The stomach-churning market performance and the impact of China’s pandemic control measures combined to batter the 1H22 results of many Asia-focused PBs. Below is a rundown of the causes for the dismal 1H22 earnings at key players in the region: Universal banks feel impact of pandemic measures in China and Hong Kong For HSBC, global revenue at Wealth and Personal […]

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Credit Suisse posted a CHF 1.2 billion loss in 2Q2022 as net revenues fell 29% YoY amid lower client activity, volumes, and recurring revenues in investment banking. The Swiss bank also said CEO Thomas Gottstein would step down as part of a wider review of group strategy. For Credit Suisse’s wealth management business, adjusted pre-tax income slumped 74% YoY to […]

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The disappointing 1Q22 earnings posted by many banks were a reflection of both poor investment sentiment due to geopolitical events and the challenge of beating earnings in 1Q21 — when banks booked record performances on the back of strong trading and robust growth in wealth management. A closer look at the reasons for the poor 1Q22 performances and at what […]

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Credit Suisse summed up its tough 2021 with a pre-tax loss of CHF 1.6 billion in 4Q21. The bank’s Asia wealth management business managed to deliver US$1 billion in pre-tax income for the full year but still suffered US$3.2 billion net outflows while net revenue was down 32% YoY in 4Q21. “2021 was a challenging year for Credit Suisse. Our […]

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Credit Suisse on Monday announced a slew of executive board appointments, including the return of Francesco De Ferrari, the former head of private banking for APAC. Francesco De Ferrari has rejoined the bank as CEO of the wealth management division. He has also been named as ad interim CEO of Europe, Middle East and Africa (EMEA). Effective 1 January 2022, […]

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Credit Suisse has entered into a referral agreement to make it easier for its prime brokerage clients to transition to rival BNP Paribas as an alternative service provider. The referral agreement with BNP Paribas follows the Swiss lender’s decision to withdraw from prime broking and derivatives clearing in the aftermath of the Archegos scandal. “Credit Suisse will support affected customers […]

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An organisational revamp by Credit Suisse — that will see the bank reallocate significant amounts of capital to its wealth management unit and almost entirely withdraw from prime brokerage — marks its boldest attempt yet to move on from recent troubles and boost long-term growth. During an investor day presentation held by the Swiss lender on Thursday following its 3Q21 […]

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Credit Suisse has appointed a banking veteran as global chief risk officer and member of the executive board, according to an announcement by the Swiss bank. David Wildermuth will take up his new role at the bank not later than 1 February 2022. He will be based in Zurich and report directly to Thomas Gottstein, the Credit Suisse group CEO. […]

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Credit Suisse’s APAC wealth management franchise gathered US$5.4 billion in net new money and delivered an almost 60% jump in wealth management-related pre-tax incomes during 1Q21, highlighting the resilience of the Asia division as the group contends with the fallout from the Archegos and Greensill affairs. In all, APAC wealth management activities in 1Q21 contributed CHF 482 million in pre-tax […]

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Credit Suisse has made sweeping changes to its senior management following the suspension of its Greensill supply chain finance funds and a US$4.7 billion write-down linked to hedge fund Archegos Capital’s crash. It has predicted a grim impact on its 1Q21 financial performance, which could amount to a loss of CHF 900 million (US$967 million). According to an announcement issued […]

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Credit Suisse Group’s board of directors has appointed a new CEO for asset management, following the suspension earlier this month of Greensill Capital-backed supply chain finance funds. In addition, the asset management business will be broken off from the International Wealth Management (IWM) division and be managed separately. Ulrich Körner will become CEO AM and a member of the executive […]

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Credit Suisse APAC recorded a 17% YoY increase in revenue generated across all banking segments in 2020, with AUM up from US$227 to US$251 billion YoY. Credit Suisse Group CEO Thomas Gottstein pointed out that the 2020 business performance is more accurately reflected by looking at the combination of AUM, assets under custody and net loans — instead of purely […]

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Credit Suisse Group AG is doubling down on its wealth management-related businesses by expanding its coverage base, extending its offerings to clients, while aiming to drive growth in its underlying business, the Swiss bank told investors. “We are outlining our ambitious and achievable growth agenda for 2021 and beyond, including broad-based investment initiatives to accelerate growth in our WM-related businesses […]

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Credit Suisse has picked the chief executive of Lloyds Banking Group as its next chairman to succeed Urs Rohner, who has fulfilled his 12-year statutory term at the board. António Horta-Osório has been proposed by the Swiss bank’s board of directors as the next chairman to head its board. His election will take place at the next annual general meeting […]

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Credit Suisse recorded 29% YoY growth in 3Q20 revenue generated in the Asia Pacific region, across all banking segments. The region now accounts for 20% of the overall revenue of the group. The Swiss lender reported its 3Q20 results on Thursday with an overall pretax income (PTI) down 30% YoY, mainly on account of the one-off InvestLab gain of CHF […]

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Credit Suisse has reported resilient 1Q20 earnings, with its Asia-Pacific business delivering the strongest earnings growth to date, despite a downtick in its AUM. In its press release issued today, the group acknowledged wide-range challenges since the outbreak of the COVID-19 pandemic, but added that its 1Q20 results were “supported by a strong contribution from the private banking franchises, with […]

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Credit Suisse has become the latest bank to get the green light from Chinese regulators to take a majority shareholding in its onshore securities joint venture, Credit Suisse Founder Securities Limited. The Swiss bank will increase its holding from 33.3% to 51% following approval from the China Securities Regulatory Commission — a development the bank described as a “major milestone” […]

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The sordid spy scandal that has engulfed Credit Suisse for months and set CEO Tidjane Thiam and chairman Urs Rohner on a collision course has claimed the scalp of Thiam, whose decision to resign was unanimously accepted by the bank’s board of directors. That’s despite major shareholders lobbying up until the last minute to keep Thiam in the role he […]

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