Credit Suisse equities business under the microscope after revenue crash

From BlackRock to CBOE Global Markets, investors and trading firms were treated to fireside chats with guests such as former US President George W. Bush, networking by the lavish hotel's beachside pools, and fine dining.

At the Fontainebleau hotel, Credit Suisse bankers were puzzled by the announcements, and concerned about their jobs being on the line, said the executive, who declined to be named. "No business is viable when its revenues vanish and expenses continue," said Peter Hahn, emeritus professor of banking and finance at The London Institute of Banking & Finance."Cost-cutting and efficiency can improve the profitability of a leading or even marginal business, but not a failing business."

Credit Suisse latest results showed, however, that revenue from buying and selling stocks and bonds slumped by 88% in the last three months of 2022 from a year earlier. But keeping the equities business in its streamlined form has not been the only option the bank has considered, according to one of the people with knowledge of the matter and a third source, who declined to be named.

By comparison, revenue from equities trading at five major Wall Street banks only fell 10% on average in the same period.Even after Credit Suisse stopped financing hedge funds following the Archegos implosion in March 2021, the equities business remained a key part of its investment bank revenue.

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Business Maverick: Nissan suffers blow with S&P cutting credit to junkNissan Motor Co’s credit rating was slashed to junk by S&P Global Ratings, the latest setback for a motoring company that’s struggled to boost profitability in the years following former chairman Carlos Ghosn’s arrest and the industry’s pivot toward electrification. Owning a standard eatery wasn't part of my expectations, but After a withdrawal of R80k maximum from a weekly investment of R9k i must say CowdenBNB is one of the bestest trader you'll want to start with., thank you CowdenBNB cause I'm financially stable now Behind every successful person there's always a helper CowdenBNB is the person behind my success story she helped me earn R200,000. thanks for restoring my hope once again CowdenBNB
Herkunft: dailymaverick - 🏆 3. / 84 Weiterlesen »

Personal Finance | What happens to your prepaid funds when your mortgage is settled? | City PressUnder the National Credit Act, you have a right to select your own credit insurance. In theory, you could cede your life cover, but there are a few things you need to consider.
Herkunft: City_Press - 🏆 7. / 72 Weiterlesen »