by Amruth Sundarkumar | Dec 5, 2022 | Banks, Financial Institution Bonds
Credit Suisse plans to accelerate cost cuts as part of its overall strategy to reduce its cost base by ~CHF 2.5bn ($2.67bn) through 2025. As per sources, this would involve more job cuts than previously expected as part of its first wave of reductions, including in...
by Amruth Sundarkumar | Dec 2, 2022 | Banks
Credit Suisse’s CEO Axel Lehmann said that outflows witnessed by the bank since the beginning of October have reversed with clients starting to return to the bank. He said, “The good part of the sad story is we had very few clients leaving. They are still...
by Amruth Sundarkumar | Dec 1, 2022 | Banks, Global
December 1, 2022: Credit Suisse’s Dollar Bonds Drop Further, with CDS Nearing 450bp Credit Suisse’s dollar bonds dropped as much as 6% and CDS spreads surged by 40bp to 444bp. Reuters notes that its CDS levels now compare with Italy’s Banca Monte dei...
by Amruth Sundarkumar | Nov 25, 2022 | Banks
Credit Suisse has issued 889mn in new shares to existing investors at CHF 2.52/share ($2.67) in a planned CHF 2.24bn ($2.37bn) equity raise as part of its broader CHF 4bn ($4.2bn) capital hike. It confirmed that it issued 462mn new shares to qualified investors via a...
by Amruth Sundarkumar | Nov 24, 2022 | Banks, High Yield Bonds
Credit Suisse has warned that it expects to make a CHF 1.5bn ($1.6bn) loss in 4Q 2022. The Swiss bank said that wealthy clients have made hefty withdrawals which has lead to a big drop in liquidity, breaching some regulatory limits. Credit Suisse said there had been...
