RIP Credit Suisse Group AG NYSE: CS ZURYCH: CSGN - 2-gi największy bank w Szwajcarii 03.2023 przejęcie przez UBS

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Credit Suisse (SIX:CSGN) stock fell 1.7% after the Swiss lender flagged just under $1 billion of net credit exposure to Russia.

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Credit Suisse is likely to be in the spotlight after the Swiss banking giant published restated historical financial information, reflecting its new divisional reporting structure that was announced in November.

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Credit Suisse (SIX:CSGN) will be in the spotlight after the Swiss banking giant stated Wednesday that it expects a loss in reported first quarter earnings after increasing legal provisions by around 600 million Swiss francs ($631 million) to total approximately 700 million francs.

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Credit Suisse (SIX:CSGN) fared less well, reporting a 273 million Swiss franc ($283.6 million) first quarter loss while announcing another management reshuffle. The Swiss bank had warned last week that it expected a loss for the quarter after increasing legal provisions while also taking a hit from the fallout of Russia's invasion of Ukraine.

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ZURICH (Reuters) -Credit Suisse Group AG's credit rating has been downgraded to BBB from BBB+ by Standard & Poors, a blow for the Swiss bank which reported a first quarter loss and is facing increasing shareholder unrest following a string of scandals.

Its outlook was changed to stable from negative, the rating agency said.

Credit Suisse reported a first-quarter loss last month and launched a management overhaul after racking up billions in losses during 2021 from failed investments.

Investors voiced their discontent by rejecting the board's proposal to discharge management from liabilities for the 2020 financial year at the bank's annual general meeting in April.

The bank has been trying to reform its risk management culture after a series of costly scandals, which have prompted multiple rounds of management shake-ups, abrupt departures, and internal and external investigations.

But S&P said a turnaround from scandals such as the Archegos affair, Greensill and others would not be quick.

Credit Suisse was hit by twin scandals in March 2021, when the implosion of U.S. investment firm Archegos led to a $5.5 billion hit and $10 billion worth of its supply chain finance funds (SCFF) linked to now-insolvent British financier Greensill were shuttered. It is still working to recoup assets for SCFF investors.

"Although the group is actively working on remediation actions, we think a lasting change to the risk culture in such a complex global organization will take time," the agency said.

"We now think this will be even more difficult in a deteriorating economic and business environment."

S&P said it saw see management targets to restore profitability as ambitious, particularly in view of the management upheaval and economic uncertainties.

"In our view, the group's risk-return is likely to remain below that of its key competitors and other highly rated peers, at least over the medium term," S&P said.

The ratings downgrade widens the gap between Credit Suisse and biggest rival, which has an A- rating and stable outlook from Standard & Poor's and an A+ rating with stable outlook from Fitch.

Fitch has kept Credit Suisse at an A- long-term rating with a negative outlook since April 2021.

The downgrade also places Credit Suisse behind U.S. rival Morgan Stanley (NYSE:MS), which has a BBB+ rating with positive outlook from Standard & Poors and an A rating with positive outlook from Fitch.

British bank Barclays (LON:BARC) has a BBB long-term rating from Standard & Poor's with a positive outlook while its 'A' rating from Fitch also places it above Credit Suisse.

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In corporate news, Credit Suisse (SIX:CSGN) stock fell 5.8% after the embattled lender announced it is set to experience a group-wide loss in the second quarter.

The bank cited the combination of Russia's invasion of Ukraine, significant monetary tightening by major central banks in response to the substantial increase in inflation, and the unwinding of COVID-related stimulus measures for the quarter’s woes.

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Credit Suisse (SIX:CSGN) stock fell 5.7% after State Street (NYSE:STT) stated late Thursday that it is not looking to buy the embattled Swiss lender, its first outright dismissal of a news report that it was seeking a deal.

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Credit Suisse (SIX:CSGN) will be in the spotlight after the Swiss lender postponed the initial public offering of its 1a Immo PK real estate fund, citing current market turbulence.

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Credit Suisse (NYSE:CS) stock fell 1.3% after the Swiss lender hired Deutsche Bank's (ETR:DBKGn) Dixit Joshi as chief financial officer and promoted Francesca McDonagh to chief operating officer as part of the bank's overhaul.

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Credit Suisse looking at cutting around 5,000 jobs - source

https://www.investing.com/news/stock-ma ... ce-2884456

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Credit Suisse (SIX:CSGN) stock rose 2.3% after the banking giant agreed to sell its global trust business to The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) and Gasser Partner Trust.

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Credit Suisse (SIX:CSGN) stock fell 3% after the Financial Times reported that the Swiss lender has drawn up plans to split its investment bank in three, looking to sell profitable units in order to prevent a damaging capital raise.

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Credit Suisse (SIX:CSGN) stock fell over 9% after the Financial Times reported on Sunday that the Swiss bank’s executives spent the weekend reassuring investors about its financial health.

This followed the bank’s credit default swaps, which offer protection against a company defaulting, rising sharply on Friday, climbing to the highest level in at least 10 years.

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Credit Suisse Group AG (SIX:CSGN) has offered to repurchase $3B worth of its own debt in a bid to solidify confidence in the embattled lender.

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Credit Suisse (SIX:CSGN) stock rose 0.5% on reports in the Spanish press that the Swiss bank is considering selling its stake in Madrid-based tech company Allfunds to raise cash.