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
Credit Suisse has appointed Gary Bullock as a managing director and head of operations for the investment bank.
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...
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 has sacked or suspended the traders behind the mispricing that cost it a $2.65 billion writedown last month.
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...
Credit Suisse has named Jim Amine as co-head of its global investment banking department and head of its global markets solutions group.
Zurich-based Credit Suisse has suffered an additional $2.85 billion in writedowns due to ‘mismarkings and pricing errors’ in structured credit products exposed to US subprime mortgages.
Zurich-based Credit Suisse has unveiled a lower than expected Sfr1.3 billion writedown on leveraged finance, and structured debt and mortgage investments in the fourth quarter of 2007.
Credit Suisse has promoted its head of European securities structured derivative sales, Osama Abbasi, to head global securities for non-Japan Asia and Australia.