|Bid||12.93 x 21500|
|Ask||12.94 x 27000|
|Day's Range||12.90 - 12.96|
|52 Week Range||10.23 - 15.99|
|Beta (3Y Monthly)||1.28|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.26 (2.00%)|
|1y Target Est||15.23|
Citigroup Inc has hired former Credit Suisse Group AG banker Hamish Summerfield as its global head of asset management investment banking, according to an internal memo reviewed by Reuters. The memo, dated Sept. 13 and attributed to Peter Babej, global head of Citi's financial institutions group, said that Summerfield will be based in London and take up his new position in early December.
(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.Credit Suisse shares traded 1.6% higher in Zurich, making it the biggest gainer in the benchmark Swiss Market Index.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.Nordic LendersSwiss lenders are not the only ones feeling the pinch. Some banks in Scandinavia already have begun charging retail customers to deposit money, after imposing fees on businesses for several years. That includes Danish banks Jyske Bank A/S and Sydbank A/S. Both set the threshold last month at 7.5 million kroner ($1.1 million) as Denmark’s Central bank looked ready to go even lower than the world record -0.75% rate it shares with Switzerland. Sweden also has a negative rate at -0.25.(Adds Credit Suisse shares, Nordic bank charges from sixth paragraph.)\--With assistance from Frances Schwartzkopff.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.
Credit Suisse Group is looking like an interesting pick from a technical perspective, as the company is seeing favorable trends on the moving average crossover front.
(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 ...