Banks

Credit Suisse shares are a 'steal', say new Saudi backers after taking 9.9% stake

Credit Suisse shares are a ‘steal’, say new Saudi backers after taking 9.9% stake

The chairman of one of Credit Suisse’s newest and biggest shareholders has called on the beleaguered bank to carry out a rapid overhaul and return to a “very stable and conservative Swiss banking posture”. The Saudi National Bank, the kingdom’s largest lender and majority-owned by the Saudi government, announced on Wednesday that it is investing …

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Wall Street accused of whitewashing Chinese crackdown on Hong Kong

Wall Street accused of whitewashing Chinese crackdown on Hong Kong

Kuala Lumpur, Malaysia – The Hong Kong government has invited the biggest names on Wall Street to a summit to show the financial hub is open for business after nearly three years of isolation due to pandemic curbs. Instead, the presence of senior bank executives at the rally has become a lightning rod for criticism …

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Credit Suisse posts huge third-quarter loss as it announces major strategic overhaul

Credit Suisse posts huge third-quarter loss as it announces major strategic overhaul

Swiss credit Thursday saw a quarterly loss far worse than analysts’ estimates as it announced a massive strategic overhaul. The troubled lender posted a net loss of 4.034 billion Swiss francs ($4.09 billion) in the third quarter, compared to a loss of 567.93 million Swiss francs expected by analysts. This figure was also well below …

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Markets await answers from European Central Bank as it braces for huge rate hike

Markets await answers from European Central Bank as it braces for huge rate hike

Christine Lagarde, President of the European Central Bank, is expected to announce a further hike of 75 basis points. Bloomberg | Bloomberg | Getty Images With the European Central Bank expected to announce another rate hike on Thursday, market participants seem more focused on two other policy tools as the region heads into a recession. …

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Markets await answers from European Central Bank as it braces for huge rate hike

Markets await answers from European Central Bank as it braces for huge rate hike

Christine Lagarde, President of the European Central Bank, is expected to announce a further hike of 75 basis points. Bloomberg | Bloomberg | Getty Images With the European Central Bank expected to announce another rate hike on Thursday, market participants seem more focused on two other policy tools as the region heads into a recession. …

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Barclays posts higher third-quarter profit on strong bond trading revenue

Barclays posts higher third-quarter profit on strong bond trading revenue

A sign hangs above an entrance to a branch of Barclays Plc bank in the City of London, UK Bloomberg | Bloomberg | Getty Images LONDON – Barclays on Wednesday reported an unexpected increase in third-quarter earnings on the back of strong trading revenue, despite the continued slowdown from a costly U.S. trading error. The …

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