Credit Suisse Group has denied allegations regarding its alleged business practices or lack of due diligence after leaked documents reportedly showed that the bank had catered to dozens of criminals, dictators, and sanctioned political actors. The latest allegations center around allegedly leaked records identifying more than 18,000 accounts belonging to foreign customers who allegedly stashed their…
Credit Suisse Flags Weak 2022, Ends a Torrid Year with $2.2 Billion Quarterly Loss
ZURICH—Credit Suisse on Thursday capped a scandal-ridden year with a $2.2 billion quarterly loss and said 2022 earnings would be weighed down by restructuring and compensation costs. Though Switzerland’s second-biggest bank had flagged a large fourth-quarter loss, it was still steeper than expected with analysts pointing to slides in revenue across most of its business…
Court Says Credit Suisse Faces $45.5 Million Claim in Money-Laundering Case
ZURICH—Swiss prosecutors are pursuing around 42.4 million Swiss francs ($45.5 million) in compensation from Credit Suisse in a money-laundering trial due to begin on Feb. 7, the Swiss Federal Criminal Court (FCC) said on Monday. The Office of the Attorney General (OAG) indicted the bank in December 2020 after an investigation into the activities of…
Here’s Why Credit Suisse Upgraded Tesla
Credit Suisse analyst Dan Levy upgraded Tesla Inc. to Outperform from Neutral with an unchanged price target of $1,025, implying an upside of 21 percent. An attractive entry point has emerged in the shares following the recent selloff, Levy notes. The company is a “one of one,” says the analyst, who is “hard-pressed to find a stock that…
Analysts Cut Intel Price Target Post Q4 Results
Analysts slashed their price targets on Intel Corp. following lackluster Q1 guidance. Citi analyst Christopher Danely lowered the price target to $55 from $58 (13 percent upside) and reiterated a Neutral. The company reported a strong Q4 due to strength in PCs and servers but gave “very poor” guidance due to heavy investing, a 14-week quarter, and an inventory correction…
Analysts Lift ServiceNow Price Target After Q4 Results
Analysts mostly hailed ServiceNow Inc.’s Q4 results by raising their price targets. Piper Sandler analyst Rob Owens upgraded ServiceNow to Overweight from Neutral with an unchanged price target of $650 (20 percent upside). Subscription billings acceleration and considerable deal strength “punctuated a solid 4Q result” from the company. The analyst says that with digital transformation initiatives sustaining and IT spending outlook…
Credit Suisse’s Problems Mount as Lender Warns of Fourth Quarter Loss
ZURICH—Credit Suisse warned on Tuesday that it would post a fourth-quarter loss as the scandal-hit lender flagged fresh legal costs and said business in its trading and wealth management divisions had slowed. Switzerland’s second-largest lender announced plans in November to rein in its investment bankers and plough money into looking after the fortunes of the…
Credit Suisse Is Fined $9 Million in US Over Research Conflicts, Customer Safeguards
A U.S. regulator on Thursday fined a unit of Credit Suisse Group AG $9 million for violating multiple laws and rules protecting investors, including ones involving potential conflicts of interest and the safeguarding of customer funds. The Financial Industry Regulatory Authority said the Swiss bank published more than 20,000 research reports between 2006 and 2017…
Credit Suisse Chairman Resigns; Walmart Planning to Create Crypto, NFTs | NTD Business
The chairman of one of Europe’s largest banks is resigning, why is he leaving, and how will it impact the bank? Walmart appears to be entering the metaverse, with plans to sell virtual products and create its own digital currency. Tesla seeking to cut its reliance on China for a key component for batteries. Why the…
Credit Suisse Chairman Resigns After Investigation Into Alleged COVID-19 Breaches
Credit Suisse Group AG chairman Antonio Horta-Osorio has resigned “effective immediately” following reports that he broke COVID-19 quarantine rules. Horta-Osorio, who joined the bank in April from Britain’s Lloyds resigned following an investigation commissioned by the bank’s board. “I have worked hard to return Credit Suisse to a successful course, and I am proud of what we…
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