Credit Suisse warned it would lose around $1.6 billion in the fourth quarter after customers pulled their investments and deposits over concerns about the bank’s financial health
meant the bank’s liquidity fell below some local-level requirements, the bank said. It said it maintained its required group-level liquidity and funding ratios at all times. Banks must keep enough liquid assets on hand to meet expected cash outflows in a 30-day period, under post-financial-crisis-era rules.
as a new shareholder. Some analysts are concerned the new capital raising may not be enough if Credit Suisse’s revamp doesn’t go to plan. The bank’s capital needs depend on selling and exiting some businesses, and on how its continuing businesses perform. In all, more than $100 billion has left the bank since June, according to Credit Suisse’s filings. It said client balances have stabilized in its Swiss bank and that the outflows have slowed in wealth management, but haven’t reversed.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Credit Suisse expects Q4 pre tax loss of around 1.5 billion SfrCredit Suisse expects to make a pre tax loss of up to 1.5 billion Swiss francs ($1.58 billion) during its fourth quarter, the embattled Swiss bank said on Wednesday, as it prepares to ask shareholders for permission to raise new equity.
Read more »
Credit Suisse projects $1.6 billion fourth-quarter loss as it embarks on strategy overhaulCredit Suisse on Wednesday projected a 1.5 billion Swiss franc ($1.6 billion) fourth-quarter loss as it undertakes a massive strategic overhaul.
Read more »
Credit Suisse flags $1.6 billion 4Q loss as wealth management comes under strainLower deposits and assets under management are set to lead to reduced net interest income and recurring commissions and fees, which will drag wealth...
Read more »
Credit Suisse shareholders greenlight $4.2 billion capital raiseCredit Suisse shareholders on Wednesday approved a 4 billion Swiss franc ($4.2 billion) capital raise aimed at financing the embattled lender's massive strategic overhaul.
Read more »
Credit Suisse lays off one-third of China-based investment bankers - sourcesCredit Suisse has laid off about one-third of its China-based investment banking team and nearly half of its research department, sources with knowledge of the matter told Reuters, as part of a global restructuring and as its China business slows.
Read more »
EUR/USD: Scope for a deeper setback to 1.0120 – Credit SuisseEUR/USD remains capped as expected below the 200-Day Moving Average on a closing basis, currently seen at 1.0409. Analysts at Credit Suisse see scope
Read more »