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.
Who killed the crypto boom?
It has been a shocking year for crypto investors, the year that crypto came crashing down to earth.
What began as a trickle became a turning point for crypto, losing their luster and exposed as a fringe product that most sensitive, experienced investors approached with skepticism.
So how did crypto climb so high under the cover of the pandemic?
By 2022, the ads were everywhere. Crypto was taking over the superbowl, and global sport.
Hollywood’s biggest names were jumping on board, and suddenly the big banking firms were taking notice.
The tokens might have been virtual, but crypto was become a real threat, and of real interest to next gen investors. #crypto #ftx #bitcoin
U.S. Judge dismisses Dfinity-Meta trademark case
Meta has resolved a trademark lawsuit with Dfinity Foundation
Dfinity sued Meta over the infinity symbol logo that Meta adopted after changing its name from Facebook.
Dfinity alleged that the logo would cause confusion with Dfinity’s infinity-symbol trademarks.
The two parties have asked the San Francisco federal court to dismiss the case with prejudice.
Meta is still facing trademark lawsuits from Meta X and Metacapital over its name change. #Dfinity #Meta
Elon Musk’s Tesla was blasted into space five years ago
Musk’s Tesla is currently floating through the galaxy
Exactly five years ago,Elon Musk’s Tesla roadster was launched into space to travel on an endless joy ride through the cosmic wilderness.
And how’s this for a journey.
On its anniversary, estimates suggest the vehicle has completed three and one quarter loops around the sun and is sitting 326 kilometres from Earth.
It’s also logged up more than 4 billion kilometres, mostly travelling through a barren vacuum.
In space terms, it did get close to Mars at one point – passing within 8 million ks of the planet – or about 20 times the distance between the Earth and the moon.
Although, it’s difficult to say where the vehicle is exactly with or whether it’s still even in one piece.
It is possible the roadster may have been hit by a meteoroid or eroded by radiation. #trending #fetured
Titanic is coming back to the big screen
Russia suffers its deadliest day on the battlefield
Fawlty Towers is returning to our screens
Crypto.com accidentally transfers $10.5m to woman instead of $100
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