Credit Suisse news stories on Newser

Feds to Charge Crooked Bond Traders

Rob Quinn — Wed, 01 Feb 2012 04:00:00 CST

Looks like it's payback week: Federal prosecutors are planning to file fraud charges against four former Credit Suisse traders accused of overstating the value of mortgage securities in order to boost their bonuses, the Wall Street Journal reports. The alleged fraud happened in early 2008 as problems with complex mortgage...

Wall Street Bonuses to Plummet

Rob Quinn — Tue, 29 Nov 2011 03:05:05 CST

The latest news from Wall Street is likely to leave most ordinary Americans dry-eyed. Year-end bonuses for bankers and traders are expected to be down sharply this year, plunging up to 40% to their lowest level since the financial crisis, according to a closely watched industry forecast. A bond trader...

Credit Suisse to Out US Tax Cheats

Kevin Spak — Tue, 08 Nov 2011 11:21:05 CST

Heads up, mafiosos and unscrupulous millionaires: Credit Suisse AG intends to give you up to the tax man. Of course, you probably already knew that, because the bank sent notification letters to various US clients suspected of tax evasion last week warning them that it would soon hand over their...

Wall Street Will Lose 10K Jobs

Kevin Spak — Tue, 11 Oct 2011 11:25:53 CDT

It looks like a lot of Wall Street denizens will be joining the ranks of the unemployed soon, New York’s state comptroller warns in a report released today, predicting that the securities industry will shed nearly 10,000 jobs by the end of 2012. The industry has already cut 4,...

Credit Suisse Cuts 5,300 Jobs, 11% of Workforce

Jim O'Neill — Thu, 04 Dec 2008 06:30:00 CST

Switzerland’s second largest bank, Credit Suisse, is slashing 5,300 jobs—11% of its global workforce—after posting a $2.48 billion loss in the first two months of this quarter, reports the Wall Street Journal . Most of the cuts will come from its moribund investment banking unit as Credit...

Swiss Offer UBS $60B Bailout

Jason Farago — Thu, 16 Oct 2008 06:46:00 CDT

Switzerland became the latest nation to shore up struggling banks, reports the Telegraph , as it bailed out UBS to the tune of $60 billion today. The Swiss central bank will offer UBS a capital injection of $6 billion in exchange for 9% of the company, and it will allow UBS...

Global Stocks Surge on Credit-Market Moves

Matt Cantor — Fri, 19 Sep 2008 04:33:00 CDT

World stocks jumped today on government measures to stop the credit-market meltdown and news that the US and the UK were getting tough on short sellers, Bloomberg reports. Deutsche Bank and Credit Suisse climbed 15% after four days of decline in Europe, while Australia’s Macquarie surged 38% after the US...

10 Banks Form $70B Fund to Stave Off Crash

Jason Farago — Mon, 15 Sep 2008 05:27:47 CDT

Ten of the world's largest banks have formed a massive liquidity fund to mitigate the effects of the Lehman Brothers meltdown, reports the Financial Times . All the investment banks will be able to borrow up to a third of the $70 billion fund in order to reduce volatility and stay...

Feds Charge Brokers in $1B Subprime Fraud

Wed, 03 Sep 2008 12:33:51 CDT

Federal regulators today charged two Wall Street brokers with defrauding their customers by making more than $1 billion in unauthorized purchases of securities tied to subprime mortgages. The Securities and Exchange Commission alleges the Credit Suisse Securities employees led corporate customers to believe that securities being purchased in their accounts...