Credit Suisse
Banks agree to EU CCP for clearing CDS
Nine major dealers agreed to use an EU central counterparty (CCP) for clearing trades in credit default swaps (CDSs) today, paving the way for talks to resume with the European Commission.
Credit Suisse hit by Sfr8.2bn loss for 2008
Credit Suisse recorded a fourth-quarter net loss of Sfr6 billion ($5.2 billion), taking its total net loss for 2008 to Sfr8.2 billion.
Editor's letter
Editorial
Fund-linked hedging bolsters redemption requests
The rise in redemptions across the hedge fund industry is being exacerbated by the hedging of fund-linked options and constant proportion portfolio insurance (CPPI) products, according to dealers.
New board for European Primary Dealers Association
Stanislas de Caumont of Credit Suisse and Gunter Fluyt of ING will co-chair the new executive board of the European Primary Dealers Association (EPDA).
Credit Suisse cuts 5,300 jobs
Losses and Lawsuits
Credit Suisse wields axe after Sfr3 billion loss
Credit Suisse is planning to cut 5,300 jobs following a Sfr3 billion ($2.5 billion) net loss at the firm during October and November this year. Two-thirds are expected to be in investment banking - the primary source of the bank's losses.
Banks cut staff in Europe and US
More European and US banks joined the growing list of institutions to cut staff in the wake of the financial crisis.
Risk USA: Buy-side expresses counterparty unease
Concerns about counterparty risk and its effect on the business of investment firms were raised repeatedly from buy-side market participants at Risk USA , which concluded on Wednesday in New York.
Credit Suisse plunges into the red after investment banking losses
Credit Suisse lost SFr 1.3 billion ($1.1 billion) in the three months to September 30 as the volatile market in September hit its investment banking business.
Equity market turmoil hits Cedo deals
New York-based Moody’s Investors Service downgraded a swath of collateralised equity and debt obligation (Cedo) notes on October 10, as a result of the recent volatility in global stocks.
Reaping the dividends
Credit Suisse is offering a five-year CPPI product, based on a pick of Australian stocks and offering semi-annual income based on dividend yields
Credit Suisse hit with £5.6m fine
Daily news headlines
Ex-Lehman Bros CFO joins Credit Suisse
Erin Callan will join Credit Suisse as head of its global hedge funds business. She was chief financial officer at Lehman Brothers until she was removed from the role in June, several days before the bank revealed it had made a $2.8 billion loss in the…
Banks and hedge funds spur growth in OIS
Central bank activity has contributed towards a surge in trading overnight index swaps (OIS) over the past year, according to dealers.
From niche to nova
Barclays Capital's head of equity-linked products, Dixit Joshi, talks to Alexander Campbell
Gary Bullock joins Credit Suisse as head of investment bank global operations
Credit Suisse has appointed Gary Bullock as a managing director and head of operations for the investment bank.
New derivatives disclosures will be “significant burden”
Tougher disclosures required by the Connecticut-based Financial Accounting Standards Board (FASB) will be a “significant burden” for companies using derivatives, said Hee Lee, New York-based partner in Ernst & Young’s Financial Services Office and…
Five banks file counterclaim over Clear Channel LBO
A legal spat over the proposed leveraged buyout of Texas-based media company Clear Channel intensified on April 4, as five banks filed a counterclaim in New York against the company and its private equity suitors.
Credit Suisse sacks traders involved in mispricing
Credit Suisse has sacked or suspended the traders behind the mispricing that cost it a $2.65 billion writedown last month.
Progress made on equity derivatives backlogs
Investment banks have continued to make progress with reducing confirmation backlogs associated with executing over-the-counter equity derivatives trades. The average backlog has been reduced to nine days, down from 19 days in November 2006, according to…