Entertainment Credit Suisse writes 4.4bn francs, manager lose job
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(Bloomberg) - Credit Suisse Group AG tries to make pure table. According to historical debacles for Greensill and Archegos, Bank writes 4.4 billion francs (4 billion euros) and exchanges more than half a dozen managers.
Depreciation leads to a loss before taxes of around 900 million francs and thus the second quarter loss in a row, as the bank. The Swiss bank strokes the bonuses for the management, cuts the dividend and exposes share recalls to repair their capital. Investment Bank Chief Brian Chin and Chief Risk Officer Lara Warner leave the institute.
CEO Thomas Gottstein Prosed, the management will "draw our teachings from these matters". The massive loss through Archegos Capital Management and the collapse of Greensill Capital in the same month make him little room for further missteps. Gottstein had taken the management of the Swiss bank last year after a spying scandal for his predecessor.
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"The significant loss in our Prime Services business in connection with the collapsed US hedge fund is unacceptable," said Gottstein on Tuesday. "We undertake to examine both matters in detail with the Board of Directors."
Credit Suisse quickly released its opening gains and fluctuates in the final course in the morning of the final trading day in the morning. The share has fallen by 11% this year and thus the worst value in the Bloomberg Europe Banks and Financial Services Index.
In addition to Archegos depreciation, the Bank may need to provide 2 billion francs for litigation in connection with Greensill in the coming years, appreciate the analysts Kian Abouhossein and Amit Ranjan by JpMorgan Chase & Co.
"The long-term consequences will only be in the bank Time noticeable, "the analysts write. These are belonging to the Credit Suisse for the first to give priority to growth before growth.
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Chin and Warners are the so far ranking managers who leave the bank. Gottstein had already settled Eric Varvel from asset management for Greensill. In an employee newsletter, the bank announced at least five more departures, including the boss of stock trading, Paul Galeto.
Christian Meissner, a former manager of the Bank of America, came to Credit Suisse in October, will replace Chin next month. Joachim Oechslin becomes interim-risked, a role he took took him to Warner until 2019. Thomas Grotzer was appointed Interim Head of Compliance.
Photographer: David Paul Morris / Bloomberg
In order to strengthen its capital base, the Bank lowers its dividend proposal for 2020 from around 29 centers to 10 rapps per share and exposes its share buyback program . The core capital ratio (CET1) remains "at least 12%" in the first quarter, the target of the bank was 12.5% last.
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Board of Directors Urs Rohner has offered to give up its compensation for 2020 from 1.5 million francs. Premiums for the management are deleted.What Bloomberg Intelligence says:
The interruption of the share buyback and the reduction of the dividend are not a panacea for Credit Suisse and its financial problems. But they are probably better than the worst fears. Our worries reveals the Greensill consequences in the next time, losses in the prime brokerage and asset management expenses and increased costs for control measures, as well as regulatory and legal issues.
- Alison Williams, Bi Bank Analystin
Credit Suisse Payout Pause Won't Stalt Archegos Fallout: React
While other banks of failed Family Office Archegos could break down their positions with minimal damage, Credit Suisse has caught with great losses. Still on Mondaysold the bank shares worth 2.3 billion dollars from the inventories associated with Archegos, as a person familiar with the matter said.
To Greensill, the Credit Suisse will give an update in the "next days", it said in the message.
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