Hurt by Losses, Credit Suisse Faces Reckoning Under New Chairman

The nearly $5 billion loss from the collapse of Archegos Capital Management was just the latest problem for Credit Suisse’s beleaguered investment bank.

#appointments-and-executive-changes, #archegos-capital-management-llc, #banking-and-financial-institutions, #credit-suisse-group-ag, #gottstein-thomas, #greensill-capital, #horta-osorio-antonio

Justice Dept. Asked to Examine Whether Swiss Bank Kept Helping Tax Dodgers

Credit Suisse had admitted to helping American clients evade taxes in 2014 and was fined $2.6 billion, but it avoided even higher fines because of its vow that it had stopped the practice.

#banking-and-financial-institutions, #credit-suisse-group-ag, #federal-taxes-us, #garland-merrick-b, #internal-revenue-service, #justice-department, #senate-committee-on-finance, #switzerland, #tax-evasion, #united-states-politics-and-government, #wyden-ron

JPMorgan’s Jamie Dimon Sees a Boom Coming

Jamie Dimon tells the bank’s investors to prepare for an economic upswell.

#amazon-com-inc, #credit-suisse-group-ag, #dimon-james, #jpmorgan-chasecompany, #organized-labor, #treasury-department

With a Big Tax Break, Hong Kong Tries to Soothe the Rich

Beijing, which can’t afford to let its attack on civil liberties scare away global banks and financiers, is offering them a big tax break and other perks.

#bank-of-america-corporation, #banking-and-financial-institutions, #cambridge-associates-llc, #china, #communist-party-of-china, #credit-suisse-group-ag, #goldman-sachs-group-inc, #hedge-funds, #high-net-worth-individuals, #hong-kong, #hsbc-holdings-plc, #morgan-stanley, #regulation-and-deregulation-of-industry, #taxation

‘It’s Déjà Vu’: Credit Suisse Faces a Big Loss From Familiar Troubles

The Swiss bank is in turmoil after a series of financial disasters that have battered its reputation and are likely to diminish its global clout.

#appointments-and-executive-changes, #archegos-capital-management-llc, #company-reports, #credit-suisse-group-ag, #greensill-capital

He Built a $10 Billion Investment Firm. It Fell Apart in Days.

Banks were eager to do business with Bill Hwang and his Archegos Capital Management — until he ran out of money.

#archegos-capital-management-llc, #banking-and-financial-institutions, #credit-suisse-group-ag, #derivatives-financial-instruments, #goldman-sachs-group-inc, #gsx-techedu-inc, #hedge-funds, #hwang-bill, #jpmorgan-chasecompany, #morgan-stanley, #regulation-and-deregulation-of-industry, #rlx-technologies, #stocks-and-bonds, #viacomcbs-inc

Investment Firm’s Collapse Put Unseen Risks on Full Display

Archegos Capital Management’s use of swaps helped conceal its exposure to huge blocks of shares but showed once again how lightly regulated derivatives can shake the financial system.

#archegos-capital-management-llc, #banking-and-financial-institutions, #credit-suisse-group-ag, #derivatives-financial-instruments, #hedge-funds, #hwang-bill, #nomura-holdings-inc, #regulation-and-deregulation-of-industry, #stocks-and-bonds, #viacomcbs-inc

Banks Face Billions in Losses as a Bet on ViacomCBS and Other Stocks Goes Awry

Archegos Capital Management, led by Bill Hwang, couldn’t meet financial demands, creating turmoil on Wall Street and raising questions about the fund’s ties to lenders.

#archegos-capital-management, #banking-and-financial-institutions, #credit-suisse-group-ag, #discovery-channel, #goldman-sachs-group-inc, #gsx-techedu, #hwang-bill, #morgan-stanley, #nomura-holdings-inc, #regulation-and-deregulation-of-industry, #rlx-technology, #stocks-and-bonds, #tiger-asia, #tiger-management-llc, #viacomcbs-inc

Greensill Capital: The Collapse of a Company Built on Debt

Greensill Capital promised a win-win for buyers and sellers, until it all fell apart, igniting concerns about opaque accounting practices.

#accounting-and-accountants, #banking-and-financial-institutions, #bankruptcies, #bluestone-resources-inc, #cameron-david, #credit-suisse-group-ag, #federal-financial-supervisory-authority-bafin-germany, #gfg-alliance-ltd, #greensill-capital, #greensill-lex, #gupta-sanjeev-1971, #insurance, #justice-james-c-ii, #labor-and-jobs, #softbank-corporation, #suits-and-litigation-civil, #tokio-marine-holdings-inc

Whistle-Blower Says Credit Suisse Helped Clients Skip Taxes After Promising to Stop

A former bank employee contends that the Swiss bank continued to help American clients avoid taxes long after its 2014 plea deal with the U.S. government

#boente-dana-j, #cole-james-m, #credit-suisse-group-ag, #dougan-brady-w, #federal-taxes-us, #high-net-worth-individuals, #internal-revenue-service, #justice-department, #tax-evasion, #tax-shelters, #united-states-politics-and-government, #whistle-blowers, #wray-christopher-a

The Short Tenure and Abrupt Ouster of Banking’s Sole Black C.E.O.

Tidjane Thiam made Credit Suisse profitable again. But the Swiss rejected him as an outsider, and a sudden scandal took him down.

#banking-and-financial-institutions, #black-people, #coups-detat-and-attempted-coups-detat, #credit-suisse-group-ag, #high-net-worth-individuals, #industrial-espionage, #switzerland, #thiam-tidjane