Credit Suisse to merge investment bank and trading in revamp: sources

The restructuring marks a victory for global markets and its head Brian Chin, who helped transform the business from a perennial underperformer to a key profit contributor. Its fortunes have diverged from that of the advisory business. Longtime head Jim Amine left earlier this year and was replaced by two-decade veteran David Miller after a run of bad results.

"Our strategy works," Credit Suisse said in a statement."We are a leading, global wealth manager with strong investment banking capabilities. On an ongoing basis, we consider a broad range of options to identify ways to further improve how we serve our clients and achieve our strategic goals in a compliant, profitable way. We are in a constant dialogue on these topics with our investors.

Luckin Coffee and Wirecard underscored the need for more efficient controls. Credit Suisse organised a margin loan for Luckin founder Lu Zhengyao. In April, the bank took a large hit in its Asia business, setting aside about US$100 million for soured loans that mostly related to three cases, the largest of which was Luckin.

The bank also helped sell US$1 billion of Wirecard-linked securities last year after questions were raised about the German company's accounting. SoftBank had initially agreed to buy the convertible debt, but then cut its exposure through a series of transactions. Last month, Wirecard filed for insolvency.

Creidt Suisse's ties to SoftBank were also a factor in an internal probe of the bank's supply-chain funds. The investment vehicles hold short-term corporate loans and finance a number of startups backed by the SoftBank Vision Fund. The loans are sourced by Greensill Capital, which is also backed by SoftBank. The bank told clients earlier this month it would change its guidelines to reduce the maximum exposure to a single borrower after the review.

Source: News Formal (newsformal.com)

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Credit Suisse to merge investment bank and trading in major revamp: SourcesZURICH (BLOOMBERG) - Credit Suisse Group is set to announce a sweeping overhaul of its business as chief executive officer Thomas Gottstein seeks to tighten controls and boost the performance of the investment bank.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

HK credit-card fraud syndicate stole details from Singapore victims: policeFIVE core members of a transnational online credit-card fraud syndicate, believed to be operating from Hong Kong, were arrested this month by the Hong Kong Police Force (HKPF). Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

At least 21 people in Singapore fall prey to transnational online credit card fraud syndicateSINGAPORE - The credit card details of at least 21 people in Singaporewere stolen by a transnational online credit card fraud syndicate believed to be operating from Hong Kong.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

At least 21 Singaporeans fall victim to transnational credit card fraud; 5 suspects arrested by Hong Kong policeSINGAPORE — At least 21 Singaporeans have become the target of an online credit card fraud syndicate believed to be operating from Hong Kong, said the Singapore Police Force (SPF) on Tuesday (July 28).
Source: TODAYonline - 🏆 1. / 99 Read more »

At least 21 Singaporeans fall victim to transnational credit card fraud; 5 suspects arrested by Hong Kong policeSINGAPORE: At least 21 Singaporeans have become the target of an online credit card fraud syndicate believed to be operating from Hong Kong, said ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Credit Suisse to merge investment bank and trading in major revamp: SourcesZURICH (BLOOMBERG) - Credit Suisse Group is set to announce a sweeping overhaul of its business as chief executive officer Thomas Gottstein seeks to tighten controls and boost the performance of the investment bank.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »