BBG: Credit Suisse plunges most ever after radical reboot disappoints

© Edwardgerges risk

© Edwardgerges

By LoadstarEditorial

27/10/2022

BLOOMBERG reports:

– Analysts bemoan $4 billion overhaul’s ‘lowly’ return target

– CEO Koerner doesn’t want to ‘overpromise’ but stock tumbles

Credit Suisse Group AG’s top two leaders described their plan to remake the troubled bank as “radical” and “decisive,” promising an end to half-measures.

The multiyear reshaping funded by a new Saudi Arabian backer marked a historic move away from going toe-to-toe with the biggest Wall Street players and an unprecedented attempt to spin out a boutique investment bank.

Now read this: “Credit Suisse cuts 9,000 jobs to stem losses“.

And this: “Credit Suisse Becomes Part of Saudi Crown Prince’s Vision“.

Comment on this article

You must be logged in to post a comment.

Topics

Credit Suisse Archegos The Guardian

Most Read

THE Alliance suspends transpacific service, but more capacity cuts needed

EXCLUSIVE: Top executive leaves DB Schenker

Lithium batteries blamed for blaze at UK warehouse storing electric scooters

Multi-billion $ Flexport dish – prepared, baked and served

Maersk insists CMA CGM deal is not a change in green strategy

EXCLUSIVE: Kuehne + Nagel unveils new Europe leader

Evergreen steps up scrapping with two-ship sale as Indian steel prices firm

China Railways launches new 50ft container designed for express rail services

'Freefalling' Asia-North Europe rates shed half their value in three weeks

Shippers 'conned' by greenwashing: lies, damned lies, and logistics

Box lines hit by rising fuel costs as OPEC cuts supply

Little hope of 2024 upturn in box shipping trades, says Yang Ming

MSC's second-hand ship shopping spree continues despite declining vessel values

Cargolux back in the air as management and unions reach agreement

Carriers offered joining bonuses by Adani's Kattupalli to win business from Chennai

Capacity crunch at Mexico-US border as nearshoring shift boosts freight flows