Skip to main content

Credit Suisse hit a new low.

 Shares in the bank have hit a new low after a report that a reg­u­lator is examin­ing com­ments by chair

Credit Suisse

Axel Lehmann over how much cli­ents had with­drawn. The renewed weak­ness in the stock fol­lowed a statement by Reu­ters that Finma was invest­ig­at­ing the accur­acy of com­ments made by Axel Lehmann to the Fin­an­cial Times on Decem­ber 1, and to Bloomberg a day later, in which he claimed out­flows had stead­ied and in some cases reversed. The com­ments by Lehmann came at a crit­ical time for the bank as it sought to raise SFr4bn of fresh cap­ital from share­hold­ers. Lehmann told the FT on Decem­ber 1 that out­flows had «com­pletely flattened out and . »

A day later, in an inter­view on Bloomberg TV, Lehmann said out­flows had «basic­ally stopped». The bank revealed in its full-year res­ults this month that out­flows con­tin­ued throughout Decem­ber and into Janu­ary across the group, though there were areas of the busi­ness that had net inflows, such as Switzer­land and Asia-Pacific region. Cus­tom­ers with­drew SFr111bn from the group in the final three months of 2022, with two-thirds of the out­flows com­ing in Octo­ber when the bank was the sub­ject of rumours on social media about its fin­an­cial health. The wealth man­age­ment busi­ness accoun­ted for SFr92.7bn of the out­flows in the quarter, sur­pass­ing the SFr61.9bn expec­ted by ana­lysts.

www.sba.tax

Labels:

Comments

  1. Maxwell22 February 2023 at 11:48

    Credit Suisse is probably going under. I don't see things turning around for them. They are way in over their heads at this moment.

    ReplyDelete
    Replies
    1. Abraham22 February 2023 at 13:22

      Yes and it's obvious their chair Axel Lehman has to lie about certain things in an attempt to salvage the bank. If people knew the truth then 90% of them would withdraw their money.

      Delete

Post a Comment

Cloud Bookkeeping

US FED rate rise.

  The US Federal Reserve officials have indicated that they plan to resume increasing interest rates to control inflation in the world's biggest economy. During the June meeting, the Federal Open Market Committee reached a consensus to keep interest rates stable for the time being to evaluate whether further tightening of policy would be necessary. However, the majority of the committee anticipates that additional rate increases will be required in the future. The minutes of the meeting have recently been made public. According to the minutes, most participants believed maintaining the federal funds rate at 5 to 5.25 per cent was appropriate or acceptable, despite some individuals wanting to raise the acceleration due to slow progress in cooling inflation. Although Fed forecasts predicted a mild recession starting later in the year, policymakers faced challenges in interpreting data that showed a tight job market and only slight improvements in inflation. Additionally, officials gr...
Post a Comment
Read more

EU business slide.

  S&P Global’s flash eurozone composite purchasing managers’ index, a key gauge of business conditions for the manufacturing and services sector, fell 1 point to 47.1, figures showed yesterday. That is its lowest level since November 2020 and the fourth consecutive month below the crucial 50 mark separating growth from contraction. One of the few bright spots in the survey was that companies in all sectors reported a slight easing of cost pressures, price growth and supply chain constraints. However, prices charged for goods and services still rose at the sixth fastest rate since such data started in 2002. Jobs growth increased marginally from October but remained low compared with the past 18 months. Following a few months of falling price pressure in manufacturing and services, the October print shows an overall stabilisation said Jens Eisenschmidt, chief European economist at Morgan Stanley. However, German businesses, at the hub of Europe’s energy crisis, reported that manu...
1 comment
Read more

EU debt reduction

  Brussels wants to give EU capitals extra time to curb their debts and create space for public investment as part of an overhaul of the EU’s deficit rules .  The European Commission would table a proposal at the end of the month to reform the Stability and Growth Pact ,  under which it would work out multi-year ,  country-specific plans with capitals for getting their debt burdens under control ,  EU officials said .  The proposals come as member states face mounting fiscal burdens as they spend hundreds of billions of euros sheltering businesses and households from the energy crisis .  Under the new blueprint ,  the commission would propose a four- or five-year plan to an EU member state to get its public debt burden on a credible ,  downward trajectory ,  officials said . The national fiscal plan would need to pass a debt sustainability analysis and be approved by the commission and EU council .  The new regime would ditch an EU ...
Post a Comment
Read more