Credit Suisse

Pay rise for Swiss bank boss

Tidjane Thiam
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Two years ago Credit Suisse chief executive Tidjane Thiam and the bank's board of directors offered to cut their own bonuses by 40%.

This year, Mr Thiam has been awarded 12.65 million Swiss francs (£9.7m) for 2018, 30% more than last year.

Credit Suisse said the bank had reported its first annual profit since 2014, cut costs and moved away from riskier investment banking activities.

Swiss bank takes bath on Canada Goose

Canada Goose coats
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Swiss bank Credit Suisse lost $60m after underwriting the sale of some shares in high-end coat maker Canada Goose, according to Bloomberg.

In a trade like this, a bank effectively buys the stock, hoping to resell it for a higher price nice and quickly. Here, that didn't happen, the newswire reports.

Instead, after a call in China to boycott Canadian goods following Canada's arrest of Huawei Technologies finance chief, the shares started a four-day 20% losing streak.

The bank sold the shares at a loss.

Credit Suisse declined to comment to Bloomberg, but indicated that the loss wasn't enough to dent its forecast profits.

The $900 jackets have attracted criticism for being trimmed with animal fur.

Ex-Credit Suisse bankers arrested over '£1.5bn fraud scheme'

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Reuters

Three former Credit Suisse bankers have been arrested over their alleged role in a £1.5bn ($2bn) fraud scheme connected to firms in Mozambique, according to US authorities.

The men have been released on bail in London while the US seeks their extradition.

The scheme allegedly involved loans to state-owned companies in Mozambique.

Two others, including the country's former finance minister, have also been arrested.

Ex-Credit Suisse bankers arrested over '$2bn fraud scheme'

A Credit Suisse logo
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Three former Credit Suisse bankers have been arrested over their alleged role in a $2bn (£1.5bn) fraud scheme connected to firms in Mozambique, according to US authorities.

The men have been released on bail in London while the US seeks their extradition.

The scheme allegedly involved loans to state-owned companies in Mozambique.

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Investors advised to escape Brexit chaos

Snowy London
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Private bankers at Credit Suisse have advised clients to consider moving assets out of the UK because of a lack of clarity around Brexit.

According to a report in the Financial Times, ultra-wealthy clients were advised that they might want to “accelerate” plans before the rescheduled vote in parliament in early January.

The paper reported that multimillionaires are setting up investment accounts in places such as the Channel Islands and Switzerland, or are shifting the location of UK-registered trusts holding their wealth to outside the country.

Credit Suisse share buy back

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Tidjane Thiam, chief executive of Credit Suisse, says the bank is ready for the market turbulence.

"The actions taken during the restructuring mean the bank is now more resilient in the face of market turbulence," he said.

The Swiss bank will buy back 1.5bn Swiss francs (£1.2bn) of its shares and will also increase its dividend by at least 5% from next year onwards.

Thiam 'pulls out of Saudi conference'

Tidjane Thiam
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The chief executive of Swiss bank Credit Suisse will not attend a Saudi investment conference this month, a source familiar with the situation has told Reuters.

Tidjane Thiam had been scheduled to go to the Future Investment Initiative conference in Riyadh, but now joins several other top executives who have bowed out amidst uproar over the disappearance of Saudi journalist Jamal Khashoggi.