12.31 0.00 (0.00%)
After hours: 4:37PM EDT
|Bid||12.30 x 36200|
|Ask||12.31 x 2900|
|Day's Range||12.27 - 12.38|
|52 Week Range||10.23 - 16.30|
|Beta (3Y Monthly)||1.29|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.26 (2.10%)|
|1y Target Est||16.20|
Patrice Lescaudron, a French banker who worked in Credit Suisse’s Russia, Ukraine and Central Asia department, was sentenced to five years in prison for running an eight-year scheme in which he made unauthorized trades and moved assets between clients’ accounts that amounted to over $140 million. However, Lescaudron’s former clients seem to be not so much angry with the banker as they are with the bank itself. Fraud victims say they have gotten neither recompense nor explanation —let alone an apology—from Credit Suisse. Yahoo Finance contributor Bethany McClean talks to Dan Roberts, Melody Hahm and Myles Udland about the case on “YFi AM.”
Deutsche Bank AG’s investment-banking chief, Garth Ritchie, has agreed to leave the bank as it prepares to for mass restructuring of the division. Yahoo Finance's Seana Smith and Brian Sozzi speak to Sibile Marcellus.
A former Credit Suisse Group AG banker on Friday pleaded guilty to U.S. charges that he took part in a fraud scheme that involved $2 billion in loans to state-owned companies in Mozambique and helped lead to the country's debt default. Andrew Pearse, who head Credit Suisse's Global Financing Group at the time, entered his plea to one count of wire fraud conspiracy before U.S. District Judge William Kuntz in Brooklyn, New York federal court, admitting that he took millions of dollars in kickbacks in connection with the loans.
Credit Suisse has lost a high-profile legal battle with the UK’s tax authorities to claw back £239m it paid as a levy on banker bonuses after the financial crisis. The Swiss bank launched a High Court lawsuit to recoup money it had paid on a temporary tax introduced in 2009 by then chancellor of the exchequer Alistair Darling amid widespread anger over pay levels in an industry blamed for the country’s economic woes. The one-off bank payroll tax, a 50 per cent levy on individual bonuses of more than £25,000, was paid by banks rather than the employees.
Credit Suisse has hired Hazem Shawki, a Goldman Sachs banker, as its new head of its Middle East, Turkey and Africa investment banking and capital markets division, according to an internal memo seen by Reuters. Shawki will join the Swiss bank in October after a total of 17 years in two periods with Goldman Sachs, the memo said. Shawki's last role at Goldman was head of investment banking Middle East and North Africa (MENA).
The move comes after the appointment of Claudio de Sanctis, who joined Deutsche Bank Wealth Management as its new head of Europe last year from Credit Suisse. It follows the move of two other senior Credit Suisse bankers in London to Deutsche in June.
For Sophia Wajnert, fulfilling Credit Suisse’s 1,200-job promise to the Triangle is a marathon, not a sprint.
NEW YORK, July 11, 2019 /PRNewswire/ -- Commodities rose as increasing geopolitical risks and dovish comments from central banks supported precious metals and energy prices. OPEC+ also announced that they will extend their crude oil production cut agreement through year end and potentially into the first quarter of 2020.
Deutsche Bank's (DB) involvement in persistent legal hassles and a low rate environment in the domestic economy are key concerns.
(Bloomberg) -- The rift was an open secret for months in the corridors of Credit Suisse Group AG’s imposing central Zurich headquarters before it spilled into the outside world.Iqbal Khan, a rising star at the bank’s key wealth-management business, abruptly left last week. Seen as a potential successor to Chief Executive Officer Tidjane Thiam, he’d enjoyed a rapid ascent to the highest echelons of the bank, making a name for himself as both an effective people and client manager.But his ambitions put him on a collision course with Thiam, who’s in no hurry to leave the bank after a grueling three-year restructuring plan. Khan started exploring possibilities outside the lender -- holding talks with banks including UBS Group AG and Julius Baer Group Ltd., people with knowledge of the matter said -- leading to heightened tensions with the CEO.His departure was the culmination of a high-stakes poker game that pitted Thiam, 56, against one of his most ambitious executives in a power struggle that animated talk around the Paradeplatz square at the heart of Zurich’s financial district. The CEO may now face questions over the loss of a well-liked energetic banker and the risk of some private bankers following their boss. It also leaves Khan without a job. He’s reviewing offers, according to people familiar, who asked not to be identified discussing personnel matters.In recent days, Credit Suisse sought to smooth over the tensions as it faced awkward questions about Khan’s departure and his replacement with a relative unknown. Khan dropped in on his successor‘s first town hall meeting last week to applause. In a call with the firm’s top international wealth-management executives, Thiam praised Khan.See also: Credit Suisse wealth head Khan in talks with banks on next move“It’s definitely a loss for Credit Suisse given International Wealth Management‘s positive transition over the recent years, leaving us somewhat concerned performance in the division may have peaked,” Thomas Hallett, a bank analyst at Keefe, Bruyette & Woods in London, said in a phone interview.Khan declined to comment, while a Credit Suisse spokesman said, “We thank Iqbal for the strong results he delivered during his time leading IWM and wish him well.”Thiam TurnaroundThe wealth-management unit was crucial to Thiam’s turnaround because it offered a growth story to tell alongside painful cuts on the trading floor. Still, Khan is gambling by walking away from the job, where he was among contenders to eventually replace Thiam.Yet that throw of the dice is exactly what Khan is known for, the people said. Born in Pakistan, he immigrated to Switzerland at age 12 and started his career as an auditor before moving into wealth management.Some associates described Khan as confident, even overly so. Others said he is hands-on and approachable, a manager who spent weeks on the shop floor to understand how the business works.The banker is known for waking up in the middle of the night to take conference calls, early morning gym sessions and smooth investor presentations. Executives who worked with Khan describe him as thoughtful and entertaining, but also as someone capable of shaking up the bank’s at times staid and change-resistant hierarchy.Speedy AscentRising from auditor to head of a $400 billion private-banking division within two years, Khan shocked peers with the speed of his ascent. He became CEO of International Wealth Management before his 40th birthday as part of a restructuring project that broke up the bank into regional units, dismantling the power base of longstanding executives. Khan took over a newly created division that housed wealth management for Europe, Emerging Europe and Latin America, as well as asset management.He drew attention from his superiors by re-fashioning the hodgepodge of regions into the lender’s fastest-growing unit.His area was experiencing limited economic expansion but still contributed 45.4 billion Swiss francs ($45.7 billion) in net new assets from 2016 and 2018 -- almost as much as fast-growing Asia. Those inflows were accompanied by 80% profit growth during that period and increasing margins in an industry under pressure from low interest rates and higher costs.A key part of his growth strategy was selling structured products to wealthy individuals, using the banks balance sheet to provide loans for rich clients and building relations between Credit Suisse’s trading unit and wealth management.“Everybody thought IWM is the residual when we started,” Khan said last year. “What is this? Which regions does it cover? Who is this Iqbal? Then in 2017 we shot the lights out. I had the time of my life.”Career AdviceOne of Khan’s first coups was hiring more than a dozen relationship managers in Mexico from crosstown rival UBS Group AG in April 2016, flying there economy to get the deal done.Even though he had little experience with private-banking customers prior to joining Credit Suisse, Khan managed to win over billionaires in meetings, according to one contemporary who attended ultra-high-net-worth client meetings with him. Any hesitation about his abilities with such clients dissolves quickly after watching him at work, the person said.At an event held by a competing bank where he was present, Khan recognized and helped a wealthy individual who wasn’t given a chair. He also offered career advice to the son of a Russian client who didn’t know what to do with his life and sent his condolences to a widow after relationship managers failed to do that.Relations SouredIn recent months, Khan‘s relationship with Thiam soured. When a corporate reorganization came in February, Khan‘s brief stayed the same, even as two colleagues were elevated to the executive committee. Tensions mounted as Khan’s name surfaced in media reports as a candidate to replace Bernhard Hodler as head of Julius Baer. That job eventually went to Philipp Rickenbacher, a little-known internal candidate.Khan held informal discussions with rivals including Julius Baer Ltd. and UBS and a third unidentified global bank, according to the people. When media reports surfaced linking him to Julius Baer, Khan didn’t deny them, to the surprise of some in the bank and externally.While rumors swirled outside the bank, Khan threw himself into work, personally negotiating the disposal of Credit Suisse‘s fund-administration platform Investlab to Allfunds last month.Now, all eyes are on his next move. Given the relative paucity of bankers in Zurich considered candidates for top jobs, that still makes Khan a sought-after man, said one executive recruiter.To contact the reporters on this story: Patrick Winters in Zurich at firstname.lastname@example.org;Jan-Henrik Förster in London at email@example.comTo contact the editors responsible for this story: Dale Crofts at firstname.lastname@example.org, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
This weekend, German lender Deutsche Bank (DB) announced a major restructuring plan that it will undertake over the next four years. The restructuring is projected to cost a total of $8.3 billion and is to be completed by the end of 2022.
(Bloomberg) -- Credit Suisse Group AG has hired Joe Heyer from Ford Motor Co. to oversee investment banking in the automotive technology sector.Heyer’s coverage area will include autonomous vehicles, components and software, the bank said Monday in a memo that was confirmed by a spokesman. He will report to David Wah, the global head of technology, and will also partner with the global industrials group, according to the memo.The newly created role at the bank reflects how technology has been upending almost every corner of the auto industry. Electric-car makers led by Tesla Inc. are taking market share from traditional players, while newly public ride-hailing companies Uber Technologies Inc. and Lyft Inc. are changing how people get around in cities.These industry shifts have led to deals such as chipmaker Intel Corp. agreeing to buy automotive sensor company Mobileye NV for $15.3 billion in 2017 and Amazon.com Inc. leading a $700 million funding round in electric-pickup maker Rivian Automotive LLC this year. Ford also invested $500 million in the company.“The rapid advances in transportation made possible by innovation across hardware and software have implications for a wide array of industrial and consumer markets,” Wah said in the memo.Ford, GuggenheimHeyer was previously an executive director and head of business development at Ford. He had been at the automaker since 2015. Before that, he was a managing director at Guggenheim Partners.He is set to start at Credit Suisse in New York next month as a managing director.“He has done some great work for Ford,” said T.R. Reid, a spokesman for the automaker. “We wish him nothing but the best at Credit Suisse.”Heyer and a representative for Credit Suisse declined to comment.Credit Suisse was one of the lead underwriters of Lyft’s initial public offering in March. The Swiss bank ranks fourth in league tables for global technology deals, according to data compiled by Bloomberg.(Updates with Ford comment eighth paragraph)To contact the reporters on this story: Liana Baker in New York at email@example.com;David Welch in Southfield at firstname.lastname@example.orgTo contact the editors responsible for this story: Daniel Hauck at email@example.com, ;Craig Trudell at firstname.lastname@example.org, Michael Hytha, David ScheerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Deutsche Bank (DB) aims to improve profitability by undertaking major restructuring plans, improve shareholder returns and drive long-term growth.
Investing.com - Crude oil prices rose on Wednesday, even as a lower-than-expected draw in U.S. oil inventories added to fears of a looming glut in global supplies.
NEW YORK , July 3, 2019 /PRNewswire/ -- On July 2, 2019 , Credit Suisse declared coupon payments for the following ETNs: ETN Ticker ETN Name Closing Indicative Value on 6/28/19 Ex-Date Record Date Payment ...
NEW YORK, July 3, 2019 /PRNewswire/ -- On July 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 June 28, 2019. † The Current Yield is not indicative of future quarterly Coupon Amounts, if any, on the ETNs.
Credit Suisse wealth management boss Iqbal Khan is leaving Switzerland's second-largest bank in the latest high-level departure under Chief Executive Tidjane Thiam. Khan's surprise move "to pursue other opportunities" sparked speculation that the 43-year-old, who has overseen solid growth and profitability gains at Credit Suisse, could move to Swiss rivals Julius Baer or UBS. Khan is considering offers from Swiss and international banks and plans to make a decision in late August or September, the source, who spoke on condition of anonymity, said.
Deutsche Bank (DB) seeks regulators' approval to reduce capital buffer so that its CEO's major overhaul plans can be financed.
Mitsubishi UFJ (MUFG) is likely to incur loss on its first deal as sole underwriter, as it continues to lower price of the bonds purchased from CNX Resources.
Credit Suisse wealth management boss Iqbal Khan is leaving Switzerland's second-largest bank in the latest high-level departure under Chief Executive Tidjane Thiam. Khan's surprise move "to pursue other opportunities" sparked speculation that the 43-year-old, who has overseen solid growth and profitability gains at Credit Suisse, could move to Swiss rivals Julius Baer or UBS . Khan is considering offers from Swiss and international banks and plans to make a decision in late August or September, the source, who spoke on condition of anonymity, said.