Credit Suisse

Credit Suisse group's executive board took home 32.2 million Swiss francs ($35.27 million) in fixed compensation while collectively forgoing a bonus for the ...

[The Thomson Reuters Trust Principles.](https://www.thomsonreuters.com/en/about-us/trust-principles.html) [(CSGN.S)](https://www.reuters.com/companies/CSGN.S) group's executive board took home 32.2 million Swiss francs ($35.27 million) in fixed compensation while collectively forgoing a bonus for the first time in more than 15 years, the Swiss bank said in its annual report published on Tuesday. ZURICH, March 14 (Reuters) - Credit Suisse

The embattled Swiss bank also said that chairman Axel Lehmann had proposed to “voluntarily waive” a share award worth 1.5 million Swiss francs ($1.6 million) ...

Credit Suisse said it was urgently developing a “remediation plan” to strengthen controls. [collapse](https://edition.cnn.com/2023/03/13/investing/silicon-valley-bank-collapse-explained/index.html) of Silicon Valley Bank and Signature Bank scared investors and [pummeled](https://edition.cnn.com/2023/03/13/investing/european-banks-svb-collapse/index.html) European banking stocks. [delayed](https://edition.cnn.com/2023/03/09/investing/credit-suisse-annual-report-sec/index.html) the publication of the annual report after an eleventh-hour query from the US Securities and Exchange Commission over cash flow statements for 2019 and 2020. [Credit Suisse](https://edition.cnn.com/business/live-news/silicon-valley-bank-collapse-updates-03-13-23/h_6958b7f908358829062cad4fd190fc33) on Tuesday acknowledged “material weakness” in its financial reporting as it scrapped bonuses for top executives in the wake of its [worst annual performance](https://edition.cnn.com/2023/02/09/investing/credit-suisse-losses/index.html) since the global financial crisis. [(CSGKF)](https://money.cnn.com/quote/quote.html?symb=CSGKF&source=story_quote_link) said in its annual report that it had found “the group’s internal control over financial reporting was not effective” because it failed to adequately identify potential risks to financial statements. The embattled Swiss bank also said that chairman Axel Lehmann had proposed to “voluntarily waive” a share award worth 1.5 million Swiss francs ($1.6 million) for the 2022/2023 financial year, given the firm’s “poor financial performance.”

Swiss bank's shares fall as annual report reveals another blow to its bid to recover from string of scandals.

The bank has shaken up its executive board, replacing longtime chief financial officer David Mathers with Dixit Joshi, who joined from Deutsche Bank where he was group treasurer. The bank said those discussions had now been concluded. Outflows jumped to 123bn Swiss francs (£11bn) last year, which made it breach some liquidity buffers. The chairman, Axel Lehmann, decided to waive his fee of 1.5m Swiss francs for 2022 “given the poor financial performance in 2022 and challenging situation for the firm at the beginning of the three-year transformation”, according to the annual report. Credit Suisse’s bonds also weakened to record lows on Tuesday, after comments in its delayed annual report. It said in the annual report that “significantly higher withdrawals of cash deposits” began early in the fourth quarter of last year, and “outflows stabilised to much lower levels but had not yet reversed as of the date of this report”.

Troubled lender Credit Suisse said it had identified “material weaknesses” in its reporting procedures for the financial years 2022 and 2021 and is adopting ...

“Management has also accordingly concluded that our disclosure controls and procedures were not effective.” “PwC, the independent registered public accounting firm that audited the financial statements for the year ended December 31, 2022, included in this annual report, has issued an adverse opinion on the effectiveness of the Group’s internal control over financial reporting as of December 31, 2022,” Credit Suisse said. For the two years “the group’s internal control over financial reporting was not effective,” Credit Suisse said in its annual report released on Tuesday.

Credit Suisse released its delayed annual report today in which it identified "material weaknesses" in its internal controls over financial reporting and ...

"The aim is to identify any cluster risks and potential for contagion at an early stage." The bank said today that "outflows (had) stabilised to much lower levels but had not yet reversed". CEO Ulrich Koerner at the World Economic Forum in Davos, Switzerland, in January had said the bank was seeing money "coming back in different parts of the firm".

The bank said its financial reports for 2021 and 2022 were not affected by the problem.

The investment bank reported a $1.72 billion loss in 2021 due to the bankruptcy of fund partner Greensill Capital and took another $5.5 billion hit from the collapse of hedge fund Archegos Capital. [handling](https://www.forbes.com/sites/dereksaul/2022/03/28/house-committee-cites-significant-concerns-over-credit-suisses-treatment-of-russian-oligarchs-requests-information/?sh=6bc9ba264409) of information about assets linked to Russian oligarchs. Following Russia’s invasion of Ukraine last year, the lender came under the scrutiny of the U.S. Credit Suisse shares, along with other banking stocks, has been hit by a global rout triggered by the collapse of Silicon Valley Bank last week. [Social media rumors](https://www.wsj.com/articles/how-a-social-media-frenzy-around-credit-suisse-rattled-its-stock-11664978035) in October about Credit Suisse’s financial health triggered some panic in the markets, along with a wave of withdrawals from customers. The investment bank’s stocks were down more than 4% in morning trading after the annual report was released.

Credit Suisse said customer "outflows stabilized to much lower levels but had not yet reversed as of the date of this report" in its 2022 annual report ...

[bank's share price fell](/business/finance/swiss-regulator-monitoring-banks-insurers-after-svb-collapse-2023-03-13/) more than 14% to a record low amid market turmoil triggered by the collapse of U.S. Securities and Exchange Commission (SEC), which had raised questions about the bank's earlier financial statements. lenders Silicon Valley Bank [(SIVB.O)](https://www.reuters.com/companies/SIVB.O) and Signature Bank [(SBNY.O)](https://www.reuters.com/companies/SBNY.O). [identify any potential contagion](/business/finance/swiss-regulator-monitoring-banks-insurers-after-svb-collapse-2023-03-13/) risks for the country's banks and insurers following the collapses of the U.S. [money "coming back in](/business/finance/credit-suisse-sees-money-returning-bank-ceo-2023-01-18/) different parts of the firm". Register for free to Reuters and know the full story

Swiss lender's stock price hits all-time low on back of comments from Saudi National Bank's chair.

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Credit Suisse shares have plunged more than 20% to record lows after its largest shareholder, Saudi National Bank (SNB), said it would not be able to stump ...

It said it had become frustrated with Credit Suisse’s strategy, which has failed to stem losses and an exodus of clients. “The problems in Credit Suisse once more raise the question whether this is the beginning of a global crisis or just another “idiosyncratic case”, he said. Credit Suisse was widely seen as the weakest link among Europe’s large banks, but it is not the only one to have struggled with weak profitability in recent years. The central bank, which is in charge of monitoring financial stability, referred to its statement released earlier this week, which said: “The wider UK banking system remains safe, sound, and well capitalised.” It also came under fire after the Guardian and other media outlets revealed the bank had been [serving clients involved in torture, drug trafficking](https://www.theguardian.com/news/2022/feb/20/credit-suisse-secrets-leak-unmasks-criminals-fraudsters-corrupt-politicians), money laundering, corruption and other serious crimes over decades. The shortfall spooked investors, led to a share sell-off and a run on its deposits, before authorities stepped in last week. Markets are now expecting that central banks including the Bank of England may hold back from raising interest rates further, amid fears that further hikes could increase pressure on investment portfolios. It has since been abandoned by its former top shareholder, Harris Associates, which revealed earlier this year that it had dumped its entire stake amid frustration over Credit Suisse’s strategy and failure to stem losses. The bank, Europe’s 17th largest lender, has been struggling to keep customers after a string of scandals in recent years. The Swiss lender UBS dropped 8.7% and Germany’s Deutsche Bank slipped 9.2%. Credit Suisse shares recovered slightly but still ended the day down by 24.5%. The FTSE 100 was down 3.83%, marking its sharpest one-day drop since Russia invaded Ukraine in February last year.

Shares of Credit Suisse crashed more than 20% Wednesday to a new record low after its biggest backer appeared to rule out providing any more funding for the ...

In its annual report, the bank said outflows had not yet reversed by the end of last year. “[Credit Suisse] is much more globally interconnected, with multiple subsidiaries outside Switzerland including in the US,” wrote Andrew Kenningham, chief Europe economist at Capital Economics. The ECB declined to comment. “We believe the alternative would be a break-up … “I’ll cite the simplest reason, which is regulatory and statutory. Italian and UK banks also slumped. The offer covers $2.5 billion of US dollar bonds and €500 million ($529 million) of euro bonds. Investors sent shares in the country’s second biggest lender crashing by as much as 30% Wednesday. with the healthy businesses — the Swiss bank, asset management and wealth management and possibly some parts of the investment banking business — being sold off or separately listed.” “We’re not inclined to get into a new regulatory regime.” Earlier Wednesday, in a joint statement with the Swiss financial market regulator FINMA, the Swiss National Bank (SNB) said Credit Suisse (CS) met the “strict capital and liquidity requirements” imposed on banks of importance to the wider financial system. In their statement, the Swiss authorities said that the problems of “certain banks in the USA do not pose a direct risk of contagion for the Swiss financial markets.”

Wells Fargo, Citigroup and key regional bank stocks were among the names under pressure on Wednesday.

[Silicon Valley Bank](/quotes/SIVB/) and [Signature Bank](/quotes/SBNY/) in the U.S. The fallout from the collapse of SVB could also lead to more regulation and rising costs for the U.S. [Wells Fargo](/quotes/WFC/) fell more than 4% and [Citi](/quotes/C/) dropped 5%, while [Bank of America](/quotes/BAC/) dipped 3%. While Credit Suisse's struggles appear unrelated to the mid-tier U.S. [fell more than 24%](https://www.cnbc.com/2023/03/15/credit-suisse-shares-slide-after-saudi-backer-rules-out-further-assistance.html) after its biggest backer said it won't provide further financial support. - While Credit Suisse's struggles appear unrelated to the mid-tier U.S.

The head of Credit Suisse Group's largest shareholder, Saudi National Bank, said today it would not buy more shares in the Swiss bank on regulatory grounds.

Switzerland's second-biggest bank is seeking to recover from a string of scandals that have undermined the confidence of investors and clients. "In the last couple of days as you might expect we've seen inflows," Mr Hamers said. It's a regulatory issue," SNB chairman Ammar Al Khudairy told Reuters. The SNB and FINMA said this evening that "the problems of certain banks in the USA do not pose a direct risk of contagion for the Swiss financial markets". Earlier this week, the bank released a statement that said its auditor had identified "material weaknesses" in its financial controls, which had delayed the publication of its annual report. In a joint statement, the Swiss financial regulator FINMA and the nation's central bank said that Credit Suisse "meets the capital and liquidity requirements imposed on systemically important banks".

Bank shares plunged again this morning as market fears shifted focus from the fallout from Silicon Valley Bank (SVB) on global banking to new problems at ...

[AIB](https://www.independent.ie/topics/aib-40346793/) shares were down 7.6pc. An index of European bank stocks fell in morning trading and was last down 5pc, hitting its lowest level since January 4. "This is dragging lower the whole banking sector in Europe. Credit Suisse shares were last down by more than 22pc. [Bank of Ireland](https://www.independent.ie/topics/bank-of-ireland-40346808/) was the hardest hit among the Irish banks by midday, with shares plummeting 10.4pc. "Markets are wild.

A more than 20% drop in Credit Suisse shares led a 6% plus fall in the European banking index.

Wednesday's sell-off comes after some respite on Tuesday when bruised U.S. And in Britain, HSBC's top bosses have called on employees at SVB's rescued UK arm to assure clients "their deposits are safe and loans are supported" as the process of integration following its takeover begins, a memo from the bank showed. First Republic Bank was flat, with peers Western Alliance Bancorp and PacWest Bancorp down 2 per cent and 12 per cent, respectively. And in an attempt to avert a similar crisis down the line, the US Federal Reserve is considering tougher rules and oversight for midsize banks similar in size to SVB. Moody's Investors Service on Tuesday revised its outlook on the US banking system to "negative" from "stable", citing heightened risks for the sector. "Markets are wild.

European shares fell today as bank stocks resumed their selloff, after a short-lived bounce in the previous session, with Credit Suisse plunging to a fresh ...

"In the last couple of days as you might expect we've seen inflows," Hamers said. Please review their details and accept them to load the content. But markets remain on edge." And in an attempt to avert a similar crisis down the line, the US Federal Reserve is considering tougher rules and oversight for midsize banks similar in size to SVB. Fink described the financial situation as the "price of easy money" and said in an annual letter that he expected more US Federal Reserve interest rate increases. "Markets are wild.

Shares of embattled bank Credit Suisse hit another all-time low for a second consecutive day as the bank's biggest backer says it can't provide more ...

We are all hands on deck. Trading in the bank's plummeting shares was halted several times throughout the morning. London time, but was still down more than 20% on the day. "We cannot because we would go above 10%. Meanwhile, speaking to CNBC's Hadley Gamble during a panel session in Riyadh on Wednesday morning, Credit Suisse Chairman Axel Lehmann declined to comment on whether his firm would need any sort of government assistance in the future. - Speaking to CNBC's Hadley Gamble during a panel session in Riyadh on Wednesday morning, Credit Suisse Chairman Axel Lehmann declined to comment on whether his firm would need any sort of government assistance in the future.

Swiss lender's stock price hits all-time low on back of comments from Saudi National Bank's chair.

Credit Suisse was forced to delay the publication of its annual report last week after the US Securities and Exchange Commission wanted further clarity on flaws with the bank’s internal controls that PwC had identified. “Credit Suisse is an isolated case,” said Charles-Henry Monchau, chief investment officer at Syz Bank. “We already took the medicine.” Investors said Credit Suisse’s problems were a reminder that Europe’s banks also had large holdings of bonds that had been hammered by rising interest rates. Trading in Credit Suisse shares was halted on Wednesday after they sank as low as 1.73 Swiss francs (€1.77). BNP Paribas shares dropped 8 per cent and Société Générale fell 9 per cent by mid-morning.

Bank shares plunged again this morning as market fears shifted focus from the fallout from Silicon Valley Bank (SVB) on global banking to new problems at ...

[AIB](https://www.independent.ie/topics/aib-40346793/) shares were down 7.6pc. An index of European bank stocks fell in morning trading and was last down 5pc, hitting its lowest level since January 4. "This is dragging lower the whole banking sector in Europe. Credit Suisse shares were last down by more than 22pc. [Bank of Ireland](https://www.independent.ie/topics/bank-of-ireland-40346808/) was the hardest hit among the Irish banks by midday, with shares plummeting 10.4pc. "Markets are wild.

Swiss lender's stock price hits all-time low on back of comments from Saudi National Bank's chair.

Credit Suisse was forced to delay the publication of its annual report last week after the US Securities and Exchange Commission wanted further clarity on flaws with the bank’s internal controls that PwC had identified. “Credit Suisse is an isolated case,” said Charles-Henry Monchau, chief investment officer at Syz Bank. “We already took the medicine.” Investors said Credit Suisse’s problems were a reminder that Europe’s banks also had large holdings of bonds that had been hammered by rising interest rates. Trading in Credit Suisse shares was halted on Wednesday after they sank as low as 1.73 Swiss francs (€1.77). BNP Paribas shares dropped 8 per cent and Société Générale fell 9 per cent by mid-morning.

Investors are worried about how the bank, beset by problems, will handle the fallout from SVB's collapse.

As rates rise, the value of bond portfolios has declined. The falls mean many banks could be sitting on significant potential losses. "It's too early to know how widespread the damage is," Laurence Fink, chief executive of investment giant BlackRock wrote in an annual letter to investors. "This banking crisis came from America. In Spain, the IBEX 35 ended more than 4% lower. But markets remain on edge."