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Credit Suisse

Credit Suisse to boost capital ahead of further Archegos hit

Credit Suisse to boost capital ahead of further Archegos hit

  • Its shares fell 5.7%, with analysts pointing to the further Archegos hit and dilution caused by the issuance announced on Thursday of bonds convertible into 203 million shares.
  • In response, the bank is cutting its prime brokerage business, which caters to hedge fund clients, by about a third.
Published 22 Apr, 2021 05:26pm
Dell shares rise on plans to spin off top-performing VMware unit
Markets

Dell shares rise on plans to spin off top-performing VMware unit

  • The spinoff of its 81% stake in VMware, first proposed in a filing last July, would also help Dell lower its long-term debt of $41.62 billion, much of which was taken on during its 2016 acquisition of data management firm EMC.
  • Wall street analysts saw benefits in the spinoff, but some also raised long-term concerns about company's core business.
Published 15 Apr, 2021 07:43pm
Credit Suisse estimates Archegos fallout at $4.7bn, overhauls executive board
Business & Finance

Credit Suisse estimates Archegos fallout at $4.7bn, overhauls executive board

  • An individual case has ruined the otherwise successful work of the bank as a whole in the first quarter. At least - in our opinion - personnel consequences have now been taken.
  • "CEO Gottstein is quoted saying "serious lessons will be learned". In addition to the Executive Board changes, we look forward to hear about the "broader consequences" of the Board's investigations."
Published 06 Apr, 2021 12:01pm
Credit Suisse in firing line after Archegos losses
Business & Finance

Credit Suisse in firing line after Archegos losses

  • Losses at Archegos, a family office run by former Tiger Asia manager Bill Hwang, sparked a sell-off in bank stocks on Monday as investors feared they would be forced to take big write-downs after extending billions of dollars in leverage to the fund.
  • Global lenders may lose more than $6 billion on Archegos, sources familiar with trades involving the US investment firm have said.
Published 30 Mar, 2021 09:12pm
Doha Bank expected to sell $500mn in five-year bonds
Business & Finance

Doha Bank expected to sell $500mn in five-year bonds

  • The spread was set at 150 basis points (bps) over mid-swaps, tightening 20 bps from initial guidance, the document from one of the banks on the deal showed.
  • ING, Barclays, Credit Suisse, Deutsche Bank, JPMorgan, Mizuho, MUFG and QNB Capital are arranging the deal, which is expected to launch later on Wednesday.
Published 24 Mar, 2021 07:59pm
TSB chair Meddings steps down after bank sale shelved
Business & Finance

TSB chair Meddings steps down after bank sale shelved

  • "Following Sabadell's announcement last week that no sale process will be initiated in the near future and with TSB performing well, this is the right time for Richard to step down," TSB said on Wednesday.
  • Meddings will stay on while the board searches for a successor, TSB said.
Published 24 Mar, 2021 06:02pm