8chan/8kun QResearch Posts (5)
#16498451 at 2022-06-24 05:11:44 (UTC+1)
Q Research General #20873: Commence Graveyard Shift Night Edition
>>16498279
Guess what? I think the CEO of Credit Suisse got fired in January because he was involved in the scam to use the Vatican's "Charity Funds" in an illegal real estate scam, and for God knows what else. . . And they said he was fired because he violated company covid policy.
Credit Suisse Chairman, Ant?nio Horta-Os?rio (Sir Ant?nio) was Jesuit-educated [connected to Vatican] Plus he was also UK based for most of his career before moving to Switzerland to head up Credit Suisse:
But in the UK, Sir Ant?nio has always been a colourful character.
He was even Knighted by the British Royals
https://www.dailymail.co.uk/news/article-10468131/Ex-Lloyds-Banking-boss-Sir-Antonio-Horta-Osorio-Knight-Bachelor-ceremony.html
He was a relative unknown when, in 2011, he was encouraged by the then Chancellor George Osborne to become the chief executive of Lloyds. [Connections in very high places]
Prior to that, the Portuguese banker - he would later become a dual British citizen - was the boss of Spanish giant Santander's UK arm.
When Sir Ant?nio took the job at Lloyds, he was a comparatively youthful 47 years-old. As one of the UK's most high-profile bankers "AHO", as he is known in some circles, is credited with dragging Lloyds Banking Group back from the precipice following the financial crisis.
He was probably central to the UK real estate deal involving funds that came from a unit of the Vatican that manages charitable donations, known asPeter's Pence.
There's a lot more going on here than one deal I bet. If I had to guess, Pope Francis's Peter's Pence Charity fund was really a slush fund, and organized crime laundromat. God only knows what else that money was involved in [trafficking?]
The Pope's charity has previously been called out repeatedly for looking like a scam fund: Only 10% of Pope's charitable fund goes to the needy: Wall Street Journal
https://www.cbc.ca/radio/asithappens/as-it-happens-thursday-edition-1.5393994/only-10-of-pope-s-charitable-fund-goes-to-the-needy-wall-street-journal-1.5394339
Pope Francis is TOASTIs he currently in a wheel chair and having trouble walking because he's hiding that he's wearing "The Boot?"
https://www.bbc.com/news/business-60035318
https://www.ft.com/content/b3916623-fd2a-4f36-8a55-e25b8814c583
https://www.forbes.com/sites/jackkelly/2022/01/17/credit-suisse-chairman-quits-after-breaching-covid-19-protocols–flying-to-the-wimbledon-tennis-finals-and-vacationing-in-the-maldives/
#13393113 at 2021-04-09 21:53:12 (UTC+1)
Q Research General #16965: It's a Beautiful Day in QResearch Edition
BlackRock, State Street Exploring Takeover Of Credit Suisse Asset Management Arm
Earlier, several financial media outlets reported that Credit Suisse was considering dramatically shrinking or selling off its prime brokerage unit, the hedge-fund-focused business that just lost $4.7 billion for the bank, obliterating 18 months of the bank's average net profits.
But in the last few hours, the focus has shifted to the bank's asset management unit, amid reports that several American firms might be interested in making a bid, even as the bank has yet to release the final tally of expected losses from the Greensill debacle.
With Credit Suisse stock trading at its lowest level in months after a 25% drop, some apparently see an opportunity for a deal. According to Reuters, a SPAC has partnered with BlackRock to hash out the possibility of making a bid to spin out Credit Suisse's asset management business, where the busted Greensill-stocked trade finance funds were based.
And they're not the only bidders. BlackRock rival State Street is also reportedly weighing a bid.
BlackRock and Jean-Pierre Mustier's blank-check firm are among investors expressing interest in Credit Suisse's asset management arm, three sources told Reuters, as the Swiss lender explores options for the unit after a run of costly scandals.
U.S. investment firm State Street Corp is also eyeing a rival bid for all or part of the Swiss bank's fund management business, while European asset managers including Germany's DWS are waiting in the wings, the sources said, speaking on condition of anonymity.
Former UniCredit boss Mustier's blank-check firm Pegasus Europe, which focuses on financial services investments, is due to list in Amsterdam between the end of April and early May, two sources said.
A spokeswoman for Credit Suisse said the bank had no plans to sell all or any parts of its asset management business. BlackRock, State Street, DWS and Pegasus Europe all declined to comment.
The sources said Credit Suisse is in the early stages of a strategic review of its asset management arm and has yet to entertain in-depth discussions with interested parties.
The bank will need to wait for former Lloyds boss Antonio Horta-Osorio to take over as chairman in May before any decision on whether to sell or spin off the unit can be taken, the sources said, cautioning no deal was certain. Credit Suisse in March announced an overhaul of the asset management unit amid the fallout from the Greensill debacle, bringing in former UBS executive Ulrich Koerner to lead the unit and separating it from international wealth management.
As Bloomberg reported in a piece published Friday, Horta-Osorio has a few possible strategies that he can embrace as he leads the turnaround of the bank. They include: a housecleaning that shrinks the Credit Suisse balance sheet and reduces capital allocated to the investment bank, selling parts of the business to deepen its focus on wealth management and rebuild capital (though that would probably be better served by selling the prime brokerage business, not the asset management arm), acquiescing to an acquirer (Barclays? Deutsche Bank?). Or simply merging with UBS.
https://www.zerohedge.com/markets/blackrock-state-street-exploring-takeover-credit-suisse-asset-management-arm
#11932195 at 2020-12-07 06:28:20 (UTC+1)
Q Research General #15231: Ghost Ship Edition
>>11932194
Resignations in the news 11/30/2020 thru 12/6/2020 - part 3
Tanden will resign from Restart and Recover Commission, Murphy says
https://newjerseyglobe.com/governor/tanden-will-resign-from-restart-and-recover-commission-murphy-says/
UniCredit CEO Mustier to Step Down After Clashes With Board (2)
https://news.bloomberglaw.com/banking-law/unicredit-ceo-mustier-wont-seek-new-term-after-april-2021
County airport manager resigning
https://www.commercial-news.com/news/county-airport-manager-resigning/article_7e75593e-3345-11eb-bea6-03b41f792e9d.html
Councillor Sue Price resigns from Moree Plains Shire Council
https://www.moreechampion.com.au/story/7035729/councillor-sue-price-resigns-from-moree-plains-shire-council/
Evangel University's longtime director of public relations retiring
https://www.ky3.com/2020/12/01/evangel-universitys-longtime-director-of-public-relations-retiring/
Trumann police chief announces resignation
https://www.arkansasonline.com/news/2020/nov/30/trumann-police-chief-announces-resignation/?latest
Chief, five other officers resign from Catawba Police Department
https://hickoryrecord.com/news/local/govt-and-politics/chief-five-other-officers-resign-from-catawba-police-department/article_8f7de8cc-334a-11eb-a0c2-5f9231618846.html
Dan Le Batard, ESPN's irreverent show host, is leaving the network
https://archive.fo/oSXLw
Lloyds Banking Group: António Horta-Osório To Step Down In April - Quick Facts
https://www.nasdaq.com/articles/lloyds-banking-group%3A-Antonio-Horta-Osorio-to-step-down-in-april-quick-facts-2020-12-01
Longtime Capital Journal sports writer retires
https://www.wibw.com/2020/12/03/longtime-capital-journal-sports-writer-retires/
Marinette Republican John Nygren resigning from State Assembly
https://www.wbay.com/2020/12/01/marinette-republican-john-nygren-resigning-from-state-assembly/
Muny president retiring after 50+ years with the outdoor theater
https://www.ksdk.com/article/features/st-louis-muny-president-retiring/63-d7f8aa92-ed25-46e2-ba7d-879bb59ee13b
Corps of Engineers contracting chief Easter retiring after 40+ years
https://www.arkansasonline.com/news/2020/dec/04/corps-of-engineers-contracting-chief-easter/?latest
NJDEP Commissioner McCabe is retiring in January
https://www.roi-nj.com/2020/12/01/politics/njdep-commissioner-mccabe-is-retiring-in-january/
Broadcaster G.D. Hieronymus retiring from Keeneland
https://www.wtvq.com/2020/12/01/broadcaster-g-d-hieronymus-retiring-from-keeneland/
NIB director resigns from position at nonprofit organization
https://ewnews.com/nib-director-resigns-for-position-at-nonprofit-organization
i-Cable's China reporters resign in protest after 40 colleagues sacked
https://hongkongfp.com/2020/12/01/i-cables-china-reporters-resign-in-protest-after-40-colleagues-sacked/
St. Joseph County officials formally said goodbye and good luck to their soon-to-be-retired finance director
https://www.wlkm.com/2020/12/retiring-finance-director-honored/
Caribou mayor resigns over missed meetings
https://thecounty.me/2020/12/01/news/caribou-mayor-resigns-over-missed-meetings/
Appleton School Board Vice President Leah Olson resigns as community frustrations over online learning continue
https://www.postcrescent.com/story/news/education/2020/12/01/appleton-school-board-member-resigns-online-school-frustrations-build/3781065001/
Newly elected North Port commissioner resigns
https://www.yoursun.com/englewood/news/newly-elected-north-port-commissioner-resigns/article_d1e303d0-33ec-11eb-ab8d-eba6a5b2d8d0.html
Leadership shake-ups hit Vornado, Cushman & Wakefield and Howard Hughes
https://therealdeal.com/2020/12/01/leadership-shake-ups-hit-vornado-cushman-wakefield-and-howard-hughes/
#5879716 at 2019-03-25 13:02:49 (UTC+1)
Q Research General #7522: Freedom.exe Edition
LONDON (Reuters) - A long-awaited probe into what Lloyds Banking Group executives knew about one of Britain's worst ever banking frauds is now not likely to be completed until next year, a source with knowledge of the review said.
The investigation by retired high court judge Linda Dobbs was launched in 2017 to assess whether Lloyds properly investigated and reported the fraud at HBOS, which it bought in January 2009. Lloyds is paying for the review but has said its conclusions will be independent.
"The independent Dame Linda Dobbs Review will continue to have all the time and resources it needs to complete its important work," a spokeswoman for Lloyds said.
HBOS was once Britain's biggest mortgage lender, and was rescued in a state-engineered takeover by Lloyds, which has apologised to victims of the fraud and set up a 100 million pounds compensation scheme.
A team of more than 30 lawyers is sifting hundreds of thousands of Lloyds documents, the source said, as well as interviewing victims of the fraud for which six people were jailed for a combined 47 years in 2017.
The inquiry will begin interviewing Lloyds executives from the Autumn, the source said, starting with more junior bankers and likely to include Chief Executive Antonio Horta-Osorio.
The work involves sifting through the documents to build a picture of what Lloyds' senior executives knew about the fraud, what they did about it and when.
Lloyds has said that while it was aware of misconduct, it could not have known about the criminal nature of the fraud until the trial in 2017.
Britain's influential cross-party Treasury Committee of lawmakers in June 2018 wrote to Dobbs asking when the review would be complete, and Dobbs said at that time it would slip into the second half of 2019, confirming a Reuters story from May that year.
"The delay is totally unacceptable. People want answers, this has been going on for 10 years and we still have not got to the bottom of this issue." Kevin Hollinrake, chair of the cross-party parliamentary group for fair banking, told Reuters on Thursday about the fresh delay.
"I'm not questioning Dame Linda Dobbs' integrity at all but it's simply wrong that regulators are not taking the lead on this," he said.
Lloyds in November 2018 settled with an ex-employee who accused her former bosses of concealing the fraud. The bank apologised to Sally Masterton, a former senior risk officer at Lloyds, and said that it had agreed to pay her financial compensation.
Masterton alleged HBOS executives knew of the fraud years before the Lloyds takeover and failed to properly disclose it.
The fraud, which took place in the early 2000s, saw the conspirators use their positions to enrich themselves at the expense of struggling business clients, some of which succumbed to insolvency and were stripped of their assets after being advised to borrow unsustainable amounts.
The Dame seen here at a wedding of known crooks: https://www.youtube.com/watch?v=mqVEa1aNBTw
The groom can drive at 180km/h and get away with it: https://www.youtube.com/watch?v=CvNwuK7NqPg
Maybe because he is friends with a judge? The judge is at his wedding as seen at the 4:00 mark in the video above.
EXPOSING THE CABAL
Please anons, look into this and DIGG UP INFO.
#5879695 at 2019-03-25 12:58:59 (UTC+1)
Q Research General #7522: Freedom.exe Edition
LONDON (Reuters) - A long-awaited probe into what Lloyds Banking Group executives knew about one of Britain's worst ever banking frauds is now not likely to be completed until next year, a source with knowledge of the review said.
ADVERTISING
inRead invented by Teads
The investigation by retired high court judge Linda Dobbs was launched in 2017 to assess whether Lloyds properly investigated and reported the fraud at HBOS, which it bought in January 2009. Lloyds is paying for the review but has said its conclusions will be independent.
"The independent Dame Linda Dobbs Review will continue to have all the time and resources it needs to complete its important work," a spokeswoman for Lloyds said.
HBOS was once Britain's biggest mortgage lender, and was rescued in a state-engineered takeover by Lloyds, which has apologised to victims of the fraud and set up a 100 million pounds compensation scheme.
A team of more than 30 lawyers is sifting hundreds of thousands of Lloyds documents, the source said, as well as interviewing victims of the fraud for which six people were jailed for a combined 47 years in 2017.
The inquiry will begin interviewing Lloyds executives from the Autumn, the source said, starting with more junior bankers and likely to include Chief Executive Antonio Horta-Osorio.
The work involves sifting through the documents to build a picture of what Lloyds' senior executives knew about the fraud, what they did about it and when.
Lloyds has said that while it was aware of misconduct, it could not have known about the criminal nature of the fraud until the trial in 2017.
Britain's influential cross-party Treasury Committee of lawmakers in June 2018 wrote to Dobbs asking when the review would be complete, and Dobbs said at that time it would slip into the second half of 2019, confirming a Reuters story from May that year.
"The delay is totally unacceptable. People want answers, this has been going on for 10 years and we still have not got to the bottom of this issue." Kevin Hollinrake, chair of the cross-party parliamentary group for fair banking, told Reuters on Thursday about the fresh delay.
"I'm not questioning Dame Linda Dobbs' integrity at all but it's simply wrong that regulators are not taking the lead on this," he said.
Lloyds in November 2018 settled with an ex-employee who accused her former bosses of concealing the fraud. The bank apologised to Sally Masterton, a former senior risk officer at Lloyds, and said that it had agreed to pay her financial compensation.
Masterton alleged HBOS executives knew of the fraud years before the Lloyds takeover and failed to properly disclose it.
The fraud, which took place in the early 2000s, saw the conspirators use their positions to enrich themselves at the expense of struggling business clients, some of which succumbed to insolvency and were stripped of their assets after being advised to borrow unsustainable amounts.
DELAY DELAY DELAY - AND THE LAWYERS GET MILLIONS!
Mirko Manojlovic - Jorje Pringle - Dame Linda Dobbs - retired general McGill Alexander. All linked…
8chan/8kun QRB Posts (5)
#121459 at 2022-01-17 00:45:45 (UTC+1)
QRB General #825: NCSWIC Edition
Credit Suisse Chairman to Leave Bank Amid Board Probe
Antonio Horta-Osorio to depart on investigation of his personal use of corporate planes and travel that violated COVID-19 quarantine rules. Credit Suisse said board member Axl Lehmann was appointed to take the role of chairman, effective immediately. Mr. Lehmann, a former UBS Group AG executive, joined the Credit Suisse board in late 2021 and is the chairman of its risk committee-. A Credit Suisse spokesperson did not respond to requests for comment. Mr. Horta-Osorio could not be reached late on Sunday and his lawyer did not respond.
"I am sorry that many of my personal actions have caused difficulties for the Bank and have compromised my ability to represent the Bank internally and externally," Mr. Horta-Osorio said in a Credit Suisse news release. "Therefore I believe that my resignation is in the interest of the Bank and its stakeholders at this critical time."
The departure of Mr. Horta-Osorio could spell trouble for Credit Suisse. He was appointed to help solve the problems of the Swiss bank. Credit Suisse is still pulling out of the turmoil as it lost $5.5 billion from the explosion of hedge fund Archegos Capital Management and now entangles itself with bankrupt finance firm Greensil Capital.
Mr Horta-Osorio has been caught in his own troubles in recent weeks, breaking quarantine rules by flying from London to Zurich on 28 November. The visit comes a day after Switzerland imposed a 10-day quarantine on arrivals from the UK and many other countries due to the omicron surge. He said at the time that the breach was unintentional and was reported to health officials and the Swiss financial regulator FINMA. He apologized and said that this would not happen again.
Following the quarantine breach, Credit Suisse said compliance with laws and guidelines was a priority for the bank and the chairman. A FINMA spokesman said at the time it was in contact with Credit Suisse on the matter.
Reuters Reported in December That the bank was investigating Mr. Horta-Osorio's travels and that he attended the Wimbledon tennis finals in the UK in July, when the country's COVID-19 rules required him to be in quarantine. The Swiss press separately reported that the president used corporate planes in the fall to travel for a holiday in the Maldives. At the time, Credit Suisse said it had rules for the use of private jets for the president and other executives.
The Portugal native developed a reputation as one of Europe's most highly respected bankers after turning to Lloyds Banking Group plc, where he was CEO for a decade. At Credit Suisse, he said he would re-evaluate the bank's risk appetite; Review its culture, pay and incentives; and focus on personal responsibility and accountability of employees. "We need to foster a culture that reinforces the importance of risk management," Mr. Horta-Osorio said of Credit Suisse shortly after becoming chairman in April 2021.
Credit Suisse will officially propose Mr. Lehman as chairman at its shareholder meeting on April 29. "We have set the right course with the new strategy and will continue to embed a strong risk culture in the firm," Mr Lehmann said in the news release.
https://businesshala.com/credit-suisse-chairman-to-leave-bank-amid-board-probe/
#75771 at 2021-07-26 00:36:24 (UTC+1)
QRB General #447: Thanks to Diggers, You Rock!!! Edition
Credit Suisse Settles Spying Case With Former Wealth Chief Khan
Credit Suisse Group AG said it reached a settlement with its former wealth-management executive Iqbal Khan and a private detective firm, calling to a close a spying scandal that rocked one of Europe's biggest lenders and ultimately led to the ouster of its chief executive officer Tidjane Thiam last year.
"All involved parties have agreed to settle, and this matter is now closed," a spokesperson for the bank said on Sunday, confirming that it had reached a settlement with Khan, his wife and the private detective firm Investigo. No further details were disclosed. A probe by Swiss financial regulator, Finma, over the company's surveillance activities is ongoing. In 2019, Credit Suisse hired a private investigator to spy on Khan, once seen as a potential successor to the CEO before defecting to rival UBS Group AG. The incident culminated in a physical confrontation in downtown Zurich between Khan and the men who followed him, shaking Switzerland's financial world and setting off investigations by Zurich's prosecutor and the company's board of directors. The settlement would close a chapter for Credit Suisse as it seeks to move past a string of recent scandals. It faces an exodus of senior bankers after the collapse of Archegos Capital Management and Greensill Capital. In the aftermath, new chairman Antonio Horta-Osorio pledged a review of the bank's businesses.
Credit Suisse is set to report its second-quarter earnings on July 29.
https://www.bnnbloomberg.ca/credit-suisse-settles-spying-case-with-former-wealth-chief-khan-1.1632774
right in front of earnings release......
#57583 at 2021-05-28 13:59:02 (UTC+1)
QRB General #237: Will Windham Blow the Lid off Election Fraud? Edition
Credit Suisse Cuts Ties With SoftBank After Greensill Crisis
Credit Suisse Group AG is cutting ties with SoftBank Group Corp., distancing itself from a key backer to Lex Greensill's collapsed supply-chain finance empire after conflict of interest allegations.
The Swiss lender will no longer do any new business with the Japanese firm, people with knowledge of situation said, asking not to be identified because the matter is private. The decision may ripple across Credit Suisse's investment bank: SoftBank has been a prolific deal-maker and last year Credit Suisse and other banks held about $8 billion of SoftBank shares in collateral, pledged by founder Masayoshi Son. It is unclear how long the ban lasts for, or whether it impacts any ongoing deals. Credit Suisse is reviewing its risk and client relationships after being hit by the twin collapses of Greensill and Archegos Capital Management. New Chairman Antonio-Horta Osorio has pledged a wide-ranging review after the bank was forced to suspend billions of dollars of funds it managed with Greensill and took a $5.5 billion hit on Archegos, raising questions about the oversight of key clients.
A Tokyo-based spokesperson at SoftBank Group wasn't immediately available to comment, while Credit Suisse declined to comment. The overlapping financial relationships had raised questions whether SoftBank was using the Credit Suisse funds to prop up investments in the Vision Fund, including Greensill Capital, in which it had a substantial stake. SoftBank wrote down its $1.5 billion holding of Greensill to close to zero after Credit Suisse was forced to wind down its four Greensill-linked funds in March, people familiar with the matter earlier said. SoftBank is now seeking $1.15 billion in claims as part of Greensill's insolvency proceedings.
Credit Suisse marketed its popular supply-chain finance funds as among the safest investments it offered, because the loans they held were backed by invoices usually paid in weeks and the funds were insured. But as the funds grew into a $10 billion strategy, they strayed from that pitch and much of the money was lent through Greensill against expected future invoices, for sales that were merely predicted. The firm's collapse forced Credit Suisse to liquidate the funds, and investors finally payment is still uncertain.
Credit Suisse conducted an internal review into the Greensill funds after allegations of possible conflicts of interest involving SoftBank last year. A number of SoftBank portfolio companies received loans via supply-chain funds at Credit Suisse, while SoftBank was also an investor in the Credit Suisse funds. In the aftermath, SoftBank pulled $700 million out of the funds and the bank also changed its investment guidelines for Credit Suisse's to reduce the maximum exposure to a single borrower.
https://www.bnnbloomberg.ca/credit-suisse-cuts-ties-with-softbank-after-greensill-crisis-1.1609827
#47360 at 2021-04-22 14:01:25 (UTC+1)
QRB General #115: Covid Press Summation Edition
Credit Suisse Races to Contain Archegos Hit With $2B Capital Raise
Credit Suisse Group AG moved to contain the fallout from two of the worst hits in its recent history with a surprise capital increase and a sweeping overhaul of its business with hedge funds.
Switzerland's second-largest bank is raising $2 billion from investors to shore up capital depleted by $5.5 billion in losses from the collapse of Archegos Capital Management. Chief Executive Officer Thomas Gottstein, who until recently had brushed off concerns that Credit Suisse was taking excessive risks, struck a humble tone Thursday, vowing to slash lending in the hedge fund unit at the center of the losses by a third.
Gottstein, in the role for little more than a year, is trying to persuade incoming Chairman Antonio Horta-Osorio that he's the right person to lead Credit Suisse, after the bank was hit harder than any competitor by the collapse of Archegos, the family office of U.S. investor Bill Hwang. The timing could hardly have been worse, coming just weeks after the lender found itself at the center of the Greensill Capital scandal, when it was forced to freeze a $10 billion group of investment funds. "Clearly this loss came as a big surprise," Gottstein said about Archegos. "Is it an isolated case? I definitely hope it is and I think it is, but we are obviously reviewing the entire bank now just to make sure that our risk processes and systems are where they should be." Credit Suisse fell as much as 6.9% in Zurich trading and was 5.3% lower as of 1:54 p.m. local time, taking this year's losses to about 22%. It's the worst-performing major bank stock this year and has also suspended a share buyback and cut the dividend.
Having taken on the position more than a year ago, the CEO had stumbled over other hits before Greensill shattered what was supposed to be a new era of calm. While seeking to placate investors hurt by the losses, he also now faces the fresh challenge of navigating enforcement proceedings announced by Swiss regulator Finma on Thursday. The scandals have left the CEO standing while many once powerful members of his management board had to leave. Gone are investment banking head Brian Chin and Chief Risk Officer Lara Warner, along with a raft of other senior executives including equities head Paul Galietto and the co-heads of the prime brokerage business. Asset management head Eric Varvel is also being replaced in that role by ex-UBS Group AG veteran Ulrich Koerner.
The bank now plans to reduce risk at the investment bank, including cutting about $35 billion of leverage exposure at the prime brokerage unit that services hedge funds, Gottstein said in an interview with Bloomberg Television. That's about a third of the leverage its extends in that business. Going forward, the bank plans to only service clients in that unit if they do business with other parts of Credit Suisse as well, such as the wealth management unit.
https://www.bnnbloomberg.ca/credit-suisse-races-to-contain-archegos-hit-with-capital-raising-1.1593806
this gets better and better each day...
#44663 at 2021-04-09 22:13:44 (UTC+1)
QRB General #86: Not For Prime Time Edition
BlackRock, State Street Exploring Takeover Of Credit Suisse Asset Management Arm
Earlier, several financial media outlets reported that Credit Suisse was considering dramatically shrinking or selling off its prime brokerage unit, the hedge-fund-focused business that just lost $4.7 billion for the bank, obliterating 18 months of the bank's average net profits. But in the last few hours, the focus has shifted to the bank's asset management unit, amid reports that several American firms might be interested in making a bid, even as the bank has yet to release the final tally of expected losses from the Greensill debacle.
With Credit Suisse stock trading at its lowest level in months after a 25% drop, some apparently see an opportunity for a deal. According to Reuters, a SPAC has partnered with BlackRock to hash out the possibility of making a bid to spin out Credit Suisse's asset management business, where the busted Greensill-stocked trade finance funds were based. And they're not the only bidders. BlackRock rival State Street is also reportedly weighing a bid. BlackRock and Jean-Pierre Mustier's blank-check firm are among investors expressing interest in Credit Suisse's asset management arm, three sources told Reuters, as the Swiss lender explores options for the unit after a run of costly scandals.
U.S. investment firm State Street Corp is also eyeing a rival bid for all or part of the Swiss bank's fund management business, while European asset managers including Germany's DWS are waiting in the wings, the sources said, speaking on condition of anonymity. Former UniCredit boss Mustier's blank-check firm Pegasus Europe, which focuses on financial services investments, is due to list in Amsterdam between the end of April and early May, two sources said. A spokeswoman for Credit Suisse said the bank had no plans to sell all or any parts of its asset management business. BlackRock, State Street, DWS and Pegasus Europe all declined to comment.
The sources said Credit Suisse is in the early stages of a strategic review of its asset management arm and has yet to entertain in-depth discussions with interested parties. The bank will need to wait for former Lloyds boss Antonio Horta-Osorio to take over as chairman in May before any decision on whether to sell or spin off the unit can be taken, the sources said, cautioning no deal was certain. Credit Suisse in March announced an overhaul of the asset management unit amid the fallout from the Greensill debacle, bringing in former UBS executive Ulrich Koerner to lead the unit and separating it from international wealth management.
As Bloomberg reported in a piece published Friday, Horta-Osorio has a few possible strategies that he can embrace as he leads the turnaround of the bank. They include: a housecleaning that shrinks the Credit Suisse balance sheet and reduces capital allocated to the investment bank, selling parts of the business to deepen its focus on wealth management and rebuild capital (though that would probably be better served by selling the prime brokerage business, not the asset management arm), acquiescing to an acquirer (Barclays? Deutsche Bank?). Or simply merging with UBS.
https://www.zerohedge.com/markets/blackrock-state-street-exploring-takeover-credit-suisse-asset-management-arm
The loss they have experienced is most likely MUCH larger than being reported