Market sentiment towards US banks improved today, with the cost of credit protection on six of the nation's largest financial institutions falling. The move came on the same day Bank of America (BoA) was reported to have raised $7.3 billion from selling...
The cost of credit protection on European banks remained largely unchanged this morning, as bank holidays in mainland Europe reduced trading levels.
Strong trading results have offset large loan losses as banks report a mixed bag of first-quarter results.
UBS has appointed Credit Suisse's Ulrich Körner as group chief operating officer (COO) and chief executive of its corporate centre.
Economists and analysts have criticised the US Treasury's updated toxic-asset purchase plan for again failing to provide the granular detail or specified launch date necessary to reassure capital markets the proposals will indeed help curb the global...
Walter Kielholz has resigned as chairman of Credit Suisse, to be replaced by the vice-chairman, Hans-Ulrich Doerig.
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 recorded a fourth-quarter net loss of Sfr6 billion ($5.2 billion), taking its total net loss for 2008 to Sfr8.2 billion.
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.
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).
Losses and Lawsuits
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.
More European and US banks joined the growing list of institutions to cut staff in the wake of the financial crisis.
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 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.
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.
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
Daily news headlines
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...
Central bank activity has contributed towards a surge in trading overnight index swaps (OIS) over the past year, according to dealers.
Barclays Capital's head of equity-linked products, Dixit Joshi, talks to Alexander Campbell