| Sunday | ||||
Credit Suisse could cut… Credit Suisse could cut "hundreds" of jobs as the lender mulls different savings plans that would allow it to reach its profit targets, which didn't say where it obtained the information, Bloomberg's Albertina Torsoli reports, citing the SonntagsZeitung. CEO Thomas Gottstein is mulling thinning out the Zurich-based bank's domestic branch network after the novel coronavirus crisis gave its online operations a boost, and could reverse a decision by his predecessor, Tidjane Thiam, to split the investment bank into a Global Markets division and an Investment Banking & Capital Markets one, the newspaper said. Merging the investment bank's activities would make it easier to cut jobs, SonntagsZeitung said. []:[https://www.bloomberg.com/news/articles/2020-07-12/credit-suisse-may-cut-hundreds-of-jobs-sonntagszeitung-says?sref=8QBk7toa] | ||||
| Over a week ago | ||||
JPMorgan analyst Kian… JPMorgan analyst Kian Abouhossein raised the firm's price target on Credit Suisse to CHF 11.80 from CHF 11 and keeps a Neutral rating on the shares. | ||||
Morgan Stanley analyst… Morgan Stanley analyst Magdalena Stoklosa raised the firm's price target on Credit Suisse to CHF 12 from CHF 11 and keeps an Overweight rating on the shares. | ||||
UBS analyst Daniele… UBS analyst Daniele Brupbacher downgraded Credit Suisse to Neutral from Buy with a CHF 10.90 price target. | ||||
Deutsche Bank analyst… Deutsche Bank analyst Benjamin Goy placed a "Catalyst Call buy idea" on Credit Suisse as a short-term investment idea. The analyst likes the bank's combination of "high gearing to recovering" assets under management driving fee income in wealth and asset management, comparatively low credit risk and "solid" capital ratios, enabling the payment of 2019 dividend outside of Switzerland. In addition, Credit Suisse's investment bank offers additional upside with an expected strong performance in Q2, Goy tells investors in a research note. These factors should help Credit Suisse to outperform European peers "while still trading at a significant discount," says the analyst. | ||||
Deutsche Bank analyst… Deutsche Bank analyst Benjamin Goy raised the firm's price target on Credit Suisse to CHF 11 from CHF 10 and keeps a Buy rating on the shares. | |
Credit Suisse (CS) said… Credit Suisse (CS) said it has initiated an internal review into funds it manages that have invested in billions of dollars worth of securities sold by a firm backed by SoftBank (SFTBY), the Wall Street Journal's Julie Steinberg and Duncan Mavin report. The four funds in question invest mainly in securities seeded by Greensill Capital, the authors note. A Credit Suisse spokesman said it was "reviewing certain aspects of the matter, as is standard practice in similar circumstances." "We have read reports about a procedural matter surrounding certain investment funds at Credit Suisse," a spokesman for Greensill said, adding that the firm "is not involved in this process as it is an internal matter" for the bank and that Greensill "continues to enjoy a very strong relationship with Credit Suisse as we have done for a number of years," according to the Journal. Reference Link | |
Credit Suisse Group (CS)… Credit Suisse Group (CS) and other lenders won court orders to liquidate tens of millions of dollars in Luckin Coffee (LK) stock owned by Chairman Charles Lu after Lu defaulted on a margin loan facility, Jing Yang of Wall Street Journal reports. The Grand Court of the Cayman Islands ruled in favor of the lenders, which are owed $324M, according to Yang. An accompanying windup order, which was delivered on June 16 and viewed by The Wall Street Journal, ruled a total of 131.25M class B shares held by Primus Investments Fund, an entity controlled by Lu's family trust, be transferred within two business days to KPMG for liquidation. Lu controlled about 36.8% of Luckin's voting rights as of March this year, Yang notes. Shares of Luckin Coffee closed Friday down 14c to $3.82. Reference Link | |
Barclays analyst Amit… Barclays analyst Amit Goel raised the firm's price target on Credit Suisse to CHF 8 from CHF 7 and keeps an Underweight rating on the shares. |
| Over a month ago | ||||
SoftBank (SFTBY) has… SoftBank (SFTBY) has quietly poured more than $500M into Credit Suisse (CS) investment funds that in turn made big bets on the debt of struggling start-ups backed by the Japanese technology conglomerate's Vision Fund, The Financial Times' Robert Smith and Arash Massoudi report. SoftBank made the investment into the Swiss bank's $7.5B range of supply-chain finance funds, said three people familiar with the matter. Reference Link | ||||