at a conference in New York, the Financial Times reported. According to the report, the plan will offer the argument for a three-way split of Credit Suisse into an investment bank, an asset management group and a wealth manager accommodating the Switzerland-based bank's retail and business banking operations.
Credit Suisse is taking a roughly $79.5 million hit to settle charges by Massachusetts Mutual Life Insurance about its residential mortgage-backed securities (RMBS) business, the Swiss bank said late on Thursday. The new pre-tax charge will be taken in the Zurich-based bank’s third-quarter results and is in addition to its existing legal reserves set aside for the case.
Several major banks have joined a project called Utility Settlement Coin (USC) that is intended to facilitate the issuance by central banks around the world of currencies using Blockchain technology. Six international banks: Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street have joined up with UBS to develop a new digital cash system using the blockchain. BNY Mellon, Deutsche Bank, Santander and the blockchain company Clearmatics joined the project back in 2015.
Lawyers for former Georgia prime minister Bidzina Ivanishvili said on Tuesday they are suing Credit Suisse in Singapore, New Zealand and Bermuda, alleging failings at the bank led to fraudulent mismanagement and substantial losses. Lawyers for Mr Ivanishvili have previously alleged that fraudulent activities by a Credit Suisse client adviser lost the former Georgian leader hundreds of millions of dollars.
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