|Bid||12.94 x 900|
|Ask||12.95 x 3200|
|Day's Range||12.91 - 12.98|
|52 Week Range||10.23 - 15.99|
|Beta (3Y Monthly)||1.28|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.26 (2.01%)|
|1y Target Est||15.23|
(Bloomberg) -- Credit Suisse Group AG plans to impose charges on more wealthy clients as it prepares to spread the pain of negative interest rates.The bank expects to start charging for Swiss franc deposits after imposing a 0.4% fee on euro accounts of more than 1 million euros ($1.1 million), according to a person with knowledge of the matter. Credit Suisse plans to inform private banking clients of the franc deposit charges in the autumn, the person said, asking not to be identified because the matter is private.Swiss rival UBS Group AG has already said it will introduce negative rates for clients holding more than 2 million francs ($2 million).Swiss banks are looking to mitigate the costs of deepening negative rates, which result in them paying to park their excess cash with both the European Central Bank and the Swiss National Bank. The SNB, which kept its rate unchanged at minus 0.75% on Thursday, said it will exempt more of banks’ reserves from charges because of expectations that the global low rate environment will persist.Swiss lenders, many of them focused on wealth management, have to weigh the prospect of continuing to lose money on the cash deposits against imposing fees that could prompt some of their most valuable customers to jump ship. CEO Tidjane Thiam told reporters July 31 that Credit Suisse was considering measures on deposits to mitigate the pressure of negative interest rates.Like the Swiss central bank, the ECB is also taking steps to soften the blow on lenders. It plans to exempt a portion of banks’ cash deposits from charges under a system known as tiering and is offering free long-term loans.UBS Group AG plans to charge its Swiss clients an annual fee of 0.6% on deposits of more than 500,000 euros. The fee previously kicked in at 1 million euros.To contact the reporter on this story: Patrick Winters in Zurich at email@example.comTo contact the editors responsible for this story: Dale Crofts at firstname.lastname@example.org, Ross LarsenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- A public spat between a pair of Swiss banking giants that erupted almost four years ago is now finally ending with a payment.It began in 2015, when Credit Suisse Group AG accused crosstown rival UBS Group AG of unfairly poaching staff from its U.S. private banking business. UBS Chief Executive Officer Sergio Ermotti personally shot back, insisting at a news conference his firm did nothing wrong.After examining a claim and counterclaim -- plus a revised counterclaim -- a team of arbitrators quietly reached their verdict last week: UBS must pay Credit Suisse $9 million.A copy of the ruling posted online Tuesday doesn’t elaborate on the reasoning behind the award. The companies quickly disagreed on how to interpret it -- with Credit Suisse declaring victory and UBS noting its rival had demanded even more.“This award issued today confirms Credit Suisse’s view that UBS engaged in serious misconduct in connection with its raid of Credit Suisse employees and materials privy to Credit Suisse,” Credit Suisse said in a statement. It praised the trio of arbitrators arranged by the Financial Industry Regulatory Authority. “The panel took the time to carefully review the considerable evidence.”The fracas began when Credit Suisse retreated from managing wealth for U.S. clients. In October 2015, the bank reached an agreement to give Wells Fargo & Co. an inside track on recruiting its private bankers. But within weeks, about 70 of 300 relationship managers included in the deal left for UBS, a person familiar with the matter said at the time.On Tuesday, UBS stood by its position that it acted within the rules after Credit Suisse’s decision to exit the U.S. private-banking business.“UBS believes that these claims were without merit and that this is a bad decision that is out of line with the applicable law,” the bank said in a statement. “While we don’t believe any award was justified, UBS notes that the claimant received only a fraction of what it sought.”(Updates with 2015 events in sixth paragraph.)To contact the reporter on this story: Sonali Basak in New York at email@example.comTo contact the editors responsible for this story: Michael J. Moore at firstname.lastname@example.org, David Scheer, Steve DicksonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
A small, unexplained aberration in a highly specialized corner of the vast U.S. equity and derivatives market is causing a buzz among traders already on edge about a potential market pullback. An exchange-traded note issued by Credit Suisse Group AG , commonly known as TVIX, that tracks stock market volatility is trading at a premium of about 3% over what it should be priced based on its underlying securities. While TVIX is not considered a bellwether for the stock market, at a time when investors are jittery about the health of the equities market any unexplained price moves serves to unnerve investors.
Livestock decreased 8.86% as escalating trade tensions between the US and China diminished the probability of higher US pork exports to China. Precious Metals increased 7.60% as new trade announcements between the US and China further strained relations, increasing safe haven demand for Gold and Silver. Nelson Louie, Global Head of Commodities for Credit Suisse Asset Management, said: "The US-China trade war worsened mid-August with another bout of import taxes scheduled to take place in three waves between now and December.
Kinner Lakhani, who also ran European financials research for Deutsche, will join the Swiss lender in Zurich this month as head of strategy and development. Under Mr Thiam, Credit Suisse has been shrinking its investment bank and expanding in wealth management, particularly targeting ultra-wealthy entrepreneurs in Asia, as part of a strategy to improve the stability of its earnings.
Investing.com - Zoom Video Communications shares fell Friday as its earnings beat in the second quarter and raised guidance did little to offset fears about the company’s lofty valuation.
Credit Suisse Group AG has brought on three new senior investment bankers as it continues to build out its healthcare investment banking division, according to an internal memo reviewed by Reuters. The three managing directors, Andrew Singer, Lorenzo Paoletti and Liav Abraham, will join Credit Suisse this fall, the memo said.
Britain's Barclays and Switzerland's Julius Baer have targeted Credit Suisse's International Wealth Management business, which in July saw the departure of its head Iqbal Khan, to hire a total of 14 bankers. Barclays, which has set its sights on hiring and expanding its private banking business in Switzerland, announced six new Zurich hires on Tuesday, three of whom will help launch a new Israel desk out of the Swiss financial hub.
Switzerland's biggest bank UBS on Thursday appointed former Credit Suisse manager Iqbal Khan to co-lead its flagship wealth management business, as part of a broader shake-up of its executive board. The appointment of Khan alongside two internal promotions mark a significant revamp for the bank as it seeks fresh talent for its CEO succession planning efforts and drums up enthusiasm for its core business in an increasingly challenging landscape.
Investing.com - Gold prices traded slightly higher on Wednesday as the yield on 30-year U.S. Treasuries hit a record low and a closely watched yield curve inverted even further, increasing fears of a potential recession.
Swiss Universal Bank, a unit of Credit Suisse (CS) will transform its branch to a digital branch with the creation of direct banking unit, effective Sep 1.
Deutsche Bank (DB) agrees to pay settlement charges despite not admitting or denying the allegations regarding violation of the Foreign Corrupt Practices Act.
While issuance of non-QM loans is picking pace and attracting attention of big U.S. banks like Citigroup (C), it is early to worry as volume remains considerably below the level in pre-crisis years.
It is taken a decade, but Credit Suisse and Citigroup, are back to creating mortgage bonds out of debt to homeowners with less-than-spotless credit, this time dubbed ‘non-qualified’ loans
Leading provider of fixed income price transparency with real-time pre-trade data and analytics secures funding NEW YORK , Aug. 14, 2019 /PRNewswire/ -- Solve Advisors, a leading provider of pre-trade ...
(Bloomberg) -- Reliance Industries Ltd. soared the most in more than two years after billionaire Mukesh Ambani revealed a plan to sell a stake to Aramco as part of efforts to pare debt.The conglomerate aims to be a zero-net-debt company in 18 months, Asia’s richest man told shareholders Monday. Aiding that would be a proposed sale of 20% of Reliance’s oil-to-chemicals business to Saudi Arabian Oil Co. at an enterprise value of $75 billion. The company will also start preparing to list its retail and telecommunications units within five years, Ambani said.Shares of Reliance jumped as much as 9.3% in Mumbai on Tuesday, their biggest intraday gain since Feb. 22, 2017. Morgan Stanley, Macquarie Group and BOB Capital Markets were among brokerages that upgraded the stock.Aramco Buys Into Reliance Refining Business as Earnings DropThe tycoon is cleaning up the group’s finances following years of spending on his wireless carrier, whose entry in 2016 with free calls and cheap data upended the industry and spurred a consolidation. The $50 billion plowed into the phone venture, mostly in debt, has raised concerns among analysts including at Credit Suisse Group AG that Reliance’s ballooning borrowings could weigh on growth. Ambani sought to allay those fears.“With these initiatives, I have no doubt that your company will have one of the strongest balance sheets in the world,” he said. “We will also evaluate value unlocking options for our real estate and financial investments.” The group spent $76 billion in the last five years, he said.The Aramco deal should be completed by March and is subject to due diligence, definitive agreements and regulatory and other approvals, Ambani said. He didn’t say how the deal would be structured.Saudi Aramco and Reliance Industries have agreed to a non-binding Letter of Intent regarding a proposed investment in the Indian company’s oil-to-chemicals division comprising the refining, petrochemicals and fuels marketing businesses, according to a statement from Reliance on Monday.Signaling an end to the spending cycle at Reliance Jio Infocomm Ltd., Ambani is setting a new growth path for his group, whose bread-and-butter business has been oil refining and petrochemicals. The company is building an e-commerce platform by leveraging its phone network and Reliance Retail Ltd. to eventually take on Amazon.com Inc. and Walmart Inc.“This is a unique business model we are building in partnership with millions of small merchants” and mom-and-pop stores, he said. As part of the plan, Reliance has been forming partnerships and acquiring technology assets. This month, Reliance announced plans for a joint venture with Tiffany & Co. to open stores for the jeweler in India, and in May paid $82 million for the British toy-store chain Hamleys.The Tiny Deals Behind Mukesh Ambani’s Bid to Take on AmazonThe new businesses are likely to contribute 50% of Reliance’s earnings in a few years, from about 32%, Ambani said.What Bloomberg Intelligence Says“Reliance Industries could dominate the Indian telecom and organized-retail segments through aggressive expansion, capitalizing on its energy business. More than $7 billion in annual cash flow from the energy business provides a war chest to win market share in the retail and telecom industries”\--Kunal Agrawal, energy analystWhile the spending on Jio has helped Reliance lure almost 350 million users in the world’s second-biggest mobile market, the growth has come at a price.Not Since 2013Reliance had a net debt of 1.54 trillion rupees ($22 billion) at the end of March 31, according to Ambani. His plan to carry zero debt would mean the borrowings would fall below the company’s cash reserves to a level not seen since 2013.Last week, Credit Suisse cut its recommendation for Reliance’s stock and the price target citing reasons including rising liabilities and finance costs. Shares of the company pared their losses Tuesday after having earlier slumped about 18% from a record reached on May 3. The benchmark S&P BSE Sensex declined 4% in the same period.Reliance’s debt is backed by “extremely valuable assets,” Ambani said, signaling his group isn’t prone to the kind of troubles that have been plaguing many other corporate borrowers in India. The conglomerate controlled by Ambani’s younger brother, Anil, has been struggling to pay creditors while his mobile carrier has slipped into bankruptcy.Apart from the Aramco deal, Reliance also announced a joint venture with BP Plc this month, under which the European oil major would buy 49% of the Indian firm’s petroleum retailing business. Reliance would receive about 70 billion rupees under this deal.The “commitments” from the Aramco and BP deals alone are about 1.1 trillion rupees, Ambani said, adding that Reliance will induct “leading global partners” in telecom and retail units in the next few quarters.Some of the planned offerings revealed by Ambani:A new broadband service called Jiofiber will start commercial services from Sept. 5 and will be available at tariff packs starting as low as 700 rupees a month with a minimum speed of 100 MbpsJio will install across India one of the world’s largest blockchain networks in the next one yearAfter mobile broadband, Jio to start generating revenues from Internet of Things and broadband for home, businesses and smaller enterprises by March 2020Reliance is getting ready to roll out the new commerce platform at a larger scale to capture what Ambani sees as a $700 billion business opportunityReliance Retail aims to be among the world’s top 20 retailers in the next five years(Updates with stock upgrades in third paragraph)\--With assistance from Ari Altstedter.To contact the reporters on this story: P R Sanjai in Mumbai at email@example.com;Dhwani Pandya in Mumbai at firstname.lastname@example.org;Debjit Chakraborty in New Delhi at email@example.comTo contact the editors responsible for this story: Sam Nagarajan at firstname.lastname@example.org, Bhuma ShrivastavaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.