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CS News Highlights
- CS's 30 day story count now stands at 20.
- Over the past 2 days, the trend for CS's stories per day has been choppy and unclear. It has oscillated between 4 and 11.
- The most mentioned tickers in articles about CS are UBS, AG and COCO.
Latest CS News From Around the Web
Below are the latest news stories about CREDIT SUISSE GROUP AG that investors may wish to consider to help them evaluate CS as an investment opportunity.
Switzerland's parliament announced on Wednesday the 14 members of a special commission that will look into Credit Suisse's collapse and its subsequent rescue engineered by Swiss authorities. This is only the fifth time such a commission has been established in Switzerland's modern history. It follows a decision of two sub-committees last month to launch a deeper investigation into how the government, Swiss central bank and financial market regulator acted in the run up to the emergency rescue of Credit Suisse.
The acquisition “will be highly earnings accretive in the longer term,” says Morningstar analyst Johann Scholtz.
Olga Yung, Managing Director at Michael Page, a British-based recruiter, discusses future for Credit Suisse staff following the bank's takeover by UBS. She speaks with David Ingles on "Bloomberg Markets Asia".
(Bloomberg) -- Jefferies Financial Group Inc. is poised to hire Credit Suisse Group AG’s co-head of Asia Pacific equity capital markets syndicate Felicity Chan, according to people familiar with the matter.Most Read from BloombergElizabeth Holmes Objects to $250-a-Month Victim Payments After PrisonInstant Pot and Pyrex Maker Instant Brands Files BankruptcyTrump Urges Prosecutors to Drop Case, Offers Defense PreviewKen Griffin Ramps Up Credit Bets, Anticipating US RecessionPutin’s Economic Forum
(Bloomberg) -- The market for the riskiest type of bank debt in Europe is back open for business three months after the turmoil caused by a controversial wipeout of Credit Suisse Group AG’s bonds.Most Read from BloombergElizabeth Holmes Objects to $250-a-Month Victim Payments After PrisonInstant Pot and Pyrex Maker Instant Brands Files BankruptcyUS Inflation Slows, Giving Room for Fed to Pause Rate HikesPutin’s Economic Forum Puts Russia’s Isolation on DisplayAmericans Say They Need $2.2 Million
Credit Suisse has asked London’s High Court to strike out a lawsuit brought by Mozambique over the bank’s role in the $2bn “tuna bonds” scandal, claiming failures to disclose government documents mean there cannot be a fair trial. The Swiss bank and other parties are defending a lawsuit brought by the Republic of Mozambique, one of the world’s poorest countries, over their role in arranging $2bn of loans and bond issues for the country in 2013, ostensibly to fund projects including a state tuna fishery. A civil trial is due to start in the High Court in September.
UBS Group (UBS) eliminates numerous senior Credit Suisse executives post the merger of the companies. Further staffing reductions are expected in the upcoming weeks.
Swiss cheese is full of holes. Credit Suisse AT1s — a form of contingent convertible bonds or cocos — were wiped out when UBS was strong-armed into taking over its weaker rival. The risk of a repeat performance raised secondary market yields and halted issuance.
In a first since the rescue of Credit Suisse, Spain's BBVA and Bank of Cyprus tested demand for euro-denominated contingent convertible (CoCo) bonds on Tuesday. A decision by the Swiss regulator in March to write down $17 billion of Credit Suisse additional tier one bonds (AT1s) as part of a forced takeover by UBS roiled the market, leaving investors uncertain about its future.
CEO Sergio Ermotti recently cautioned of a “bumpy” road ahead as UBS begins the complex process of integrating the two companies’ global operations.