The group reported a net profit of $1 billion and total revenues of $8.7 billion, down 52% and 7%, respectively, impacted by declines in asset management and investment banking.
Despite increases in total revenues, Credit Suisse reported declines within its investment bank, equities and fixed income and sales trading divisions.
At Credit Suisse’s Annual General Meeting held on 4 April, senior members of staff apologised for the demise of the 167-year-old bank and unpacked the events that led to the UBS acquisition.
Equity and bond markets have both been hit by the fallout from the forced Credit Suisse sale, while the ripple effect could have a far broader impact on long-term market liquidity. To conclude a crazy week, we bring you a quick round-up of what this means across the asset classes – and why bank funding may never be the same again.
Avenues could include challenging the Swiss government, suing FINMA, or suing Credit Suisse – with AT1s recovering slightly as the market prices in the hope of legal redress.
A $2.5bn Credit Suisse security has escaped the recent write-down by virtue of some unique Tier 2 features, leading to a substantial bounce in value – and a renewed focus on the importance of reading the fine print.
New head joins from the embattled Credit Suisse, where she served for the last 12 years, most recently as head of EMEA high yield trading and sector strategy.
Despite the bank’s longstanding role as a counterparty – especially in the fixed income space – The TRADE understands that neither Credit Suisse nor UBS have yet been in touch with clients regarding next steps following the merger.
Good morning from The TRADE HQ in London. In case you’re wondering what happened over the weekend, here’s a quick update on the UBS-Credit Suisse deal, how it played out, and the far-reaching impacts.
The ECB, Bank of England and Federal Reserve join with other major central banks to offer seven-day US dollar operations on a daily (instead of weekly) basis, effective from 20 March 2023.