Skip to: Content
Skip to: Site Navigation
Skip to: Search
SUNDAY, NOVEMBER 22, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter

NEWS ABOUT: Credit Suisse

Credit Suisse stories: 15 news summaries

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

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

Dec 4, 08 6:30 AM CST
(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 »

MORE ABOUT:
Citigroup • layoffs • Credit Suisse • job cuts • banking industry • financial crisis • private banking

 Swiss Offer UBS $60B Bailout 

Troubled banking giant will get capital injection, offload bad debts

Oct 16, 08 6:46 AM CDT
(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 »

MORE ABOUT:
Credit Suisse • Switzerland • UBS • mortgage backed securities • bailout • Swiss National Bank • financial crisis

MARKETS

 Global Stocks Surge 
 on Credit-Market Moves 

New Treasury plans also boost market

Sep 19, 08 4:33 AM CDT
(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 »

MORE ABOUT:
stock market • Credit Suisse • Deutsche Bank • futures market • regulation • short selling • European stocks • HBOS

 10 Banks Form 
 $70B Fund to 
 Stave Off Crash 

Paulson brokers twin public-private liquidity measures

Sep 15, 08 5:27 AM CDT
(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 »

MORE ABOUT:
Wall Street • Citigroup • Bank of America • Barclays • Goldman Sachs • Federal Reserve • Credit Suisse • Henry Paulson • Morgan Stanley • Deutsche Bank • UBS • Merrill Lynch • funds • Lehman Brothers • liquidity • investment banks • JPMorgan Chase

 Feds Charge Brokers 
 in $1B Subprime Fraud 

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

Sep 3, 08 12:33 PM CDT
(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 »

MORE ABOUT:
fraud • Credit Suisse • white collar crime • subprime crisis

ANALYSIS

Cuckold's Web Vendetta Wrecks Banker's Career

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

Aug 5, 08 10:59 AM CDT
(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 »

MORE ABOUT:
private equity • Wall Street • Internet • Credit Suisse • sex • affair • Steven Rattner

EARNINGS REPORT

Credit Suisse Posts
$2.1B Loss 

$5.2B in writedowns shake Swiss banking group

Apr 24, 08 4:39 AM CDT
(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... More »

MORE ABOUT:
Credit Suisse • credit crisis • quarterly reports • writedowns • first quarter earnings

Clear Channel, Buyers Sue Banks Over Soured Deal

Equity firms claim lenders backtracked on financing takeover of broadcast giant

Mar 26, 08 6:02 PM CDT
(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 »

MORE ABOUT:
private equity • Citigroup • Credit Suisse • Royal Bank of Scotland • mergers and acquisitions • Clear Channel • Bain Capital • Thomas H. Lee Partners • leveraged buyouts • Morgan Stanley • Deutsche Bank

Credit Suisse Warning Revives Rogue Trader Fears

'Intentional misconduct' behind billions in writedowns

Mar 21, 08 8:28 AM CDT
(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 »

MORE ABOUT:
Credit Suisse • UBS • investments • asset management • finance • banking • writedowns • rogue trader

Credit Suisse Cuts Profits $1B on Trader Errors

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

Feb 19, 08 6:58 AM CST
(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 »

MORE ABOUT:
Credit Suisse • Qatar • corporate earnings • banking • bank fraud • financial institutions • sovereign wealth funds • Jérôme Kerviel • Société Générale • subprime crisis • bank scandal

Boom Time on Heartland Farms

US farmers strike it rich satisfying ethanol, export demands

Feb 15, 08 2:55 AM CST
(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 »

MORE ABOUT:
agriculture • ethanol • Credit Suisse • corn • biofuel • Nebraska • Cedar Rapids • wheat • rice • farmer • grains • Food and Agriculture Organization • boom • heartland • rural America • Albion • agricultural economy • Federal Reserve Bank of Chicago • Boone County Commissioners • VeraSun • cash crops

Court Rejects $40B Suit from Enron Investors

Plaintiffs claimed
banks abetted
fraudulent deals

Jan 23, 08 4:15 AM CST
(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 »

MORE ABOUT:
Barclays • Credit Suisse • Merrill Lynch • lawsuit • Enron • US Supreme Court

Risk-Averse
Euro Markets
Retreat

Subprime mortgage damage, uncertainty continue to spread

Aug 15, 07 7:42 AM CDT
(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 »

MORE ABOUT:
stock market • Credit Suisse • subprime mortgages • Deutsche Bank • UBS • Asian markets • European markets

Supremes Side With Banks in Antitrust Action

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

Jun 18, 07 2:40 PM CDT
(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 »

MORE ABOUT:
investors • Goldman Sachs • Credit Suisse • antitrust • Stephen Breyer • IPO • bank • US Supreme Court

Banker Busted
For Insider Trading

Credit Suisse hire charged with
passing tips to Pakistani banker

May 3, 07 10:32 PM CDT
(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 »

MORE ABOUT:
insider trading • Hafiz Nasseem • Credit Suisse • merger • trade • SEC

15 Stories


from our news partners