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News Tag: Credit Suisse

July 27, 2010

UBS Q2 profits exceed expectations

by Kay Murchie
Swiss banking giant UBS has today reported a net profit of SwFr2.0 billion (£1.2 billion, $1.9 billion) for the April to June period - exceeding analysts' expectations. The news will be welcomed by many investors after the bank was among one of the worst hit victims of the credit crunch due to its exposure to the sub-prime mortgage crisis in the US ...

July 22, 2010

Credit Suisse profits rise despite euro zone difficulties

by Kay Murchie
Credit Suisse, which is Switzerland’s second-largest bank, has today exceeded expectations by reporting second quarter profits of SwFr1.6 billion (£1 billion). Compared to the same three-month period a year ago, earnings were 1% higher but were down 22% when compared with the first quarter of the year. The rise in profits came despite a 32% drop in revenue to SwFr4.1 billion ...

May 14, 2010

US banks under investigation

by Kay Murchie
US banks under investigation
Eight Wall Street banks are facing an investigation following allegations that they provided misleading information to several ratings agencies in order to gain a better rating for mortgage securities. New York Attorney General, Andrew Cuomo, has launched the investigation and the banks under scrutiny are Goldman Sachs, Morgan Stanley, UBS AG, Citigroup, Credit Suisse, Deutsche Bank, Credit Agricole and Merrill Lynch (the latter ...

February 11, 2009

Credit Suisse announces biggest ever annual loss

by Kay Murchie
Credit Suisse, which is Switzerland's second-largest bank, has reported its biggest annual loss ever of SwFr8.2 billion (£5 billion) - the majority of which (SwFr6 billion) came during the October to December period in 2008. Chief Executive, Brady Dougan, described the results as ‘clearly disappointing’ but added that they had started 2009 with a very strong capital position. The fourth quarterly loss ...

January 29, 2009

YBS offers ‘no risk’ guaranteed investment accounts

by David Masters
YBS offers 'no risk' guaranteed investment accounts
Yorkshire Building Society (YBS) has expanded the number of products it offers in conjunction with Credit Suisse by launching a number of new guaranteed investment accounts (GIAs). According to YBS, the accounts carry almost 'no risk' because they guarantee a minimum return on investments. The new range of GIAs cover combinations of growth, tracked growth an annual income. All accounts offer ...

December 4, 2008

Credit Suisse and Nomura announce significant job losses

by Kay Murchie
Struggling Swiss banking giant, Credit Suisse, has announced it is axing a further 5,300 jobs, with the majority of job losses in its investment banking division. The bank, which is one of the biggest casualties of the credit crunch and has been forced to write-off assets worth billions as a result of toxic loans, has already axed 1,800 jobs ...

December 2, 2008

JP Morgan Chase and Credit Suisse announce job losses

by Kay Murchie
The FTSE 100 in London has lost ground today after the announcement that JP Morgan Chase is to axe over 9,000 jobs at the former Washington Mutual (WaMu). WaMu was closed at the end of September making it the largest failure of a US bank. Its assets were sold to banking giant, JPMorgan Chase, for $1.9 billion (£1.3 billion). JPMorgan ...

October 16, 2008

UBS latest to receive Government financial assistance

by Kay Murchie
Swiss banking giant, UBS, is the latest European bank to receive help from its Government, in a bid to reduce the risk to the bank’s balance sheet. The Swiss bank is raising $5.3 billion (£3 billion) from the Government, who will take a 9.3% stake in the bank. Meanwhile, it will be able to transfer up to $60 billion of distressed ...

June 23, 2008

More banking woes as Citigroup and Goldman Sachs reveal job losses

by Kay Murchie
More job losses in the financial industry have been revealed as Wall Street giants, Citigroup and Goldman Sachs, announce staff cuts. Citigroup, which is America’s largest bank, is believed to be axing up to 6,500 investment banking jobs. It is understood that trading desks in New York, London and other cities will be eliminated. Sources close to ...

Further job cuts at Credit Suisse

by Kay Murchie
Swiss investment bank, Credit Suisse, has announced plans to axe 75 jobs in in its investment bank and support services division in the UK. Switzerland’s second largest bank said challenging market conditions and projected staffing levels needed to meet client requirements has resulted in a reduction in headcount. The bank, which has its UK operations headquartered in London’s Canary Wharf, has already ...