Plans to cut 5,300 jobs
Credit Suisse Group reported a net loss of 1.26 billion Swiss francs (US$1.08 billion) for the third quarter, as it forecast earlier this month, compared with net income of CHF 1.3 billion in the third quarter of 2007.Core net revenues were CHF 3.1 billion, down 48% from the third quarter of 2007. Private banking, which […]
Credit Suisse has announced a strategic alliance with Gerson Lehrman Group, a technology services firm, designed to boost its research capabilities.The firm said that the relationship means Credit Suisse’s analysts will have access to Gerson Lehrman Group’s network of more than 200,000 expert consultants; certain Gerson Lehrman Group clients will have the opportunity to access […]
National Bank to be represented on AMF board
The UK’s Financial Services Authority fined the UK operations of Credit Suisse £5.6 million ($11.3 million) for control failures revealed by mis-pricing of asset-backed securities.In February, Credit Suisse announced that it had identified mismarking and pricing errors by a small number of traders and that it was repricing certain asset-backed securities. The re-pricing led to […]
Richardson Partners Financial announced today that it has agreed to become a distributor of Credit Suisse’s (CS) Canadian Registered Structured Notes. As a dealer under the CS program, Richardson Partners will re-sell to Canadian investors prospectus-qualified structured notes on a fully underwritten basis.Richardson Partners will be the first dealer to have such an agreement in […]
Credit Suisse has released a report on Asian food and rural income suggesting that the theme will present a challenge to governments, but offers opportunities for investors.The report, written by Credit Suisse analysts across the region, argues that Asia’s desire for food self-sufficiency could rival the developed world’s drive towards energy self-sufficiency over the next […]
Firm attempts to boost liquidity by expanding network of dark pools
Credit Suisse has launched the first of planned series of indexes designed to replicate hedge fund strategies.The Credit Suisse Long/Short Equity Replication Index aims to capture the risk/return characteristics represented by the Credit Suisse/Tremont Long/Short Equity Hedge Fund Index. “The Long/Short Equity Replication Index allows our clients to participate in the performance of this rapidly […]
Credit Suisse Group reported a net loss of 2.1 billion Swiss francs for the first quarter of 2008, after net writedowns of CHF 5.3 billion ($5.32 billion) in leveraged finance and structured products.The loss followed net income of CHF 2.7 billion in the first quarter of 2007. Net revenues on a core results basis were […]