Investor anxiety over Credit Suisse has sent its shares tumbling over recent days , but short sellers appear to be eyeing another European bank, data shows. Paris-headquartered BNP Paribas was the most shorted European banking stock as of Monday, with a total of $1.68 billion in bets against the bank’s shares, according to data from S3 Partners. Short-sellers profit when stocks fall. They borrow shares to immediately sell them and plan to buy them back when the price is lower, making a profit from the difference. More than 3.66% of traded shares in BNP Paribas were used to short it — the highest percentage among 17 banks for which data is available, according to the data analytics firm S3. While shares in the French bank have already fallen by 28% this year, most analysts still have a buy rating on BNP Paribas, according to FactSet, with analysts giving the stock an average upside of 52%. Meanwhile, Credit Suisse was the eighth-most shorted European bank, with 2.42% of its floated shares used to bet against it. Shares in the bank pared losses after plunging as much as 10% on Monday. Over the year to date, Credit Suisse shares are down over 55%. The Financial Times reported Monday that the Swiss bank’s executives were in talks with its major investors to reassure them amid rising concerns over the lender’s financial health. In a statement on Monday, Credit Suisse told CNBC that it will provide an update on its strategy review when the bank releases its third-quarter results on Oct. 27. “It would be premature to comment on any potential outcomes before then,” it said. In a separate memo obtained by CNBC, Credit Suisse’s CEO urged people not to confuse “our day-to-day stock price performance with the strong capital base and liquidity position of the bank.” Data shows that the Swiss bank had the second-largest increase in short-selling activity in September, with $167 million being bet against the shares. “With its recent market volatility we should see continue short selling in the stock as traders look to increase their exposure,” a research note from S3 Partners said. Italian investment bank Mediobanca and Germany’s Commerzbank were the second and third most shorted stocks, respectively, according to S3.
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Credit Suisse is not about to cause a Lehman moment, economist Sri-Kumar says
Worries are mounting over Credit Suisse’s financial health — but that doesn’t mean markets are headed toward a “Lehman moment,” said the president of Sri-Kumar Global Strategies.
“I think the Federal Reserve is going to have to face the consequences of a credit event” if it were to occur, Komal Sri-Kumar told CNBC’s “Squawk Box Asia” on Monday. “Something is going to break.”
“This may or may not be a Lehman moment,” he said, referring to the collapse of Lehman Brothers in 2008, which triggered a string of big Wall Street bailouts and a subsequent financial crisis.
Over the weekend, several media outlets reported that Credit Suisse sought to assuage investors’ concerns over its financial health — the Swiss bank reportedly contacted its biggest clients after its credit default swaps rose sharply.
CDSs are essentially insurance bets against defaults and a credit event refers to a negative and sudden change in the borrower’s ability to repay its debt.
A long-time critic of the Fed’s approach to the rise of prices, Sri-Kumar said the latest events surrounding Credit Suisse shows the “real danger of having miscalculated inflation for such a long time.”
“They are trying to make up for it by doing everything in a hurry,” he said, referring to the Fed’s continued hawkish policy and pledge to continue hiking interest rates to tamp down on inflation.
In the Fed’s latest monetary policy meeting in September, the central bank raised its benchmark rate by three-quarters of a percentage point and indicated it will keep raising rates well above the current level.
Sri-Kumar said such attempts at controlling inflation is dangerous for markets worldwide.
“It carries an enormous amount of risk to the global system in terms of what the various central banks are doing,” he said.
The latest reports of Credit Suisse’s actions to calm concerned investors could point to an eventual shift in the Fed’s direction, said John Vail, chief global strategist at Nikko Asset Management.
“The silver lining at end of this period, is the fact that central banks will probably start to relent some time as both inflation is down and financial conditions worsen dramatically,” he said on CNBC’s “Squawk Box Asia” Monday.
“I don’t think it’s the end of the world, but it could get scary for the next quarter or so,” he said.
Credit Suisse seeking to assure investors amid financial concerns: FT
A Swiss flag flies over a sign of Credit Suisse in Bern, Switzerland
FABRICE COFFRINI | AFP | Getty Images
Credit Suisse executives are in talks with the bank’s major investors to reassure them amid rising concerns over the Swiss lender’s financial health, the Financial Times reported, citing people involved in the discussions.
One executive involved in the talks told the Financial Times that teams at the bank were actively engaging with its top clients and counterparties over the weekend, adding that they were receiving “messages of support” from top investors.
Shares of Credit Suisse touched fresh lows last week. The stock is down about 55% year-to-date.
Spreads of the bank’s credit default swaps (CDS), which provide investors with protection against financial risks such as default, rose sharply Friday. They followed reports the Swiss lender is looking to raise capital, citing a memo from its Chief Executive Ulrich Koerner.
FT said the executive denied reports that the Swiss bank had formally approached its investors about possibly raising more capital, and insisted Credit Suisse “was trying to avoid such a move with its share price at record lows and higher borrowing costs due to rating downgrades.”
The bank told Reuters that it’s in the process of a strategy review that includes potential divestitures and asset sales, and that an announcement is expected on Oct. 27, when the bank releases its third-quarter results.
Credit Suisse has also been in talks with investors to raise capital with various scenarios in mind, Reuters said, citing people familiar with the matter as saying it includes a chance that the bank may “largely” exit the U.S. market.
The latest from Credit Suisse signals a “rocky period” ahead but it could lead to a change in the U.S. Federal Reserve’s direction, said John Vail, chief global strategist at Nikko Asset Management, on CNBC’s “Squawk Box Asia” on Monday.
“The silver lining at end of this period is the fact that central banks will probably start to relent some time as both inflation is down and financial conditions worsen dramatically,” Vail said. “I don’t think it’s the end of the world.”
“We struggle to see something systemic,” analysts at Citi said a report about the possible “contagion impact” on U.S. banks by “a large European bank.” The analysts did not name Credit Suisse.
“We understand the nature of the concerns, but the current situation is night and day from 2007 as the balance sheets are fundamentally different in terms of capital and liquidity,” the report said, referring to the financial crisis that unraveled in 2007.
“We believe the U.S. bank stocks are very attractive here,” the report said.
Read the full Financial Times report here.
America gained 2.5 million new millionaires last year, according to Credit Suisse report
As many as 5.2 million people became millionaires last year, with nearly half in the United States alone, according to Credit Suisse’s latest annual wealth report.
“This is the largest increase in millionaire numbers recorded for any country in any year this century,” it said.
Worldwide, the total number of millionaires stood at 62.5 million at the end of 2021, Credit Suisse estimated.
The report, which was released Tuesday, found that aggregate global wealth totaled $463.6 trillion at the end of last year, jumping 9.8%.
Unsurprisingly, the top two economies — the United States and China — saw the biggest gains in household wealth, followed by Canada, India, and Australia.
Each country was likely helped by significant rises in economic output in 2021, combined with “vigorous” activity in their respective housing or stock markets, the bank said.
This once again exacerbated global inequality, which has already worsened significantly throughout the pandemic.
2020 saw a historic setback in the fight against global poverty, with the number of the world’s poorest rising for the first time in over 20 years, according to the World Bank.
While overall poverty has since slid down slightly again, the institution estimates that tens of millions more people could still be living in extreme poverty this year than previously thought, “due to the lingering effects of the pandemic, the war in Ukraine, and rising inflation.”
That stands in sharp contrast to the world’s most fortunate, even if they aren’t immune to those factors.
Last year, the wealth share of the top 1% “rose for a second year running,” Credit Suisse said in its report. Those individuals accounted for 45.6% of the world’s wealth in 2021.
Credit Suisse looking at cutting around 5,000 jobs -source
A logo is pictured on the Credit Suisse bank in Geneva, Switzerland, June 9, 2022. REUTERS/Denis Balibouse
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ZURICH, Sept 2 (Reuters) – Credit Suisse (CSGN.S) is considering cutting around 5,000 jobs, about one position in 10, as part of a cost reduction drive at Switzerland’s second-biggest bank, a source with direct knowledge of the matter told Reuters.
The scale of the potential job cuts underlines the challenge facing Credit Suisse and new chief executive Ulrich Koerner, who is seeking to put the bank back on an even keel after a string of scandals.
The bank declined to comment beyond repeating that it would give an update on its strategy review with its third-quarter earnings, saying that any reporting on outcomes was speculative.
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Credit Suisse has dubbed 2022 a “transition” year with a change of guard, restructuring to curtail risk-taking in investment banking and bulking up wealth management.
The Zurich-based bank has dismissed speculation that it could be bought or broken up.
The discussions about job cuts are ongoing and the number of reductions could still change, the source said. Swiss newspaper Blick earlier reported that more than 3,000 jobs would be shed.
Credit Suisse has already said it will cut costs below 15.5 billion Swiss francs ($15.8 billion) in the medium term, versus an annualised 16.8 billion francs this year.
So far, it has not outlined job cuts.
Koerner, promoted to CEO just over a month ago, has been given the task of paring back investment banking and cutting more than $1 billion in costs to help the bank recover from a string of setbacks and scandals.
His strategic review, the second in less than a year, will evaluate options for the bank, while reaffirming its commitment to serving wealthy customers.
The Swiss lender is under increasing pressure to turn around the business and improve its financial resilience.
“Cutting cost is the easiest immediate step it can take. But it’s not a strategy,” said Andreas Venditti, an analyst with Vontobel. “You can end up in a vicious circle, where jobs are cut, service declines and customers leave.”
Venditti highlighted another conundrum: “Should restructuring costs, including from job cuts, run into the billions, the bank may also need to raise more capital.”
Analysts at Deutsche Bank estimate that it may need to bolster capital by 4 billion Swiss francs to shore up its buffers and fund the revamp.
Koerner, 59, a restructuring expert, succeeded Thomas Gottstein as CEO in August after a tumultuous two years punctuated by huge losses, a rare court conviction for the bank in Switzerland and a 40% plunge in its shares.
Between April and June, the bank chalked up a 1.59 billion Swiss franc loss, as legal costs mounted. Its investment bank alone lost 1.12 billion Swiss francs before tax.
Twin hits – a $5.5 billion loss on the default of U.S. family office Archegos Capital Management and the shuttering of $10 billion of supply chain finance funds linked to collapsed British financier Greensill – have also beset the bank.
In June, Credit Suisse was also convicted of failing to prevent money laundering by a Bulgarian cocaine trafficking gang in Switzerland’s first criminal trial of one of its major banks. It is appealing against the conviction.
In a sign that Credit Suisse expects an improvement in its fortunes, a senior executive told Reuters that it is still betting big on China and plans to launch a wealth business there next year. read more
The bank aims to start offering wealth management services in China next year on the back of securing full ownership of its local securities venture.
($1 = 0.9825 Swiss francs)
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Reporting by Oliver Hirt, writing by Michael Shields; Editing by Elisa Martinuzzi, John O’Donnell, Alexander Smith and Jane Merriman
Our Standards: The Thomson Reuters Trust Principles.
Credit Suisse chairman denies plans to sell or raise capital after mammoth loss
Speculation has emerged in recent months that Credit Suisse may be considering a capital raise.
Thi My Lien Nguyen | Bloomberg | Getty Images
Credit Suisse Chairman Axel Lehmann denied any intention to sell or merge the embattled Swiss lender after it reported a massive second-quarter loss.
The bank posted a net loss of 1.593 billion Swiss francs ($1.66 billion) on Wednesday and announced the immediate resignation of CEO Thomas Gottstein, who will be replaced by asset management CEO Ulrich Koerner.
Credit Suisse vowed to ramp up its efforts to overhaul the group’s structure in the wake of mounting losses and a string of scandals — most notably the Archegos hedge fund collapse — that have resulted in substantial litigation costs.
Speculation has emerged in recent months that Credit Suisse may be considering a capital raise and even a possible sale of the company, but Lehmann told CNBC’s Geoff Cutmore Wednesday that neither was in the cards.
“On capital, we reported, despite the loss today, a CET1 ratio of 13.5%. I am happy to see that number and we will guide the market also, in light of the uncertainty, that we are certainly going to defend our CET1 ratio until the end of the year, between 13 and 14%,” Lehmann said. CET 1, or common equity tier one capital, ratio is a measure of a bank’s solvency.
“So I think we are good on that one, and we will manage that very, very tightly.”
He also branded some of the speculation — such as the suggestion in a Swiss blog early last month that U.S. bank State Street could be readying a takeover bid for Credit Suisse — as “quite ridiculous.”
Asked if he had any plans to sell the company or merge with another bank, Lehmann said “that is a clear no.”
Credit Suisse has launched a strategic review as it looks to cut costs, redirect its wealth and asset management operations and overhaul its compliance and risk management functions.
In Wednesday’s earnings report, the bank said it will provide further details on the progress of the review in the third quarter.
“We will be even more focused going forward on our wealth management franchise, multi-specialist asset manager and the very, very strong Swiss business,” Lehmann said.
“We will have a highly competitive banking business and we will align the markets business better to serve the needs of our wealth management and Swiss clients.”
He added that the board wishes to bring down its absolute cost base to less than 15.5 billion Swiss francs in the medium term.
However, Lehmann refused to be drawn on how many job losses this will entail, instead promising more detailed plans for the cost-cutting strategy in the third-quarter earnings.
Credit Suisse expected to announce Koerner as CEO, latest change at helm – sources
July 26 (Reuters) – Credit Suisse Group AG (CSGN.S) is expected to announce Ulrich Koerner as its new chief executive, the latest management churn at the Swiss bank as it struggles to recover from a series of scandals, two sources familiar with the situation said on Tuesday.
Pressure had been mounting on current CEO Thomas Gottstein for months over major scandals and losses racked up during his two-year tenure that have hammered shares and angered investors. In recent months some investors had called for replacing Gottstein, but the bank resisted.
Another senior executive, Christian Meissner, head of the lender’s investment bank, is also planning to leave the group, the Financial Times reported.
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One of the sources said the bank was expected to announce the change in CEO on Wednesday along with its quarterly results.
Credit Suisse declined to comment. Meissner did not respond to requests for comment from Reuters.
When Gottstein took the helm in 2020, he promised a “clean slate” for the bank, which was recovering from an internal spying scandal that cost his predecessor Tidjane Thiam his job.
Since Thiam left in February 2020, the stock is down nearly 60% and troubles at the bank have only escalated. In 2021, the bank disclosed a $5.5 billion loss from the unraveling of U.S. investment firm Archegos and the collapse of $10 billion worth of supply chain finance funds. The events prompted management ousters, investigations, and a capital increase – followed by further losses and fresh legal cases. read more
Credit Suisse brought in Koerner in April 2021 to lead its newly separated asset management division following the collapse of the $10 billion worth of supply chain finance funds linked to insolvent financier Greensill Capital.
Koerner returned to Credit Suisse from arch-rival UBS, where he most recently served as adviser to the CEO from 2019 to 2020. He ran UBS Asset Management from 2014 to 2019. Koerner was previously a senior executive at Credit Suisse Financial Services and ran the Swiss business. read more
Koerner, who used to work for McKinsey, is considered a restructuring expert in Switzerland.
Nevertheless, the appointment would follow other major European banks where diversity at the top has been lacking. The 25 biggest banks by assets have seen 22 changes in chief executive and chair over the past two years according to a Reuters review of senior industry roles. Twenty-one of those 22 jobs went to men. read more
This spring, Credit Suisse’s chairman Axel Lehmann reiterated his support for Gottstein after Artisan Partners, the bank’s ninth-largest shareholder, had publicly called for Gottstein to be replaced. read more
“I fully back him because he is good,” Lehmann said in a CNBC interview at the World Economic Forum meeting in Davos. He dismissed as “rumors and speculations” talk that Gottstein could be on his way out.
The WSJ earlier reported that Gottstein may soon be replaced, days after Swiss newspaper SonntagsZeitung reported the bank is considering further cost cuts. read more
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Reporting by Oliver Hirt in Zurich, Shivam Patel in Bengaluru and Elisa Martinuzzi in London; Additional writing by Megan Davies; Editing by Devika Syamnath and Richard Pullin
Our Standards: The Thomson Reuters Trust Principles.
Credit Suisse found guilty in cocaine cash laundering case
BELLINZONA, Switzerland, June 27 (Reuters) – Credit Suisse (CSGN.S) was convicted by Switzerland’s Federal Criminal Court on Monday of failing to prevent money-laundering by a Bulgarian cocaine trafficking gang in the country’s first criminal trial of one of its major banks. read more
A former employee was found guilty of money-laundering in the trial, which included testimony on murders and cash stuffed into suitcases and is seen as a test case for prosecutors taking a tougher line against the country’s banks.
The ruling marks another headache for Switzerland’s second-biggest bank, which has been reeling from billions in losses racked up via risk-management and compliance blunders.
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Federal prosecutor Alice de Chambrier welcomed the verdict as “good for transparency”.
Both Credit Suisse and the former employee had denied wrongdoing.
Credit Suisse said it would appeal against the conviction. read more
The judges looked at whether Credit Suisse and the former employee did enough to prevent the cocaine trafficking gang from laundering profits through the bank from 2004 to 2008. read more
The court said on Monday it found deficiencies within Credit Suisse both with regard to the management of client relations with the criminal organisation and with regard to the monitoring of the implementation anti-money laundering rules.
“These deficiencies enabled the withdrawal of the criminal organisation’s assets, which was the basis for the conviction of the bank’s former employee for qualified money laundering,” the court said.
“The company could have prevented the infringement if it had fulfilled its organisational obligations,” the presiding judge said in handing down the verdict, adding that the former employee’s superiors had been “passive”.
Credit Suisse said the case arose from a investigation that dated back more than 14 years.
“Credit Suisse is continuously testing its anti-money laundering framework and has been strengthening it over time, in accordance with evolving regulatory standards,” the bank said.
“Generating compliant business growth in line with legal and regulatory requirements is key for Credit Suisse.”
Credit Suisse was fined 2 million Swiss francs ($2.1 million). The court also ordered the confiscation of assets worth more than 12 million francs that the drug gang held in accounts at Credit Suisse, and ordered the bank to relinquish more than 19 million francs — the amount that could not be confiscated due to internal deficiencies at Credit Suisse.
The court handed the former employee, who cannot be named under Swiss privacy laws, a suspended 20-month prison sentence and a fine for money laundering.
The presiding judge said she had failed to fulfil her role in the bank’s “first line of defence”.
The former banker’s attorney said she would appeal against the “unfounded and unfair decision”, noting she had not made any financial gain.
“This judgment places the responsibility for money laundering on people without any serious training or experience,” her attorney said.
Credit Suisse shares closed up 0.4%, while the European banking sector index (.SX7P) rose 0.3%. They are down more than 40% in the past year.
LEGAL ACTION
Corruption and money laundering experts had said the fact that Switzerland had taken legal action against a global banking player like Credit Suisse could send a powerful message in a country famous for its banking industry.
“This has the potential to be a watershed moment for Switzerland,” Mark Pieth, a money laundering expert at the University of Basel, said on the eve of the trial.
“What is significant about this case is that Switzerland is taking legal action against a company and not just any company – Credit Suisse is one of the jewels in the Swiss crown.”
Swiss private banks have adopted tougher anti-money laundering checks after an international regulatory crackdown to prevent money laundering.
Under Swiss law, a company can be held liable for inadequate organisation or failing to take all reasonable measures to prevent a crime from happening.
In the Credit Suisse case, prosecutors alleged the former relationship manager helped to conceal the criminal origins of money for clients through more than 146 million Swiss francs in transactions, including 43 million francs in cash, some of it stuffed into suitcases. read more
The relationship manager, who left Credit Suisse in 2010, was not in the courtroom on Monday.
During court hearings in February, the former relationship manager said Credit Suisse learned of murders and cocaine smuggling allegedly connected to the Bulgarian gang but continued to manage cash that became the focus of the trial.
The former banker said during the hearings she informed her managers about events, including two murders, associated with the clients, but that they decided to pursue the business nonetheless.
Credit Suisse has disputed the illegal origin of the money, saying that a former Bulgarian wrestler and his circle operated legitimate businesses in construction, leasing and hotels.
($1 = 0.9594 Swiss francs)
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Reporting by Paul Carrel, Additional reporting by Brenna Hughes Neghaiwi and John O’Donnell; Editing by Michael Shields and Jane Merriman
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Credit Suisse issues profit warning for second quarter
A sign above the entrance to the Credit Suisse Group AG headquarters in Zurich, Switzerland, on Monday, Nov. 1, 2021.
Thi My Lien Nguyen | Bloomberg | Getty Images
Credit Suisse said on Wednesday that it is likely to post a loss for the second quarter as the war in Ukraine and monetary policy tightening squeeze its investment bank.
In a trading update early Wednesday morning, the embattled lender said the geopolitical situation, significant monetary tightening from major central banks in response to soaring inflation, and the unwinding of Covid-19 era stimulus measures had caused “continued heightened market volatility, weak customer flows and ongoing client deleveraging, notably in the APAC region.”
Credit Suisse said despite the trading revenues benefiting from the spike in volatility, the impact of these conditions, combined with “continued low levels of capital markets issuance” and widening credit spreads, have “depressed the financial performance” of the investment bank in April and May.
This is “likely to lead to a loss for this division as well as a loss for the Group in the second quarter of 2022,” the trading update said.
Credit Suisse has endured a string of scandals and mishaps in recent years, leading some shareholders to call for a change in leadership. Chairman Axel Lehmann told CNBC in May, however, that CEO Thomas Gottstein has his full backing to continue with the “rebuilding” of the company.
Gottstein took the reins in 2020 following the resignation of predecessor Tidjane Thiam over a protracted spying scandal.
The bank reported a net loss for the first quarter of 2022 and announced a management reshuffle as it continues to grapple with litigation costs relating to the Archegos hedge fund collapse.
“We would note that our reported earnings will also be affected by continued volatility in the market value of our 8.6% investment in Allfunds Group,” the bank added.
Spanish wealthtech platform Allfunds Group, which launched on the Euronext Amsterdam in April 2021, has seen its share price plunge 52% year-to-date.
Credit Suisse said 2022 will remain a year of “transition” for the bank, vowing to accelerate cost-cutting across the group, and will provide further details at its Investor “Deep Dive” on June 28.
The bank aims to operate a group common equity tier one capital ratio, a measure of bank solvency, of 13.5% in the near-term, in line with its goal of 14% by 2024.
EXCLUSIVE Credit Suisse weighs options to strengthen capital – sources
The logo of Swiss bank Credit Suisse is seen at its headquarters at the Paradeplatz square in Zurich, Switzerland October 1, 2019. REUTERS/Arnd Wiegmann/File Photo
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ZURICH, May 30 (Reuters) – Credit Suisse (CSGN.S) is in the early stages of weighing options to bolster its capital after a string of losses have eroded its financial buffers, two people with knowledge of the matter told Reuters.
The size of the increase would be likely to exceed 1 billion Swiss francs ($1.04 billion), but this has not yet been determined, said one of the people, who declined to be named because the deliberations are still internal.
The cash injection would help Switzerland’s second-biggest bank to recover from billions of losses in 2021 and a series of costly legal headaches.
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Selling shares to some of its major existing investors is the preferred option, but Credit Suisse has not ruled out tapping all shareholders, this person said.
A sale of a business, such as Credit Suisse’s asset management division, is also a possibility, the other person said. The bank had not yet decided on any potential action, they said. Any transaction was envisaged for the second half of this year.
“Credit Suisse is currently not considering raising additional equity capital,” the bank said in a statement.
“The Group is robustly capitalised with a CET1 ratio of 13.8% and a CET1 leverage ratio of 4.3%. Asset Management is an essential part of our group strategy presented last November, with four core divisions.”
The CET1 ratio is a key gauge of a bank’s financial strength.
DEBT DOWNGRADES
Credit Suisse is reeling from billions in losses racked up in 2021 via failed investments, plus the impact of multiple legal cases, including a Bermuda court case that could cost around $600 million. read more
The bank has been trying to reform its risk management culture and also turn the page on a series of scandals, which have prompted several waves of management shake-ups, abrupt departures, and internal and external investigations.
The bank’s shares have fallen by more than a fifth in the past year.
Fitch and Standard & Poors both downgraded their debt ratings for Credit Suisse this month. read more
One of the sources said Swiss financial watchdog FINMA’s annual assessment of big Swiss banks had marked Credit Suisse at 4, unchanged from last year, the lowest possible grade.
One of the watchdog’s main concerns was capitalisation at group level, this source said.
FINMA declined to comment.
The deliberations over a capital boost come only a year after the Swiss bank raised around 1.75 billion Swiss francs from investors via mandatory convertible notes. read more
In April, Credit Suisse had played down the need for fresh capital even as it reported a first-quarter loss that intensified its financial pain. read more
Credit Suisse executives said at the time capital could remain constrained over the next six months as the bank continues to make significant outlays towards compliance and risk, but a source familiar with the matter said a capital increase was not under consideration at the time.
The bank’s core capital ratio weakened to 13.8% at the end of the first quarter 2022 from 14.4% at the end of 2021.
But a new capital increase would bolster Credit Suisse’s balance sheet and also send a positive signal. If well-known investors provided the bank with new cash, this could be seen as a sign of confidence, one of the sources said.
($1 = 0.9572 Swiss francs)
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Reporting by Oliver Hirt. Editing by Jane Merriman
Our Standards: The Thomson Reuters Trust Principles.