12.33 -0.01 (-0.04%)
After hours: 4:02PM EDT
|Bid||12.33 x 28000|
|Ask||12.34 x 27000|
|Day's Range||12.27 - 12.34|
|52 Week Range||10.23 - 13.62|
|Beta (3Y Monthly)||1.29|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.26 (2.09%)|
|1y Target Est||15.23|
Oct.09 -- Credit Suisse Group AG is considering a return to U.S. wealth management after a four-year absence as Chief Executive Officer Tidjane Thiam seeks to boost growth in private banking. Patrick Winters reports from Zurich on "Bloomberg Markets: European Open."
Macy’s, Gap and L Brands have all been downgraded by Credit Suisse which warned of a “tougher” road ahead for the U.S. retail sector.
(Bloomberg) -- Two of Europe’s biggest banks want to seize oil trader Igho Sanomi’s London homes. Let the battle commence.ING Groep NV and Credit Suisse Group AG are vying for the Nigerian tycoon’s properties in Chelsea, Belgravia and Kilburn over $5 million in unpaid debts they allege is owed by his company Taleveras Energy. ING’s Brussels and Geneva branch is owed $2.2 million, ING lawyer Rupert Cohen said Wednesday in written submissions to a London court.Credit Suisse is owed about $3 million, according to a filing the lender made in April. The Swiss bank seized Sanomi’s private jet, Bloomberg reported earlier this year, and the plane is currently listed as sold. The properties owned by the trader were identified by both banks as assets that may be forfeited if he loses.The banks are set to compete over the assets during the final hearing of the case next month. And they may not be the only ones. In February, a judge ordered the trader to pay private jet firm Aravco Ltd. about $160,000. Banque Cantonale de Geneve had also made a freezing order against the apartments, but dropped it after settling with Sanomi in May, according to court filings.Sanomi, who didn’t attend the hearing or have legal representatives in the London court, didn’t respond to a request for comment.Taleveras Energy traded more than 100 million barrels of crude oil per year and was seeking to supply biofuel to the U.S. military, Bloomberg reported in 2017.To contact the reporter on this story: Ellen Milligan in London at email@example.comTo contact the editors responsible for this story: Anthony Aarons at firstname.lastname@example.org, Christopher Elser, Marion DakersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- A former Credit Suisse Group AG banker told a federal jury in New York that his decision to take millions of dollars in bribes was fueled in part by his secret love affair with a subordinate.Andrew Pearse, 49, admitted he got at least $45 million for his role in arranging $2 billion in loans to companies in Mozambique. He’s the U.S. government’s first witness in the trial of Jean Boustani, a Privinvest Group salesman who’s accused of defrauding U.S. investors.Pearse testified Thursday that while sitting by a pool at a hotel in Maputo, Mozambique, in 2013, Boustani offered him a bribe in exchange for lower transaction fees Credit Suisse would charge on a loan.“I remember it clearly because it was the first time in my life I’d been offered a kickback,” Pearse told the jury in Brooklyn.Pearse said he was trying to leave Credit Suisse and offered not only to cut some of the fees his bankers collected in the deal, but asked for Boustani’s help in setting up a new company with Privinvest’s chief executive officer Iskandar Safa.Those decisions were spurred by his affair with Detelina Subeva, a Credit Suisse banker who was junior to him, Pearse said. She has also pleaded guilty and will testify as a prosecution witness against Boustani.Assistant U.S. Attorney Mark Bini asked Pearse if his affair with Subeva played any role in his decision to quit in 2013. He replied he was trying to hide the “very deep romantic relationship” from his superiors.“We were both married at the time and it was difficult to see each other unless we were traveling,” Pearse said. “I wanted that relationship to continue. I wanted to leave Credit Suisse. I wanted to establish a deeper relationship with Ms. Subeva.”Boustani is accused by prosecutors of masterminding “a brazen international criminal scheme” that helped one of the world’s poorest countries borrow billions of dollars for dubious maritime projects, including one to ward off pirates.Prosecutors say Privinvest officials charged Mozambique inflated prices for equipment and services, freeing up money for bribes. Mozambican government officials, corporate executives and investment bankers stole about $200 million, according to the U.S.Stephen Hauss, a lawyer for Privinvest, says the company denies all wrongdoing. “Obviously Pearse has a sweetheart deal from the government to say what the government wants him to,” he said.Jurors saw records showing Privinvest made regular $1 million deposits into Pearse’s bank account in Abu Dhabi. Pearse testified he shared at least $2 million of the payments he got from Boustani with Subeva.Read more on ProIndicus loan hereAmong the companies that got loans from Credit Suisse was ProIndicus SA, which was to perform coastal surveillance. Pearse told the jury that after a loan to state-owned ProIndicus closed in March 2013, he met with Safa and Boustani at the Privinvest CEO’s estate on the French Riviera where Pearse secured a cut of any future loans.“It was there that the terms of my kickback were agreed upon,” he said. “It was agreed I’d be paid a fee for any further Privinvest business with Credit Suisse.”The Mozambique loans were arranged by Credit Suisse and the Russian bank, VTB Group. The money was supposed to be used for tuna-fishing operations, shipyards and the coastal security system. But those projects never happened, prosecutors said.Mozambique sued Safa, a Lebanese-French billionaire, for fraud in August in London. A spokesman for Safa said at the time that the entrepreneur denies any wrongdoing and that the English courts have no jurisdiction over him.In addition, Ndambi Guebuza, son of Mozambique’s former president Armando Guebuza, was arrested in February in connection with the loan scandal. He’s fighting the charges.Pearse testified late Wednesday that Boustani told him Privinvest also paid a $2 million bribe to Makram Abboud, a senior banker at VTB, who worked on Mozambican loans.VTB denied Pearse’s claims in a statement, calling him “a convicted fraudster” and said none of its bankers have been accused of wrongdoing.“We have seen no evidence that Mr. Abboud or any other VTB employee received improper payments of any kind in connection with those projects,” the bank said in a statement Thursday.Pearse is likely to spend all of Friday testifying.The case is U.S. v. Boustani, 18-cr-681, U.S District Court, Eastern District of New York (Brooklyn).(Updates with U.K. suit against Privinvest CEO in 16th paragraph)\--With assistance from Jake Rudnitsky.To contact the reporter on this story: Patricia Hurtado in Federal Court in Manhattan at email@example.comTo contact the editors responsible for this story: David Glovin at firstname.lastname@example.org, Joe Schneider, Peter BlumbergFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Credit Suisse will start charging wealthy clients with large cash deposits in Swiss francs, the latest Swiss bank to pass on negative interest rates to customers. Individual and business customers will be charged a rate of -0.75% on cash balances above 2 million Swiss francs ($2.02 million), Switzerland's second biggest lender said. A rate of -0.85% will be imposed on business customers with balances above 10 million francs.
Investing.com – Amazon (NASDAQ:AMZN) continues to rack up gains after Credit Suisse (SIX:CSGN) hiked its price target on the company’s stock, betting that its advertising business will boost margins and cash flows at a time when the e-commerce giant's cloud business is expected to continue to slow.
Is Credit Suisse Group AG (NYSE:CS) a good bet right now? We like to analyze hedge fund sentiment before conducting days of in-depth research. We do so because hedge funds and other elite investors have numerous Ivy League graduates, expert network advisers, and supply chain tipsters working or consulting for them. There is not a […]
NEW YORK, Oct. 10, 2019 /PRNewswire/ -- The Bloomberg Commodity Index Total Return was higher for the month, with 18 of 23 constituents posting gains. Livestock increased 7.46%, led higher by Lean Hogs, after the US and China delayed another round of tariffs to encourage the progression of trade negotiations, improving US pork export demand prospects. Chicago Wheat increased as rising corn prices elevated wheat's appeal as a substitute in animal feed.
(Bloomberg) -- Credit Suisse Group AG is considering a return to U.S. wealth management after a four-year absence as Chief Executive Officer Tidjane Thiam seeks to boost growth in private banking.Talks have focused on adding $15 billion of assets under management at a new base in Miami, mostly catering to wealthy Latin Americans, people familiar with the matter said. If the bank moves ahead, it could employ up to 30 people including control and support staff in Florida, the people said, asking not to be identified as the talks are private. No final decision has been taken and talks are at an early stage, they said.The venture would be symbolically important for the Swiss bank, marking a return to private banking on U.S. soil after an agreement to transfer its U.S. brokerage to Wells Fargo & Co. in 2015 after a fine related to client tax evasion. The U.S. is one of the biggest offshore wealth centers in the world, with Miami especially favored by Latin America clients because of its close geographic and cultural links. Buoyed by a more favorable regulatory environment, the U.S. is likely to see strong growth from Latin American and Asian investors, according to the BCG Global Wealth Report.A spokesman for Credit Suisse declined to comment.Switzerland’s second-biggest lender reached an agreement in 2014 to plead guilty and pay about $2.6 billion to the U.S. Justice Department and regulators for helping U.S. citizens hide money. The bank shifted strategy a year later under Thiam, who sought to bolster returns by focusing on the home market of Switzerland and expanding in Asian wealth management. The bank agreed the brokerage transfer a year later.U.S. ExpansionThe plans are an example of how Thiam is planning to kickstart growth in wealth management in the coming years as negative interest rates and cautious clients depress margins in Europe. The U.S. ranks as the fourth largest country for offshore wealth behind Switzerland, Hong Kong and Singapore, and is likely to hold about $1 trillion for non-U.S. residents by 2023, according to BCG.Credit Suisse’s international wealth management business has focused on Latin America, Europe, the Middle East and Africa and was led until recently by Iqbal Khan, who moved to rival UBS Group AG. He was replaced by Philipp Wehle.Thiam has been devoting more face time to top private bankers and holding talks on boosting pay as he seeks to prevent defections after Khan’s exit, according to people familiar with the matter. The CEO has been reaching out to the best revenue generators at the international wealth business to discuss compensation and career prospects since Khan left in the summer, paying particular attention to emerging markets such as Brazil, the Middle East and emerging Europe, the people said.A scandal erupted over Khan’s departure after it was reported that Credit Suisse had its former employee followed to make sure he didn’t try to encourage others to defect. The bank’s own probe led to the ouster of Chief Operating Officer Pierre-Olivier Bouee, a key ally of the CEO, though it didn’t find wrongdoing on Thiam’s part.(Adds background on Thiam’s talks with top private bankers in 8th paragraph.)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.
has seen its potential damages almost double, long after most of its main rivals settled their cases. An appellate court last month ruled in favour of the bank’s challengers, allowing some of the cases to proceed to trial.
Investing.com -- U.S. futures turned lower at the start of the week after a report dampened hopes of any meaningful truce in the trade dispute between China and the U.S.
At the opening gala of the Zurich Film Festival a week ago, over champagne served to the city’s social elite, the small talk centred not on the dramas of the big screen but a much more local affair: the ...
ZURICH/HONG KONG (Reuters) - The announcement by Julius Baer this week that it had hired five senior bankers from Credit Suisse underscores the challenge facing Chief Executive Tidjane Thiam as he seeks to reassure staff and investors in the wake of a spying scandal. Preventing staff defections was at the heart of a decision by Credit Suisse to put former international wealth-management head Iqbal Khan under surveillance. The team joining Julius Baer had left Credit Suisse before the espionage scandal broke but the debacle and the bank's efforts to draw a line under it have enthused rivals to accelerate their poaching efforts, headhunters say.
NEW YORK, Oct. 3, 2019 /PRNewswire/ -- On October 2, 2019, Credit Suisse declared a Coupon Amount for the Credit Suisse S&P MLP Index ETN (the "ETN"). * The "Current Yield" equals the current quarterly Coupon Amount, annualized and divided by the Closing Indicative Value of the ETN on September 30, 2019. † The Current Yield is not indicative of future quarterly Coupon Amounts, if any, on the ETNs.
NEW YORK , Oct. 3, 2019 /PRNewswire/ -- On October 2, 2019 , Credit Suisse declared coupon payments for the following ETNs: ETN Ticker ETN Name Closing Indicative Value on 9/30/19 Ex-Date Record Date ...
Credit Suisse cleared its CEO on Tuesday of snooping on a star wealth manager in an episode that saw suicide, scandal and espionage invade the secretive world of Swiss private banking. The spying on ex-wealth management chief Iqbal Khan after he left the bank for arch-rival UBS , and the suicide of a private investigator involved in organizing the surveillance, has badly tarnished the reputation of the Swiss bank and its top managers. "I've not come across anyone who is not shocked by what is happening," a person familiar with Credit Suisse's management said.
Credit Suisse on Tuesday cleared Chief Executive Tidjane Thiam of ordering the botched surveillance of the bank's former wealth management head Iqbal Khan, but said its chief operating officer had resigned to take responsibility. Khan, who abruptly left in July and has just started at arch-rival UBS, was under surveillance by private detectives hired by Credit Suisse for seven business days, from Sept. 4 to Sept. 17, when he spotted them. An internal investigation, carried out by the Homburger law firm, found COO Pierre-Olivier Bouee alone initiated observation of Khan to see if he was trying to poach former colleagues to join him at UBS.
Credit Suisse Chairman Urs Rohner expressed regret on Tuesday over the man's death, as the bank cleared Chief Executive Tidjane Thiam of the botched surveillance of its former wealth management head Iqbal Khan. Khan, who helped Credit Suisse boss Tidjane Thiam reshape Credit Suisse into a wealth management heavyweight, filed a criminal complaint alleging threats and coercion after a confrontation with people tailing his car in Zurich on Sept. 17.
(Bloomberg Opinion) -- The feud at the top of Credit Suisse Group AG and a spying drama have revealed a dark side to global finance. The Swiss banking giant would like to move on from the episodes that have embroiled senior managers including Chief Executive Officer Tidjane Thiam and Iqbal Khan, a former senior lieutenant. But there are too many lingering questions.A hastily commissioned company report into its snooping on Khan, Credit Suisse’s former head of wealth management, offered some clarity after its publication on Tuesday. And the immediate ousting of the bank’s chief operating officer, Pierre-Olivier Bouee, offers up the necessary managerial sacrifice. Yet the details of what went on are troubling for those who care about how the lender is run. For Thiam and his chairman, Urs Rohner, the damage could be lasting.The backdrop was Khan’s defection to UBS Group AG and his former employer’s subsequent decision to have him followed to make sure he didn’t poach any other talent — a decision that blew up when Khan had an altercation with those hired to trail him. But it was revealed subsequently that Thiam and Khan had been engaged in a months-long personal feud, revelations that pushed the staid world of Swiss banking straight into the newspaper gossip columns.For a firm whose discretion and confidentiality are key selling points to wealthy account holders, the circumstances around Khan's defection are a huge embarrassment. In Credit Suisse’s own words on Tuesday, they have caused severe reputational damage. Press reports have ranged from a row between Thiam and Khan at a private party to the bust-up between the latter and the private investigators on the streets of Zurich. In a tragic twist, it has emerged that a security consultant involved in the surveillance operation took his own life last week.Credit Suisse’s board is eager to set the record straight and hold those responsible accountable. But the report’s conclusions aren’t entirely satisfying.The report prepared for Credit Suisse by an external law firm, Homburger, concluded that Bouee, a long-time ally of Thiam, was solely responsible for ordering the spying. (There was no evidence that Thiam knew about the surveillance). Yet private communications were only partly available to the law firm because some messages between Bouee and his security chief (who also resigned) had been deleted.Neither did the investigating firm find any written instructions for the monitoring of Khan. So the conclusion is that Bouee engaged on his own along with the security boss in a high-risk operation to monitor Khan in the event he might poach staff and clients. There was no evidence found that Khan was doing this. Bouee did not discuss his actions with the CEO, nor any other member of the Credit Suisse board.This begs another question, however: Why was someone in Bouee’s position able to act alone on such a sensitive subject, and without written instructions? Shouldn’t the CEO and chairman have been made aware, and then been allowed the chance to nix the spying operation? It doesn’t paint a picture of a senior team with a grip on what’s going on.Rohner on Tuesday defended Thiam and the bank. He said he didn’t believe there was a cultural problem. John Tiner, head of the lender’s audit committee, said there was no reason to think Thiam wasn’t on top of his organization. “This was a highly irregular act,” Tiner added.Possibly, though Thiam cannot distance himself from the personal and professional rift with Khan that ultimately saw Credit Suisse lose a potential future CEO to its No. 1 rival. Rohner admitted he had to manage the two men’s relationship after they argued about their adjoining gardens (Thiam and Khan happen to be neighbors). That will do little to instill confidence in the CEO.Before Tuesday’s report, top shareholders rallied to Thiam’s defence and they are keen to contain the damage. Credit Suisse is only just beginning to show that a strategic overhaul implemented by Thiam is working. The executive has pushed through a restructuring that mirrors what UBS did years earlier: A retreat from investment banking and a pivot to wealth management.The promised improvement in profitability has arrived finally. The bank is aiming for a 10 percent return on tangible equity in 2019 assuming revenue remains flat, compared with slightly less than 6 percent in 2018. Still, the shares have lost about half of their value since Thiam took over, a worse performance than the benchmark STOXX 600 Banks Index. And that return to growth after a flat 2018 is being challenged by geopolitical risks and negative interest rates.Fierce competition (as evidenced by the Khan spying) and clients’ changing appetite for where they stash their cash are complicating a wealth management business that had seemed like a slam dunk. Cutting costs, something Thiam has been very good at, may have been the easy part.Now he’ll need to navigate tricky waters with a cloud over his leadership. The scenes that have gripped Swiss finance won’t be easily forgotten.To contact the author of this story: Elisa Martinuzzi at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Elisa Martinuzzi is a Bloomberg Opinion columnist covering finance. She is a former managing editor for European finance at Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Investing.com -- China throws a party with ICBMs and stealth drones, while Hong Kong burns. Meanwhile, Europe's economy looks ever grimmer and Credit Suisse (SIX:CSGN) clears its CEO of wrongdoing in a spy drama. Here's what you need to know in financial markets on Tuesday, 1st October.