Credit Suisse shareholders have approved a CHF4 billion ($4.2 billion) capital raise amid a large-scale exodus of client assets and an expected CHF1.5 billion quarterly loss.
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Credit Suisse aprueba una recaudación de fondos de 4 000 millones de CHF para su reestructuración
Last month, Credit Suisse announced a major restructuring that will see 9,000 jobs being slashed and the sale of investment banking operations.
The bank also said it needed an extra CHF4 billion to shore up its capital base. On Wednesday, an extraordinary general meeting approved the issuance of new shares in exchange for the cash injection.
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Credit Suisse turns to petrodollars to fund turnaround
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Credit Suisse has returned to the Middle East to shore up its finances amid mounting losses and a deteriorating balance sheet.
The funds will come largely from the Middle East, with the Saudi National Bank agreeing to stump up CHF1.5 billion for a 9.9% stake in the bank.
Clients losing confidence
Before the EGM, Credit Suisse issued a market update that forecasts a CHF1.5 billion pre-tax loss for the fourth quarter, which will come on top of a CHF4 billion loss in the previous quarter.
The troubled bank outlined the extent of the challenge ahead as it revealed that clients had withdrawn 6% of assets under management from the whole group by the end of September.
Well-heeled clients had emptied 10% of their assets from the vaults of the bank’s flagship wealth management unit.
Credit Suisse is still reeling from a string of setbacks, which includes large-scale trading losses, damaging legal disputes and the enforced departure of a previous CEO and chair of the board.
Autocratic regimes
The new CEO and Chair pairing of Ulrich Körner and Axel Lehmann have pledged to cut back on risk to put the bank on a steadier course.
But the bank has faced some concerns for turning to Middle East investors to underwrite its transformation.
The capital raise has been criticised in some quarters for diluting the value of shares and potentially exposing the bank to the influence of autocratic regimes.
Lehmann has rejected the latter complaint, saying that individual shareholders will not interfere with the bank’s policies.
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Credit Suisse cuts thousands of jobs to restore fortunes
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Credit Suisse selling off large chunks of its business and raising billions in extra capital from Saudi Arabia.
Train vs plane: would you take a direct train between London and Geneva?
Eurostar is planning to run direct trains from Britain to Germany and Switzerland from the early 2030s. Would you favour the train over the plane? If not, why not?
Zurich laboratory finds intestinal bacteria in coffee machines
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Last year, the Zurich Cantonal Laboratory found defects in one in four samples of milk drinks from coffee machines. Too many intestinal bacteria were found in a number of samples.
SWISS Belgrade-Zurich flight forced to land in Germany
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Swiss flight LX1413 from Belgrade to Zurich had to make an unscheduled landing today in Friedrichshafen, southern Germany.
New Swiss 3D simulation tool offers better landslide forecasting
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A new 3D simulation tool is enabling much more accurate avalanche forecasts. The model, which proved its worth during the landslides in Brienz (GR) and Blatten (VS), could lead to more effective management of alpine risks.
Alleged leader of Kosovar terrorist group indicted in Switzerland
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The Office of the Attorney General of Switzerland has brought charges against a Kosovar on suspicion of being the leader of the Swiss branch of a Kosovar terrorist organisation. He is also suspected of having been active in the management of the organisation in Kosovo.
Swiss glacier lake drains without causing flooding damage
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The Faverges glacial lake on the Plaine Morte above Lenk in the Bernese Oberland drained over the weekend. There was no flooding or damage, the authorities announced on Monday.
Chihuahua leads Swiss rescue team to owner stuck in a crevasse
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A Chihuahua helped to rescue a man on the Fee Glacier above Saas-Fee VS on Friday. It alerted a rescue team to its owner who had fallen into a crevasse.
Swiss bosses distance themselves from the United States
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According to a survey of managers, Swiss companies are increasingly turning away from the USA and orientating themselves more towards Southeast Asia and the EU. This is the result of a recent survey.
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The Fête de l'Epouvantail (scarecrow festival) is celebrating its 30th anniversary and returns to Denens in canton Vaud for its seventh edition from July 10-20.
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Credit Suisse turns to petrodollars to fund turnaround
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Credit Suisse has returned to the Middle East to shore up its finances amid mounting losses and a deteriorating balance sheet.
Credit Suisse says Greensill recovery will cost clients $291m
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Credit Suisse warns clients that efforts to recover the money it lent via failed finance company Greensill Capital will cost $291 million.
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Switzerland’s Financial Market Supervisory Authority (FINMA) on Thursday opened enforcement proceedings against the bank over the Archegos losses. The regulator is investigating whether there were deficiencies in risk management. FINMA has appointed an investigator to probe the matter at the bank. It is also exchanging information with counterparts in Britain and the United States. The…
Credit Suisse sells fintech stake ahead of strategic overhaul
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Swiss bank Credit Suisse has sold its stake in a Spanish digital wealth platform as part of a strategic overhaul aimed at reviving its ailing fortunes.
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