Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

NEWS ABOUT: Credit Suisse

Feds to Charge Crooked Bond Traders

Ex-Credit Suisse traders accused of bonus-boosting fraud

(Newser) - Looks like it's payback week: Federal prosecutors are planning to file fraud charges against four former Credit Suisse traders accused of overstating the value of mortgage securities in order to boost their bonuses, the Wall Street Journal reports. The alleged fraud happened in early 2008 as problems with complex... More »

Wall Street Bonuses to Plummet

Falling revenues behind expected 40% plunge

(Newser) - The latest news from Wall Street is likely to leave most ordinary Americans dry-eyed. Year-end bonuses for bankers and traders are expected to be down sharply this year, plunging up to 40% to their lowest level since the financial crisis, according to a closely watched industry forecast. A bond trader... More »

Credit Suisse to Out US Tax Cheats

Move is in response to an IRS request

(Newser) - Heads up, mafiosos and unscrupulous millionaires: Credit Suisse AG intends to give you up to the tax man. Of course, you probably already knew that, because the bank sent notification letters to various US clients suspected of tax evasion last week warning them that it would soon hand over their... More »

Wall Street Will Lose 10K Jobs

New York comptroller predicts blow to economy

(Newser) - It looks like a lot of Wall Street denizens will be joining the ranks of the unemployed soon, New York’s state comptroller warns in a report released today, predicting that the securities industry will shed nearly 10,000 jobs by the end of 2012. The industry has already cut... More »

Credit Suisse Cuts 5,300 Jobs, 11% of Workforce

Investment banking unit takes major hit as bank joins rush to cut expenses

(Newser) - Switzerland’s second largest bank, Credit Suisse, is slashing 5,300 jobs—11% of its global workforce—after posting a $2.48 billion loss in the first two months of this quarter, reports the Wall Street Journal. Most of the cuts will come from its moribund investment banking unit as... More »

Swiss Offer UBS $60B Bailout

Troubled banking giant will get capital injection, offload bad debts

(Newser) - Switzerland became the latest nation to shore up struggling banks, reports the Telegraph, as it bailed out UBS to the tune of $60 billion today. The Swiss central bank will offer UBS a capital injection of $6 billion in exchange for 9% of the company, and it will allow UBS ... More »

Global Stocks Surge on Credit-Market Moves

New Treasury plans also boost market

(Newser) - World stocks jumped today on government measures to stop the credit-market meltdown and news that the US and the UK were getting tough on short sellers, Bloomberg reports. Deutsche Bank and Credit Suisse climbed 15% after four days of decline in Europe, while Australia’s Macquarie surged 38% after the... More »

10 Banks Form $70B Fund to Stave Off Crash

Paulson brokers twin public-private liquidity measures

(Newser) - Ten of the world's largest banks have formed a massive liquidity fund to mitigate the effects of the Lehman Brothers meltdown, reports the Financial Times. All the investment banks will be able to borrow up to a third of the $70 billion fund in order to reduce volatility and stay... More »

Feds Charge Brokers in $1B Subprime Fraud

Credit Suisse pair told clients debt backed by student loans, not risky mortgages: SEC

(AP) - Federal regulators today charged two Wall Street brokers with defrauding their customers by making more than $1 billion in unauthorized purchases of securities tied to subprime mortgages. The Securities and Exchange Commission alleges the Credit Suisse Securities employees led corporate customers to believe that securities being purchased in their accounts... More »

Cuckold's Web Vendetta Wrecks Banker's Career

Bitter online campaign pays off when ex-wife's disgraced lover resigns

(Newser) - The resignation last week of a top Wall Street banker, supposedly to “spend more time with his family,” was actually the result of a successful Internet vendetta by the cuckolded husband of a woman with whom Steve Rattner had had an affair. Rattner tells the New York Times... More »

Credit Suisse Posts $2.1B Loss

$5.2B in writedowns shake Swiss banking group

(Newser) - Credit Suisse has announced it lost a mammoth $2.1 billion in the first quarter, reports the Financial Times. The Swiss banking group, which until recently appeared to have escaped the worst of the credit crunch, continued to post strong earnings from its private banking sector—but that wasn't enough... More »

Clear Channel, Buyers Sue Banks Over Soured Deal

Equity firms claim lenders backtracked on financing takeover of broadcast giant

(Newser) - The two private-equity firms set to buy Clear Channel sued the group of banks they had engaged to fund the deal, the Wall Street Journal reports. Joined by Clear Channel, Bain Capital and Thomas H. Lee Partners accused the consortium—including Citigroup, Deutsche Bank, and Wachovia—of breaching contract by... More »

Credit Suisse Warning Revives Rogue Trader Fears

'Intentional misconduct' behind billions in writedowns

(Newser) - Investment banks got a brief lift from Wall Street results this week, but surprising reports from Credit Suisse are likely to send their confidence back into the basement, the Financial Times reports. The Swiss firm issued an unexpected first-quarter profits warning yesterday—and said “intentional misconduct” from its own... More »

Credit Suisse Cuts Profits $1B on Trader Errors

Trader 'error' prompts bank to take $2.85B writedown; shares plummet

(Newser) - Credit Suisse share prices plummeted 10% today after the bank announced that some traders had overvalued asset-backed securities, prompting the bank to take a $2.85 billion writedown and drop first-quarter profit projections by $1 billion, Bloomberg reports. Switzerland’s second-largest bank suspended the traders and said it would review... More »

Boom Time on Heartland Farms

US farmers strike it rich satisfying ethanol, export demands

(Newser) - The US economy may be teetering on a precipice but agriculture is enjoying what one industry analyst is calling a "golden age" after decades of decline, with bountiful harvests of crops and profits. The boom is fueled by the soaring demand from ethanol producers and to fill grain orders... More »

Court Rejects $40B Suit from Enron Investors

Plaintiffs claimed banks abetted fraudulent deals

(Newser) - The Supreme Court yesterday turned away an appeal from Enron investors seeking to sue banks that loaned the company money, Bloomberg reports. A lower court ruling had blocked the investors from organizing a $40 billion class-action suit against Merrill Lynch, Credit Suisse and other banks. The investors accused the banks... More »

Risk-Averse Euro Markets Retreat

Subprime mortgage damage, uncertainty continue to spread

(Newser) - European markets plunged today over worries about the spreading subprime mortgage crisis. Analysts downgraded UBS and Deutsche Bank, which dropped, and all 14 open Western European exchanges lost ground, echoing the Asian markets' earlier retreat. "There's a lot of uncertainty about what's going on and who has lost money... More »

Supremes Side With Banks in Antitrust Action

Credit Suisse, Goldman won't face class action suit over late-'90s IPOs

(Newser) - The Supreme Court has broadened the shield protecting companies from antitrust lawsuits, ruling in a 7-1 decision this morning that investors cannot sue 16 banks they accuse of rigging Internet-boom-era IPOs. The majority said the SEC had adequately regulated banks' actions and that opening them up to this type of... More »

Banker Busted For Insider Trading

Credit Suisse hire charged with passing tips to Pakistani banker

(Newser) - Federal prosecutors and the SEC are charging a Credit Suisse banker with relaying insider information to an unnamed Pakistani banker who made more than $7 million on illegal trades. Hafiz Nasseem, who started at the bulge-bracket bank last year, is said to have immediately started sharing tips on upcoming deals—... More »

19 Stories
NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne