Battered by years of scandals, Credit Suisse seeks $4bn in funding

Published

3 years ago

October 28, 2022

Reuters

Battered by years of scandals, Credit Suisse unveils plans to raise 4 billion Swiss francs by selling stock while slashing thousands of jobs

Battered by scandals, Credit Suisse said it would take drastic measures to recover from a heavy run of losses.

The lender plans to raise $4 billion by selling stock.

It will also cut thousands of jobs and spin off its investment bank.

The Swiss lender has been hit by years of scandals and made a $4 billion loss in the third quarter.

That was due in large part to write-offs linked to its investment banking overhaul.

The lender called its plan a “blueprint for success”.

Investors were not convinced, though, and the bank’s stock dropped around 14% early Thursday.

Credit Suisse said clients pulled funds in recent weeks at a pace that saw the lender breach some regulatory requirements for liquidity.

The group added that it was stable throughout.

The turnaround plan has many elements – it will cut 2,700 jobs or 5% of its workforce by the end of this year.

The Swiss bank said it also aims to separate out its investment bank.

It will focus on advisory work like mergers and acquisitions, and arranging deals on capital markets.

Saudi National Bank said it would invest up to $1.5 billion in Credit Suisse.

The latest revamp is the third attempt in recent years by successive CEOs to turn the group around.

Australia’s sharemarket set for weakest annual return in three years

Australia’s sharemarket set for weakest return in three years; gains from gold and critical minerals offset blue-chip losses.

Published

10 hours ago

December 22, 2025

Harvey Vargas

Australia’s sharemarket set for weakest return in three years; gains from gold and critical minerals offset blue-chip losses.

Australia’s sharemarket is on track for its weakest annual return in three years, with the S&P/ASX 200 Index expected to finish 2025 up around 6 per cent. Investors are feeling the impact of major losses from blue-chip companies, including Commonwealth Bank and CSL, which have dragged overall performance.

Despite the slow year, certain sectors provided a boost. Gains were largely driven by surging gold prices and rising interest in critical minerals, helping offset some of the losses from larger companies.

Smaller companies in the resources sector outperformed their larger counterparts, highlighting a shift in investor focus towards niche opportunities and high-demand commodities.

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Money

US stocks surge amid AI hype despite market volatility

US stock market bounced back, S&P 500 up 16% in 2023, driven by AI excitement amid policy uncertainties.

Published

12 hours ago

December 22, 2025

Harvey Vargas

US stock market bounced back, S&P 500 up 16% in 2023, driven by AI excitement amid policy uncertainties.

The US stock market has experienced a rollercoaster year, with the S&P 500 nearly entering a bear market in April due to tariff concerns. Investor sentiment shifted following policy changes from President Trump, setting the stage for a dramatic rebound.

By June, the S&P 500 was hitting new records, fueled by excitement over artificial intelligence and its impact on the tech sector. Corporate profit forecasts improved, contributing to an overall annual gain of 16%, despite ongoing market fluctuations.

Yet, the S&P 500 still trails international markets, reflecting lingering policy uncertainties in the US.

Investors are watching closely to see how domestic and global factors will shape the next year.

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Money

Stocks rally ahead of Thanksgiving as markets log four days of gains

Markets gain momentum ahead of Thanksgiving, with the Dow up 388 points and Oracle rising 4% amid investor optimism.

Published

4 weeks ago

November 27, 2025

Harvey Vargas

Markets gain momentum ahead of Thanksgiving, with the Dow up 388 points and Oracle rising 4% amid investor optimism.

Markets are moving into the Thanksgiving break with strong momentum, as stocks notch four straight days of gains. The Dow Jones Industrial Average jumped 388 points, while the S&P 500 added 0.9%, pushing both indexes toward their best week since June.

Oracle led major movers, rising more than 4% after Deutsche Bank reaffirmed its bullish outlook on the tech giant. Broad investor optimism continues building across sectors as economic data softens and earnings remain resilient.

All eyes are now on the Federal Reserve and what potential shifts in interest-rate policy may mean for the markets. U.S. markets will close Thursday for the Thanksgiving holiday and reopen Friday for a shortened trading session.

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