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After a decade of restructuring, EFG International ramped up hiring last year – above all from Credit Suisse. Chief executive Giorgio Pradelli talks about the firm’s scope to lead a wave of Swiss-bank consolidation, while doubling down on new wealth from the Middle East and Asia.
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Credit Suisse’s domestic bank was arguably the failed group’s best and strongest division. One year after the rescue, UBS is not the only one trying to feast on its domestic wealth-management and corporate-banking leftovers. Other Swiss and international players also hope to benefit from the longer-term fallout in Switzerland. Will the rush to pick up the remnants of the fallen champion pay off?
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Chinese fintech Ant Group has offered UBS a reported $250 million for Credit Suisse’s China joint venture, outbidding Citadel Securities. It is a timely reminder that despite its current malaise, Asia’s largest economy is still a great long-term place to invest.
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A $3.5 billion deal attracts $36 billion of demand, answering the question of whether Swiss banks can return to this market after Credit Suisse's collapse.
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Bidding $2.5 billion for the bulk of Credit Suisse’s sub-Saharan Africa ultra-high net-worth private bank book 18 months ago has been a ‘game changer’ for Barclays in the region, the UK bank’s Africa market head Amol Prabhu tells Euromoney.
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Euromoney receives the world's least necessary regulatory communication.
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The former Credit Suisse chief is championing Africa.
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An odd legal case trying to pin the blame for Credit Suisse additional tier-1 (AT1) bond losses on former chief executive Brady Dougan and other veteran managers could complicate the task of recovering losses for holders of $17 billion of bonds that were wiped out in the takeover by UBS.
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When Credit Suisse is taken over by UBS, it’s likely that the new parent’s appetite for structured private credit will be significantly different to that of the institution it is absorbing. Two banks in particular are waiting for the opportunity that follows.
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Bankers are hopeful that they may soon be able to issue new AT1 deals again as the secondary market recovers from the Credit Suisse write-down.
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Indonesia is one of the world’s brighter prospects right now: growth, demographics, infrastructure momentum, inflation under control, more equity raised in the first quarter in Jakarta than New York. Banks are positioning to benefit – while keeping an eye on next year’s elections.
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UBS’s acquisition of Credit Suisse will further reduce the number of large international private banks in Brazil. Julius Baer has been quick to take advantage of this.
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UBS will face pressure to spin off Credit Suisse’s Swiss bank and may yet lose more private-banking assets. Coping with this will make managing down illiquid and hard-to-value markets positions look easy.
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The two bank’s investment banking franchises look enticingly well-matched. But how much business and how many bankers will still be around after the merger?
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As soon as the ink was dry on the agreement to take over Credit Suisse, UBS chairman Colm Kelleher rushed to bring ex-CEO Sergio Ermotti back to run the bank and the deal. Execution risk is off the charts, and the nerves of shareholders, employees and taxpayers are jangling.
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Credit Suisse pioneered the family office business in Asia back in 2010 when few people even knew what this rarefied service involved: nowadays, this branch of private banking attracts scores of competitors and is responsible for one of the biggest investment booms in the region.
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“Deciding how and when to pass wealth on to future generations can be difficult to navigate.” So it is that Credit Suisse, in drily understated Swiss fashion, frames the immensely complex challenge of how to successfully transfer wealth from one generation to the next.
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The Credit Suisse deal may have merely accelerated Hamers’ anticipated departure.
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The failure of venture capital’s favourite bank is bad news for a sector reliant on new injections of cheap capital to sustain loss-making growth.
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What will UBS’s post-merger sustainable finance strategy look like?
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First Abu Dhabi Bank’s recent interest in a bid for Standard Chartered and an ill-fated investment in Credit Suisse by Saudi National Bank have put the spotlight on Middle East banks as potential acquirers of international firms.
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It has been over a decade and a half since a Chinese financial institution bought or invested in a Western counterpart. Beijing sees the West’s banking system as incomprehensibly chaotic and messy, and its own – albeit flawed – as a bastion of stability.
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Hong Kong conference moves along. Nothing to see here.
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Will the fall of Credit Suisse be a seismic moment for private banking? Probably not – the reality is that wealthy clients need their financial advisers too much. Wealth is flighty for sure, but it usually alights nearby at a more stable lender.
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UBS’s integration of Credit Suisse will be a long and uncertain process, but keeping the latter’s Swiss universal bank may mean the deal eventually comes good.
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Bankers have been at pains to stress how different the world is today from the dark days of 2008: higher capital; more liquidity; lower credit risk and all that. But while individual banks may be safer than they were, collectively they arguably now face a worse existential crisis. Societies face awkward questions about how they value the utility of the banking sector – and how they should pay for it.
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UBS shareholders might find plenty not to like in what seems at first glance like a great deal. The bank is making itself more complex at a time when creditors and investors put a premium on simplicity and focus.
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Michael Klein can’t be expected to ‘devote significant time and attention’ to the unlikely prospect that UBS will allow a CS First Boston spin-off without being paid. Greensill-style invoices for Klein’s theoretical future services could be the answer.
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Credit Suisse came out of the global financial crisis in better shape than many peers. But fragility was never far away – in the years that followed its fortunes would swing back and forth, sometimes violently. Here is the bank’s route to 2023, explained through Euromoney’s own coverage.
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Unfortunately, while the SNB can provide ample liquidity that Credit Suisse doesn’t really need, it cannot provide the trust and credibility it sorely lacks.
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While the bank plans to spin off its troubled investment bank, the new worry is whether and how soon it can repair the wealth management business.
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The Greater China CEO represents a loss of seniority, experience and gravitas. And his is not the only exit from the Swiss bank’s Asia operations.
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Shareholders will be keenly watching two market levels for Credit Suisse shares in the weeks ahead: the theoretical ex-rights price and the subscription price for the capital increase that is under way.
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Credit Suisse directors may sigh with relief that shareholders have approved the latest capital raise, but they are already guiding to yet another big loss.
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After 12 years of near continuous restructuring and capital raising at Credit Suisse, the longest-serving chief financial officer of any G-Sib bank offers a few parting lessons.
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This year has seen banks report markdowns on leveraged finance commitments and related exposures, something that is hardly surprising given what has happened to yields. But even with syndicates struggling to offload some high-profile big deals, the troubles seem oddly muted so far.
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Credit Suisse has finally lifted the lid on its reorganization. But for all the frenzy of deal making it now plans, questions still remain over whether recasting the investment bank as a nostalgic partnership with a throwback name is the answer to the bank's strategic problems.
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Issuing bank debt used to be easy. But with many banks now crowding through the same narrow issuance windows, even high-quality issuers have barely covered the books on some deals. And as non-performing loans look set to rise, investors are worrying that the boon from higher rates won’t last.
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From Spacs and securitized products to executive compensation and supply-chain planning, Credit Suisse could split its investment bank into more than three parts.
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The market is awash with speculation over what Credit Suisse might do in its latest strategic reset, and what the future is for its perennially underperforming investment bank. But as talk mounts of radical cuts to come in that division, the real challenge lies elsewhere.
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A new chairman and chief executive at the Swiss bank once again struggle with how to build an investment bank for tomorrow from one that is floundering badly today.
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Raffael Gasser is a hybrid: part Zurich wealth manager, part Silicon Valley disruptor. He was tasked with crunching data to serve ‘classic’ PB customers who sit just below the ultra-wealthy segment and are often, curiously, overlooked. Here is how he got on.
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The bank’s commitment to Asia’s frontier markets is yielding strong results.
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The first three months of the year have been tough for many investment banking business lines, but Europe’s banks are putting up a good fight against the might of the US firms.
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The Swiss bank is still paying for its misdeeds, but this might be a taste of what’s to come for others.
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Credit Suisse is making heavy work of meeting its obligations under a 2017 RMBS settlement with the US Department of Justice. If it wants to make real progress, it will have to bite the bullet soon.
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The rates sell-off is making it more expensive for high-yield and high-grade borrowers to access the bond markets. Maturities on offer are shortening, and it could be about to get much worse.
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JPMorgan is named the world’s best wealth manager in Euromoney’s latest private banking and wealth management survey. It is testament to the US bank’s global strength in serving the wealthiest families, along with its drive to constantly transform itself and boost diversity as it hires the most talented relationship managers in core markets.
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Trading update does little to answer concerns around underlying performance and a slowdown in wealth management.
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Brought in to help clean up Credit Suisse, the high-profile Portuguese banker has been forced to quit to preserve what is left of its reputation.
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It took all of six days of the new year before the tone was set: XP Inc’s announcement of its acquisition of Banco Modal. The deal will need regulatory approval, but is being warmly endorsed by the target’s management and its minority shareholder, Credit Suisse.
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Covid barely dented the strength of the banking system and most banks have been steadily releasing the provisions they took. Euromoney talks to the leaders of our 25 reviewed banks and others about the challenges they face as the world normalizes.
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Credit Suisse’s hopes for 2021 were dashed by March, thanks to Greensill’s collapse and Archegos’s implosion. It really needs 2022 to go well.
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António Horta-Osório shifts more capital away from investment banking and into wealth management, while the executive team sells his risk management overhaul as a growth story.
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Credit Suisse’s chief sustainability officer is no ESG ideologue. She is at heart a hard-nosed investment banker who sees a once-in-a-lifetime opportunity to guide clients to a more sustainable future.
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Credit Suisse is stacking its board with risk management experts, but banks need to do more than fight the last war they lost.
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David Wildermuth, the new chief risk officer at Credit Suisse, may have much of the heavy lifting done by the time he arrives at his desk in Zurich.
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The Swiss bank claims a resilient performance lies beneath the meagre returns after de-risking post-Archegos and Greensill, but big questions remain.
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More focus on keeping a client happy than keeping the bank solvent; a risk management department that wasn’t tough enough and enabled bad practice; a willful reduction in margin; and two co-heads who each believed the other ran the relevant business. The report into Credit Suisse’s Archegos debacle makes grim reading.
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António Horta-Osório receives a knighthood in the Queen’s Birthday Honours.
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Krafton’s forthcoming record-breaking listing is just one example of a new economy deal that is propelling primary issuance volumes in South Korea. Just wait until the chaebol join the party with their own spin-offs and EV battery deals.
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Most speakers at Isda’s annual meeting avoided mentioning the Archegos Capital Management blow-up. IOSCO head Ashley Alder didn’t get the memo.
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With Greensill and Archegos, António Horta-Osório has more on his plate than a medieval King. But Credit Suisse’s new chair could do something that would placate doubters and please investors: pivot firmly to Asia.
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Employees in the wealth management and investment banking businesses will be sizing up the risks to their own future financial wellbeing of staying with the firm.
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A sign of too much risk and exposure in a frothy market or just two banks that didn’t have their risk management in order? Prime brokerage has become a profitable mainstay for several banks but, as Archegos shows us, it punishes the distracted
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Raising capital may have been painful, but it is the sensible thing to do. There were bigger surprises when the bank announced first-quarter results.
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The storms buffeting Credit Suisse represent big trouble for the Swiss bank. Its new chairman may install a new CEO and set a new strategic course, but with big European banks gearing up for consolidation, Credit Suisse just put itself on the block.
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António Horta-Osório makes no apology for the unbridled optimism that has defined his 10 years running Lloyds Banking Group. Critics say he leaves it over-exposed to Brexit and dwindling interest margins. But, as he prepares to move to Switzerland to become chairman of Credit Suisse, Horta-Osório tells Euromoney that Lloyds’ greatest days could still be ahead of it.
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Thomas Gottstein’s first year in charge of Credit Suisse began with a pandemic. The second has been overshadowed by events surrounding a key client, Greensill Capital, whose collapse revives lingering questions about the bank’s operating model.
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Eagerly courted high-growth private companies will likely go to experienced Spac sponsors that know the route to high valuations.
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The former head of Credit Suisse has a network of wealthy investors to provide patient capital to a target and a vision for growth from his time at Prudential.
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Less charismatic chief executives will serve Europe’s banks well in the 2020s – unless it simply means that more power will reside with their chairmen.
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Must all former chief executives eventually form a special purpose acquisition company?
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It’s easier to reach your destination if you know where you’re going.
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Investors are locked in meetings with European growth companies that may go public in 2021, with Spacs now making it easier to list and raise substantial capital.
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Jean Pierre Mustier and António Horta-Osório join Tidjane Thiam as the outsiders who rescued national champions before departing.
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As the outsiders – those foreign nationals who turned around Europe’s largest banks – move on, it is not immediately obvious how well Lloyds’ António Horta-Osório fits Credit Suisse.
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Despite Covid, M&A can still be done at scale within countries, even in the stricken aviation sector – though it helps to have a powerful force such as Korea Development Bank behind the scenes.
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It is the time of year when global banks publish their wealth reports. This year they make for compelling reading. Euromoney takes the best of these reports and examines the outlook for 2021.
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Private banking is a business based on personal relationships and trust – and it’s hard to truly connect with someone on Zoom. So long as the pandemic persists, this presents a substantial challenge to wealth managers, who can only grow their businesses by bonding with wealthy clients and winning new mandates.
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Tidjane Thiam is no longer running Credit Suisse, but the clever appointment of Christian Meissner to bridge its private banking and investment banking teams, delivering new services to super-wealthy clients, shows his dream lives on.
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The former president of Brazil’s central bank spent six months cooling off before joining Credit Suisse.
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Credit Suisse has hired several big guns in the battle for the banking market in Brazil. Chief among them is Ilan Goldfajn, ex president of the central bank of Brazil.
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A decade ago, European banks were mainstays on stock sales such as Ant’s – now they're conspicuous by their absence.
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The chairman of UBS seems determined to force a wave of European banking consolidation. A merger of his firm with Credit Suisse may not be possible, but other deals are likely.
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The banking-as-a-service provider enjoys a boost as older banks accelerate digital transformation. It also harbours ambitions to become a cross-border clearing bank.
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Thomas Gottstein looked uncertain when stepping up to succeed Tidjane Thiam in February, but his response to the pandemic, including a scheme with the government, central bank and other lenders to save Swiss SMEs, demonstrated why he was appointed. He is now reshaping the bank Thiam handed over to him.
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Environmental, social and governance (ESG) investing is moving beyond a compliance-focused cancel culture, giving US banks an undeserved chance to win market share from European firms.
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And the joint global coordinator is C█████ Sui███?
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Axe falls on relationship after 30 years following Jarden's expansion in Australia.
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UniCredit is the region’s best bank in this year’s Euromoney Awards for Excellence.
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In a region where the greatest amount of wealth is in the hands of entrepreneurs, it is a ‘bank for entrepreneurs’ that many of those wealthy individuals need and that is Credit Suisse. It wins the award this year for Asia’s best bank for wealth management.
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DBS reaffirms its best bank status in the region in this year’s Euromoney Awards for Excellence.
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Early on in the coronavirus crisis, Credit Suisse’s senior management was instrumental in the design and implementation of Switzerland’s scheme of government-guaranteed loans. The scheme was so successful that other countries later moved to bring their programmes in line with it.
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Credit Suisse wins the award for Latin America’s best bank for wealth management.
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BBVA is the big winner in Latin America in this year's Euromoney Awards for Excellence.
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The pandemic and following market crisis during 2020 has seen many high net-worth individuals across central and eastern Europe return to the safety and security of large international banks. Among those benefiting from this flight to safety has been Credit Suisse, which has seen increases in net new assets over the first few months of the year.
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Freshly empowered European bank chairmen are making perplexing lurches as they search for new chief executives. A random CEO generator might help.
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If Credit Suisse's board felt able to fire a chief executive who was not personally involved in spying, how will Barclays respond if its own CEO falls foul of a personal regulatory probe?
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New CEO Thomas Gottstein will change neither the strategy nor the structure at Credit Suisse, but rather focus on growth in every division.
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The ouster of Tidjane Thiam has caused more shock outside Switzerland than within, where the insiders who needed him to fix Credit Suisse have been quite ruthless in expelling him now the job is done.
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UBS Global Wealth Management retains the top spot; JPMorgan is a standout, too.
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Pressure on wealth management profits will become fiercer in the decade ahead as low interest rates prevail. Business heads say global expertise, proximity to clients, technology and providing sustainable investing opportunities will help them win more business.
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Best Private Banking Services Overall Net-worth-specific services: Mega HNW (>$250m) UHNW (>$30mln-$250mln) HNW ($5mln-$30mln) Super Affluent ($1mln-$ 5mln) Capital Markets and Advisory ESG/Impact Investing Family Office Services International Clients Investment Management Next Generation Philanthropic Advice Research and Asset Allocation Advice Serving Business Owners Data Management and Security Innovative or Emerging Technology Adoption
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Lender lures China Merchants Bank’s head of private banking to oversee the Swiss bank’s onshore wealth management ops.
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‘Business as usual’ has been tough for the Swiss bank to achieve over the last 12 months. Management faces a challenge to show the bank will not just survive but thrive.
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It's that time of year again, when we round up what senior management said about your business line in their quarterly earnings calls.
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Iqbal Khan replaces Martin Blessing as UBS co-CEO of Global WM; costs still plague both firms.
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Private banks across the world are changing fast, placing greater emphasis than ever on a host of key factors. The best wealth managers are busy boosting inclusivity, emphasising technology and security, and ensuring they are on-point when it comes to meeting compliance needs.
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Didn’t have time to go through your investment banking rivals’ results announcements? Don’t worry, we’ve done it for you, business by business.
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Our review period was a difficult one for private banking operations in the region, as it was worldwide: the fourth quarter wiped out huge chunks of revenues and assets for some international and local players, and it was a year that required sound individual advice for clients.
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The M&A business has been another bright spot for European investment banks over the past year. Western Europe’s best bank for advisory, Credit Suisse, has made particularly good use of that opportunity under investment banking and capital markets chief executive Jim Amine.
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DBS named world’s best bank in Euromoney Awards for Excellence 2019; JPMorgan is the world’s best investment bank; Erste’s Treichl recognized as banker of the year.
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With a new strategy of regionalization, integration and innovation, Credit Suisse’s wealth management business has set itself apart from its peers and brought the ethos of Swiss personalized service to an international platform.
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For the second year running Credit Suisse is Latin America’s best bank for wealth management, this year bolstered by the completion of a three-year turnaround across the whole bank.
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It is, perhaps, a sorry state of affairs that local banks straggle behind global institutions when it comes to providing the best wealth management services in the Middle East. But such is still the case, and so Credit Suisse once again stands above the rest.
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If you missed the US train, catch the one in China.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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Capital markets bankers have spent much of the last five decades dreaming up products to help clients and themselves make money, but is process, which has largely taken a back seat, now becoming the battleground?
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Staying committed to a region where deal flow sometimes stops overnight is tough for an international investment bank. Local firms and the few foreign competitors that have stuck around hope to benefit from any upturn in business. The in-and-outers might find it hard to get back.
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UBS Wealth Management voted best global private bank; private banks expect revenues to grow, but at slower pace.
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For many private banks that set up in Asia in the last decade, the cost of doing business kept them locked out of the vast expansion of wealth in the region; those that didn’t leave are settling into a more mature industry, but they are a long way from being able to relax.
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Bullish chief executive is still struggling to convince the markets that his plan will work in the long term
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UK corporate broking is the business that won’t die. There is no requirement for it outside the smallest listed firms, and corporates the world over manage without it. Yet UK companies almost always want the reassurance it provides. Is it finally under threat?
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Credit Suisse’s CEO says his firm stands out in Europe: the numbers suggest he’s right
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Asset management is one of the few opportunities European banks have for growth and good returns, but regulation is challenging the captive market and margins are falling. Can banks build their own versions of the low-cost US fund management firms – or are these few remaining crown jewels heading the same way as their investment banks?
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Asia offers a unique client set of young entrepreneurs; it also offers the challenge of new generations inheriting wealth with different expectations from their predecessors. That is a great opportunity, but it requires private banks to be nimble, thoughtful and technologically adept.
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The Swiss bank is pushing into new territory by taking automated trading into a more complex and less liquid market.
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Head of green solutions, Impact, Advisory and Finance Department, Credit Suisse
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Any important new market needs its innovators, cheerleaders and pioneers… As banks try to build more responsible and sustainable businesses, these are the champions of impact banking at 10 of the world’s biggest firms. From green and blue finance to financial inclusion and social banking, they are leading the way and setting an agenda for others to follow.
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Francesco de Ferrari was running private banking for Asia at Credit Suisse – arguably one of the most important and well-positioned roles in the bank – so why has he given it up to become CEO of beleaguered Australian wealth manager AMP, a place so toxic it lost its chief executive and chairperson within a fortnight in April?
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Euromoney chose Tidjane Thiam as Banker of the Year 2018: read on for a guide to Peter Lee's feature in the August issue of Euromoney examining the story behind the revolution that Thiam brought to Credit Suisse.
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The last instalment of our results analysis looks at banks’ markets businesses
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Day 2 of our look at the performance of the 12 big CIBs over the past year, this time focusing on the investment banking business lines
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With HSBC having reported on Monday, the last of the 2Q18 results are in for the 12 main global corporate and investment banks; now for part 1 of our number-crunch
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As the signs become ever more apparent that CEO Thiam has revived Credit Suisse, Euromoney’s banker of the year shares the inside stories of a revolution.
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It took an outsider to turn around Credit Suisse, to force executives and shareholders to accept that they had been following a false dream of a trading-dominated business that could somehow avoid blow-ups and produce acceptable returns.
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Credit Suisse’s story is one of finding profitable niches and attacking them with commitment, innovation and smart use of the balance sheet. It rarely tops any commoditized league table, but it does make good money. And that is the right model for a changed investment banking environment in Asia.
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In western Europe, one bank stands out for its expertise in meeting the needs of high net-worth and ultra-high net-worth individuals – Credit Suisse, western Europe’s best bank for wealth management. Credit Suisse’s private banking revenues in western Europe recorded double digit growth in 2017 and it has enjoyed nine consecutive quarters of positive net new assets across all countries in the region.
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Bank of America and Citi win top prizes; Credit Suisse’s Tidjane Thiam is named Banker of the Year; Asian banks make their mark in global awards.
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After heavy investment in Mexico, Credit Suisse is now firmly rooted in the two largest markets in Latin America where it has a unique offering by having an investment bank, an asset manager and a wealth manager – all with a global footprint. After hiring 30 new people in Mexico, the bank saw net new assets increase by double digits last year.
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Tidjane Thiam’s radical three-year plan, which has reinvented Credit Suisse with wealth management at its core, is starting to pay off.
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With an onshore presence since 1993, Credit Suisse has long dominated private banking in Russia, despite a potential upset in 2015 when an investigation was launched into one of its bankers in the Russian business. As testimony to its depth of relationships in the region’s largest ultra-high net-worth market, the bank has instead gone from strength to strength. Over the last two years, its private bank has achieved double-digit revenue growth and recruited 30 new relationship managers in 2017 alone.
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Investment in Asia, combined with a willingness to blaze a trail, makes Credit Suisse an indispensable banking partner for clients in emerging markets.
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It has taken a while, but a corner has been turned.
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Wealth management remains a hotly contested field in Middle Eastern banking, especially as an ever-larger number of banks strive to enter Saudi Arabia, one of the most exciting markets in the region thanks to its many high net-worth individuals and growing openness to foreign financial institutions.
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The outlook for both Credit Suisse and Brazil is better than it has been in years, and CEO José Olympio Pereira has his eyes firmly focused on the opportunities coming his way.
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The XIV note blow-up highlights risks lurking in the opaque market in structured notes, but also obscures potential benefits for a wider group of investors and issuers if the market could be opened up.
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UBS Wealth Management voted best global private bank; private banks more bullish on revenues; hiring to increase.
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While other parts of finance splinter and specialize, in wealth management it looks like bigger really does mean better: UBS wins Euromoney’s Private Banking 2018 survey yet again and the big global franchises continue to take the lion’s share of the industry.
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Banks are booking big charges in the fourth quarter, but the domestic names are sitting pretty for the future as US taxes fall.
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Credit Suisse leads banks with coalition for investments; forest resilience bond slated for next year.
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Tidjane Thiam needs to prove that the new-look Credit Suisse can thrive and not just survive - and he might just do it
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Jürg Zeltner inspired UBS to regain its position as the world’s best private bank, and his departure has shocked many in the industry – what will he do next?
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Marisa Drew has gone from being one of Credit Suisse’s most senior investment bankers to overseeing the Swiss group’s new global impact finance and advisory division, reporting directly to group chief executive Tidjane Thiam. Clients are curious. Should competitors take note?
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Hard-ball US-style activism is unlikely to succeed in Europe.
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After breakthrough proofs of concept in the spring, two large projects are now quietly moving forward into pilot production that could see blockchain technology transform wholesale markets at the core of the global financial system.
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The best bank for financing award will surprise those who set great store in league tables – but maybe they have been looking at the wrong league tables. While Credit Suisse is not a leader in volume terms, and in some areas is far from it, Dealogic data show that it is one of the most profitable houses across investment banking. In fact during the awards period, if Australia is added to ex-Japan Asia, no house made more from public deals in the region.
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At Credit Suisse, the Asia-Pacific wealth management business is tasked with little short of saving the whole bank worldwide. While the bank struggles globally, it has at least had the common sense to deploy capital in the places it is good at, specifically serving Asia-Pacific entrepreneurs. That makes the bank our winner for Asian wealth management.
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Euromoney has never before given an award in Afghanistan, but the story of Azizi Bank is compelling. Formed by an ethnic business group in 2006 and owned by Dubai’s Azizi Group, it took over the Development Bank of Afghanistan from the central bank in 2009, then India’s Punjab National Bank in 2014. It is Afghanistan’s largest commercial bank, with more than 140 branches and a million customers, and employs 2,300 people, 17% of them women, which does not sound a lot but matters in Afghanistan.
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Overall market share Overall banks only Overall non-bank liquidity providers only Spot/forward market share Swap market share Options market share Emerging market currencies market share
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The region’s wealthy are another group increasingly targeted by both local and international banks. The regional wealth management award goes to a firm with global breadth and expertise in this area, Credit Suisse, which also keeps the top spot in the Middle East in Euromoney’s 2017 private banking survey.
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Commercial International Bank wins region’s best bank award; winners reflect year of reform and easing bank liquidity; record year for Gulf debt capital markets sees HSBC retaining investment-banking title, while local and international banks do battle for regional and domestic awards.
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Rumours that a listing for the Swiss universal bank might be shelved cast doubt on the CEO’s strategy for Credit Suisse.
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More than 2,000 private banks took part in the 2017 Euromoney private banking survey. See who’s up and who’s down globally, regionally and by country.
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UBS Wealth Management voted best global private bank; new regional winners; private banks less bullish on revenues; non-bank competition a minor concern.
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With growth hard to come by elsewhere in Credit Suisse’s global network, CEO Tidjane Thiam has turned to Asia. He has given Asia Pacific chief Helman Sitohang not only tough targets, but also a degree of autonomy. Can he deliver?
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These are miserable times in Australian banking, which is suffering issues ranging from banking culture to credit quality as the commodity cycle ends. Commonwealth Bank has reputational issues around its CommInsure unit, while both ANZ and Westpac are under investigation for rate manipulation.
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From Cyprus to Ireland, banks in Europe can boast some impressive turnaround stories. They now have the chance to help others and lead the wider transformation and consolidation that the sector so badly needs.
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The country’s biggest banks are only just starting to feel the pain, and there could be far more to come.
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Austrian market leader Erste Bank posted another set of healthy results in 2015 but the standout story of the year, in terms of both growth and profitability, belonged to Bawag PSK. The private equity-owned bank saw its bottom-line result jump by 26% year-on-year to €418 million, giving a sector-beating return on equity of 16.2% on the back of higher core revenues, lower operating expenses and a dramatic reduction in risk costs.
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The big beasts of DCM are regaining market share just as sovereign issuers are being reminded how much they need the expertise and risk-management capabilities of their relationship banks.
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A botched move to take the distressed credit out of Credit Suisse and an ‘acceleration’ of the strategic plan give the impression the bank’s new leader is making it up as he goes along.
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UBS Wealth Management voted best global private bank; revenue outlook dimmer this year; asset management competition heats up.
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Extended results can be viewed here.
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For many of the largest private banks 2015 was a year of restructuring and geographical retrenchment. Only a few global players remain. This year looks set to be just as turbulent, but will clients put up with yet more change?
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Exclusion of leading US investment banks looks like a calculated move from Credit Suisse’s new CEO.
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Credit Suisse is ditching its global ambitions in wealth management, suggesting that worldwide private banks have had their day.
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Looks like the much-needed shake-up at Credit Suisse has finally come. Will it be a bank of three parts?
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In a difficult market, Credit Suisse used its experience and innovation to stay ahead of the pack.
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Credit Suisse stands out among its European and US peers, for both the strength of its origination business, and its advice to sellers and buyers alike.
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The headline results of Euromoney's 2015 foreign exchange survey show the leading banks have been remarkably consistent, despite the upheavals in the sector. But, beneath the surface there are changes that will transform the competitive landscape of the industry. Deeper analysis of the survey results demonstrates that’s already starting to happen.
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Citi retains top spot in Global FX as clients execute more than half electronically for the first time
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Next month Credit Suisse Private Bank will be rolling out new digital capabilities in Asia, and April will see the launch of a tablet banking offering in Switzerland.
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Best private banking services overall
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UBS pushed into second place; majority of private banks globally expect improved revenues in 2015.
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Hans-Ulrich Meister, chief executive of Credit Suisse Private Bank, talks about his firm’s geographical aims.
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JPMorgan’s $100 million settlement of a currency manipulation lawsuit has sparked a flood of interest from potential new claimants, and marks a new victory in their fight for compensation, according to a leading lawyer involved in negotiations.
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US growth, dollar appreciation, China slowdown and potential geopolitical fallout from lower oil prices: Michael Strobaek, global CIO for Credit Suisse Private Bank, discusses his firm's outlook for the year ahead.
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In the past, it has been forced by regulators to raise capital unexpectedly. Nevertheless, as far as I am concerned, Credit Suisse is stuck in the middle of nowhere and has lost a huge amount of momentum since the tumultuous crisis era, when, ironically, it looked like the smart kid on the block. I have lost count of how many senior management re-organizations chief executive Brady Dougan has announced that juggle the same, long-serving employees but don’t seem to move the business forward. In mid-October, yet another Credit Suisse investment banking re-jig crossed the wires. Jim Amine and Tim O’Hara have been promoted to lead the division jointly with Gael de Boissard. They will join the executive board. Eric Varvel, who previously co-headed investment banking with de Boissard, changes his role to chairman of the bank’s Asia Pacific and Middle East regions. Amine, (advisory), O’Hara (equities), and de Boissard (fixed income) will each continue to look after their original areas of focus.
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Shades of Gwyneth and Chris: Simon Robey and Simon Warshaw consciously uncoupled from Simon Robertson.
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Credit Suisse’s $2.6 billion fine and criminal conviction in the US tax-evasion case raises many questions.
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Does Swiss wealth management business really need an investment bank too?
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Emerging markets have bounced back impressively from an early-year slump that had threatened to turn into a full-blown crisis. But there are still plenty of questions about prospects for emerging nations and related banking revenues.
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Strobaek joined Credit Suisse in May 2013 from a Swiss family office, where he was the CEO, the CIO and a managing partner. Between 1996 and 2009 he was with UBS.
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It was a dank, dark autumn morning. My alarm shrilled and I stumbled into the kitchen to brew a pitch-black espresso. On auto-pilot, I reached over and switched on CNBC. Someone was lamenting the most recent "disappointing" set of Credit Suisse earnings. "Same old, same old," I thought to myself as I grumpily switched off the television.
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Regulators and shareholders are channelling their concerns over banks’ slow progress in shifting to new and sustainable business models to a new cadre of activist chairmen. Often experienced in the industry, independent of executive management and with strong personalities, these chairmen are increasing the pressure on bank CEOs to abandon unrealistic ambitions and reshape their banks to a new world. Expect more ructions ahead.
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Can Credit Suisse’s newly promoted CEO of Brazil, José Olympio Pereira, maintain his own and his bank’s high standing in equity capital markets? Euromoney interviews Olympio to find out.
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Brady Dougan is meant to be an excellent manager and people enjoy working for him.
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The Facebook IPO no doubt cast a pall on the summer sunshine for senior Morgan Stanley executives. However, another bank that has had a torrid time recently is Credit Suisse. This is a little unexpected. The bank was a distinct winner from the 2008 crisis: it did not take government money and seemed to adapt quickly to the changing environment. However the share price performance in the past two years has been disastrous – it is down more than 60% since early August 2010 and now trades below its 2009 trough, close to a two-decade low. Other leading global banks have suffered, but not as much. Over the same period, JPMorgan’s share price is down by some 10% and HSBC shares are about 15% lower.
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The bank's chief executive Brady Dougan is under sustained attack internally and from disaffected shareholders amid financial pressure, a three-notch credit downgrade and a projected wave of job cuts.
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Credit Suisse’s Q4 loss and disappointing return for 2011 says as much about the state of the industry as it does about the bank.
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Credit Suisse maintained its reputation for bonus structure creativity when times are tough with its recent move to make payments to some staff in the form of bonds linked to its own derivatives counterparty exposure. The paper will offer healthy coupons of 5% in Swiss francs or 6.5% in dollars, but without the upside offered by the original Partner Asset Facility (as it was dubbed) from 2008, which delivered a return of 70% by giving staff exposure to toxic mortgage and high-yield debt assets that had collapsed in price but later recovered value.
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A surprise for some as Credit Suisse posts a loss, after adhering to regulatory capital requirements and paring down risk-weighted assets
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Credit Suisse posted a loss for Q4 and a disappointing return for 2011 as a whole. But this says as much about the state of the industry as it does about the bank itself
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Some clear trends emerge from this year’s results. Notable among them is the leadership of local private banks in the key global battlegrounds of two of the fastest-growing markets. With global banks facing regulatory and business challenges, local specialist wealth managers are gaining ground in both developed and emerging markets.
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The complaint filed by the SEC at the New York Federal Court on Wednesday against four ex-Credit Suisse employees provides another fascinating insight into the chaos that erupted across fixed-income trading desks, as the seizure of the short-term funding markets in mid-2007 began to ricochet through to the shaky edifices of structured finance that had been built upon them.
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Merges EM fixed income with FX; Shooter in, Weidmann out.
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Swiss investment bank axes hundreds more jobs in investment banking to concentrate on the less risky private banking business
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Swiss bank won’t replace senior staff departures in Dubai as it expects Middle East business volumes to decline
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Strong demand from conventional investors; regulatory support, hunger for yield, a simple structure and clever timing.
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Strong demand from conventional investors promises bright future for new-style bank capital; regulatory support, hunger for yield, a simple structure, and clever timing are keys to success.
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Some readers derided my story in last November’s column where I asked: “Is it bonfire night or bonfire of the vanities at Credit Suisse?” I criticized the bank for its recent compensation payouts against a backdrop of poor share performance and disappointing third-quarter results.
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Brady Dougan trumps the banking sector.
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With its successful execution on a new strategy, and high returns on a low-risk model, Credit Suisse is arguably the best-run bank in the world today.
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On the table in his office on New York’s Park Lane Paul Calello, chairman of Credit Suisse’s investment bank, has a child’s toy.
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Varvel becomes CEO as Calello steps up to chairman; Kyriakos-Saad and Quintella get bigger regional roles.
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Credit Suisse’s Performance Incentive Plan (PIP) paid out and some lucky bankers became very rich indeed. I’m not talking 'buy a magnum of champagne' rich.
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The recent announcement of net new inflows of Sfr44.2 billion, on top of group net income of Sfr6.7 billion for 2009, shows that a strategy of integration is paying rich dividends for Credit Suisse, sending wealth management business storming past arch rivals UBS to take the top spot in Euromoney's private banking rankings. Can the bank retain its momentum?
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Ask a senior executive at Credit Suisse to provide you with some colour, and more likely than not they will quickly segue into a new realm of detail.
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Brady Dougan and Paul Calello stripped down Credit Suisse’s investment banking vehicle as the credit crisis hit. Now they’re showing off a streamlined, non-polluting, yet powerful firm that even their competitors admire. Is Credit Suisse the model of a new investment bank? Clive Horwood reports.
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We must apply the lessons of the crisis.
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Credit Suisse has announced the formation of a new group in its EMEA global markets solutions business (GMSB) designed to address what co-head of global investment banking Jim Amine describes as a “unique opportunity” presented by the current debt market dislocation.
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The China Securities Regulatory Commission has given Credit Suisse the go-ahead to launch a joint venture with local firm Founder Securities. The Swiss bank takes a 33% share in the new entity, which will be able to sponsor and underwrite A shares, foreign investment shares and government and corporate bonds. The firm will not be able to offer secondary market services such as research and broking, however: under new regulations announced in 2007 Sino-foreign joint ventures must show a track record of five years’ unblemished service before being able to expand their activities.
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Credit Suisse is building its investment banking presence in the Andes. The Swiss house is adding an executive in Bogotá and is on the lookout for a person in Lima to bolster client coverage. The group has been aggressive in the region for the past 12 months and wants to consolidate its position. Credit Suisse took part in a series of high-profile deals in 2007, including the $2.8 billion privatization IPO of Ecopetrol, as well as deals for some first-time issuers such as Peruvian fishmeal company Copeinca.
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Credit Suisse launched its Merlin platform for FX options in early December. The system, which the bank has used internally since 2006, allows clients to structure, price and execute complex, multi-legged exotic option transactions online. Credit Suisse says Merlin is completely automated and works on a request-for-quote basis. It adds that the platform has significantly sped up the pricing of complex structures – on average, it takes just 15 seconds to obtain a quote – and that it is now able to process far more trades.
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Credit Suisse has appointed Michael Fouad Chahine as global head of Islamic banking distribution. The bank is expanding its platform to distribute Shariah-compliant products. Chahine, who will be based in Dubai, will coordinate the existing Islamic banking businesses across Credit Suisse’s investment banking, private banking and asset management divisions to build a distribution centre in Dubai. Chahine has been with Credit Suisse since 2000. Most recently he was head of strategic initiatives in Dubai.
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Credit Suisse is launching a $2.5 billion fund for investment in property. It joins an already extensive list of private equity funds raising cash for the sector. These include Morgan Stanley’s $8 billion fund and private equity fund Blackstone Group’s $10 billion fund. The bank started to market the fund at the end of April and intends to use it for investment globally as it attempts to tap growing investor appetite for geographical diversification in property investment.
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Bank hires entire team of Ritchie Capital Management in Hong Kong.
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Appointment shows growing importance of Asia for business and for career growth.
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Summary table of top banks, with quick links to more related content on euromoney.com
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Excellence in its debt and equity business combined with a solid M&A platform means that Credit Suisse stands out from its rivals.
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Will these structures stand the test of time?
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The Swiss bank is making determined efforts to grow its US private banking business.
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The name has changed but the business has not. Credit Suisse has demoted its First Boston heritage to a passing reference in its new logo, but it is far from jettisoning its US investment banking expertise. In January, it announced an expansion of its Asian leveraged finance team with three new hires in Australia, Hong Kong and Japan. Once this is complete, Credit Suisse will boast Asia’s largest leveraged finance team.
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After losing out to its nemesis UBS in last year’s poll, Credit Suisse has reclaimed its title as best private bank in Switzerland. The bank attributes its success to the completion of a two-year root and branch reform of its core advisory process. “We started with in-house research that simply asked our advisors how they would define the Credit Suisse advisory process,” says Arthur Vayloyan, head of private banking in Switzerland at Credit Suisse. “What we found, which is probably what you would find in a lot of companies, was that when you ask 10 different people you get 10 different answers. This was a strong indication that we had to become much more rigorous about our advisory process. ‘We’ meant all of us, starting at the top; because it’s important for us to set an example and to be able to be a correcting factor, if necessary. Vayloyan: a more rigorous approach“Our advice strategy was a real step forward. At first we had internal resistance. It was such a basic thing that it raised a lot of eyebrows. People were asking: ‘We’ve been doing this very well for 150 years so why do we need to change?’ But the market changes every day so we needed to change too. Now if you ask our bankers: ‘What is the Credit Suisse advisory process?’ you get a much more coherent answer. It is key that our clients are all treated by the same standards but focussing on their individual needs when they first come to the bank."
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Back to Brady Dougan's new old plan for CSFB
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Credit Suisse Group is to restructure again. This time, the plan includes a closer integration of investment banking arm CSFB with the rest of the group. Antony Currie looks hard for changes in the revised strategy for CSFB itself and speaks to its CEO, Brady Dougan, about them. He seems to be reheating his predecessor's plans for the firm, which has spent months reviewing its business without making a great deal of progress.
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Credit Suisse First Boston has appointed Robert (Bob) Ferguson as a managing director in European High Yield Sales. He will be based in London, reporting to Derrick Herndon, head of European High Yield Sales and Trading, and will join CSFB in early November.
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Last month, Euromoney reported on the challenges facing CSFB CEO John Mack in rebuilding the firm's global investment banking franchise after three years' cost-cutting and damage limitation. Other banks' earnings and share prices had powered ahead. Mack had unveiled plans to double profits in three years. He won't be around to see them through. Late last month he was pushed out. What happened?
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It has taken three years to rein in costs and regulatory risks at CSFB. Now, at last, CEO John Mack is looking forward and wants to double profits by the end of 2006. Does the Swiss-American investment bank have what it takes?
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CSFB is overhauling its M&A operations, creating a standalone group and appointing new management.
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When John Mack (pictured right) was brought in as CEO to turn around Credit Suisse First Boston more than three years ago, he offered a simple diagnosis. "We don't have a revenue problem, we have a cost problem," he said. That might have been so then. But in trying to cut costs, has the former Morgan Stanley CEO created a revenue problem that wasn't there before?
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Asia's high-net-worth individuals are getting richer quicker than those anywhere else. Wealth management has never been so competitive in the region but is a potential goldmine for the smartest bankers. Chris Leahy reports.
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UBS Wealth Management, Sarasin, Bordier & Cie, Credit Suisse Private Banking, Coutts, Bank Privat, Degroof, Mandatum, SG Private Banking, Sal Oppenheim, CenE Bankiers, Banif, Cuatrecasas, Carnegie, Citco, Man Group, Noriba, UBS, PwC.
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The very richest clients of private banks are natural candidates for the services of investment banks. Hence the big banks' efforts to foster links across their own activities. Welcome to the world of the double-sided business card. Mark Brown reports.
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Let's hope John Mack is not too downhearted at his failure to lure his old friend Walid Chammah away from Morgan Stanley. It would appear to be the first setback the chief executive of CSFB has had since replacing Allen Wheat last July.
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Talks on the restructuring of GKOs - Russian treasury bills on which the government defaulted last August - have once more been cast into disarray just days before a deadline imposed by the Russian finance ministry was due to expire.
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Credit Suisse First Boston's acquisition of BZW's equities and corporate advisory divisions at the start of the year was a quite coup for the Swiss bank (and cheap at twice the price the bank paid £100 million). At a stroke, the Swiss bank had suddenly become one of the top equity brokers in the UK, ranking second so far, up from 15th last year.
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Do you expect there to be further consolidation in the world banking industry?
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Simon Meadows is known for striking terror into CSFB traders at the bank's Canary Wharf headquarters in London. But this particular Friday morning he is relaxed, smiling and talkative. Perhaps it's because he is about to go scuba diving in Grenada. Or perhaps it's because he can look back on a good year, having added Russia, Lebanon, Turkey, Slovenia, Croatia and Romania to his list of sovereign clients.
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Did Nikolaus Senn, chairman of the embattled Union Bank of Switzerland, seize a merger proposal from CS chairman Rainer Gut and use it as a crude weapon against his bitterest enemy and major shareholder Martin Ebner? Here's the story whose climax a third of all Zurich inhabitants watched on television. But will it have a happy ending? And who pairs off with whom? David Shirreff reports
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There could scarcely be a greater contrast: in the financial heart of Zurich, in restrained classical grandeur, Credit Suisse and Union Bank of Switzerland make the Bahnhofstrasse neighbourhood still more stately--and in obscure back streets lurk their foreign competitors.
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It was like the meeting of two big and powerful families, the Medici and the Strozzi in Florence, or the Gambinos and the Bonannos in New York. But this was April 22, 1986.