Credit Suisse Group is considering a fresh round of job cuts, part of a renewed push to slash costs after warning of a second-quarter loss, according to people familiar with the matter.
The Swiss bank is considering headcount reductions across divisions including investment banking and wealth management in a number regions, the sources said.
After falling as much as 7.6 per cent on the profit warning, the stock reversed course, gaining as much as 4.8 per cent after Swiss blog Inside Paradeplatz reported that US-based State Street could make a bid for Credit Suisse, citing an “insider”.
The dismissals are likely to come as the bank prepares to update investors on risk, compliance, technology and wealth management on June 28, the sources said.
The final tally of cuts has yet to be decided, they said.
A Credit Suisse spokeswoman declined to comment, highlighting the lender’s statement on Wednesday, which said it would accelerate cost-cutting efforts.
The bank issued a warning that it expects a third straight loss this quarter, driven by a slump at its investment banking and trading division.
Credit Suisse highlighted widening credit spreads and client deleveraging amid volatile markets, though other banks have said the volatility has benefited their trading desks.
“Today’s profit warning blames ‘the current geopolitical situation’ and ‘significant monetary tightening’ yet we would argue CS’ predicament may be largely self-inflicted,” Citigroup analysts led by Andrew Coombs wrote in a note to clients on Wednesday.
During chief executive Thomas Gottstein’s two years in charge, the group has had a $5.5 billion hit from Archegos, the collapse of partner Greensill Capital and a string of profit warnings that eroded investor confidence, weakened key businesses and prompted an exodus of talent.
The lender has said that 2022 will be a year of transition as it seeks to reduce risk at the investment bank while shifting resources to wealth management.
The Swiss lender had about 51,000 employees at the end of March. It recently overhauled top management saying that its chief financial officer, legal counsel and head of Asia would all be either stepping down or leaving the company.
It also named former Bank of Ireland group chief executive Francesca McDonagh as head of the Europe, Middle East and Africa region.
Even before Wednesday’s warning, the bank had been struggling to keep pace with rivals’ trading results after reducing risk because of Archegos. Equities revenue dropped 47 per cent in the first quarter while the fixed income business, typically a source of strength, did even worse.
Results laid bare the other steep challenges still facing the bank as it seeks to regain investor confidence, including still-to-come legal hits and weaker-than-expected wealth management results.
Mr Gottstein is also contending with a number of factors outside his control that could affect any recovery. Wealthy investors, particularly in the Asia-Pacific region, are sitting out the volatility in markets, hurting fees for the private bank.
Covid lockdowns in the region are reviving fears of supply chain disruption, while M&A activity has taken a hit after Russia’s invasion of Ukraine.
The latest troubles are in stark contrast to the message from investment banking and capital markets head David Miller, who has been telling clients this year that the bank “is back” and ready to underwrite deals.
While Credit Suisse said on Wednesday that advisory fees generated by Mr Miller’s dealmakers have been “resilient”, it said low levels of debt and equity issuance contributed to the investment bank likely posting a loss this quarter.
PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
UAE currency: the story behind the money in your pockets
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
On sale: now
What is Bitcoin?
Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.
The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers.
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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
'Gold'
Director:Anthony Hayes
Stars:Zaf Efron, Anthony Hayes
Rating:3/5
PFA Premier League team of 2018-19
Allison (Liverpool)
Trent Alexander-Arnold (Liverpool)
Virgil van Dijk (Liverpool)
Aymeric Laporte (Manchester City)
Andrew Robertson (Liverpool)
Paul Pogba (Manchester United)
Fernandinho (Manchester City)
Bernardo Silva (Manchester City)
Raheem Sterling (Manchester City)
Sergio Aguero (Manchester City)
Sadio Mane (Liverpool)
THREE
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Schedule for Asia Cup
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
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MATCH INFO
Tottenham Hotspur 3 (Son 1', Kane 8' & 16') West Ham United 3 (Balbuena 82', Sanchez og 85', Lanzini 90' 4)
Man of the match Harry Kane
WHAT ARE NFTs?
Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.
An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.
This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.
More on Quran memorisation:
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
