Credit Suisse

Credit Suisse has published new sector-specific targets for reducing financed emissions, but is still using intensity-based rather than absolute emissions ...

It wants to see absolute – not intensity-based – emissions targets aligned with climate science; stronger exclusion policies for the most polluting industries and improved emissions disclosure frameworks. It is urging investors to vote against the proposal and push, instead, for a stronger approach that would more meaningfully support Credit Suisse’s pledge to achieve net-zero financed emissions by 2050, following a 1.5C trajectory. Credit Suisse shareholders will be able to vote on the new plan at the firm’s annual general meeting (AGM) in April. The other emissions targets have been set on an intensity basis with a 2030 deadline and a 2019 baseline. Credit Suisse has published new sector-specific targets for reducing financed emissions, but is still using intensity-based rather than absolute emissions targets in most high-carbon sectors. [latest annual sustainability report.](https://www.credit-suisse.com/media/assets/corporate/docs/about-us/investor-relations/financial-disclosures/financial-reports/csg-sr-2022-en.pdf) The plan sees Credit Suisse increasing emissions reduction targets in the oil and gas sector and confirming sector-specific climate targets for automotive, aluminium, iron and steel, power generation and commercial real estate.

Credit Suisse group's executive board took home 32.2 million Swiss francs ($35.27 million) in fixed compensation while collectively forgoing a bonus for the ...

[The Thomson Reuters Trust Principles.](https://www.thomsonreuters.com/en/about-us/trust-principles.html) [(CSGN.S)](https://www.reuters.com/companies/CSGN.S) group's executive board took home 32.2 million Swiss francs ($35.27 million) in fixed compensation while collectively forgoing a bonus for the first time in more than 15 years, the Swiss bank said in its annual report published on Tuesday. ZURICH, March 14 (Reuters) - Credit Suisse

The embattled Swiss bank also said that chairman Axel Lehmann had proposed to “voluntarily waive” a share award worth 1.5 million Swiss francs ($1.6 million) ...

Credit Suisse said it was urgently developing a “remediation plan” to strengthen controls. [collapse](https://edition.cnn.com/2023/03/13/investing/silicon-valley-bank-collapse-explained/index.html) of Silicon Valley Bank and Signature Bank scared investors and [pummeled](https://edition.cnn.com/2023/03/13/investing/european-banks-svb-collapse/index.html) European banking stocks. [delayed](https://edition.cnn.com/2023/03/09/investing/credit-suisse-annual-report-sec/index.html) the publication of the annual report after an eleventh-hour query from the US Securities and Exchange Commission over cash flow statements for 2019 and 2020. [Credit Suisse](https://edition.cnn.com/business/live-news/silicon-valley-bank-collapse-updates-03-13-23/h_6958b7f908358829062cad4fd190fc33) on Tuesday acknowledged “material weakness” in its financial reporting as it scrapped bonuses for top executives in the wake of its [worst annual performance](https://edition.cnn.com/2023/02/09/investing/credit-suisse-losses/index.html) since the global financial crisis. [(CSGKF)](https://money.cnn.com/quote/quote.html?symb=CSGKF&source=story_quote_link) said in its annual report that it had found “the group’s internal control over financial reporting was not effective” because it failed to adequately identify potential risks to financial statements. The embattled Swiss bank also said that chairman Axel Lehmann had proposed to “voluntarily waive” a share award worth 1.5 million Swiss francs ($1.6 million) for the 2022/2023 financial year, given the firm’s “poor financial performance.”

Bank had been forced to delay accounts after they were questioned by US regulators.

Despite the questions raised by the Securities and Exchange Commission, Credit Suisse said there was no impact on its financial results for 2022 or previous years. Last week the Swiss regulator closed an investigation into comments made by the bank’s chairman in December that customer outflows had “basically stopped”. In its annual report, it said: “Management did not design and maintain an effective risk assessment process to identify and analyse the risk of material misstatements in its financial statements.”

The bank said its financial reports for 2021 and 2022 were not affected by the problem.

The investment bank reported a $1.72 billion loss in 2021 due to the bankruptcy of fund partner Greensill Capital and took another $5.5 billion hit from the collapse of hedge fund Archegos Capital. [handling](https://www.forbes.com/sites/dereksaul/2022/03/28/house-committee-cites-significant-concerns-over-credit-suisses-treatment-of-russian-oligarchs-requests-information/?sh=6bc9ba264409) of information about assets linked to Russian oligarchs. Following Russia’s invasion of Ukraine last year, the lender came under the scrutiny of the U.S. Credit Suisse shares, along with other banking stocks, has been hit by a global rout triggered by the collapse of Silicon Valley Bank last week. [Social media rumors](https://www.wsj.com/articles/how-a-social-media-frenzy-around-credit-suisse-rattled-its-stock-11664978035) in October about Credit Suisse’s financial health triggered some panic in the markets, along with a wave of withdrawals from customers. The investment bank’s stocks were down more than 4% in morning trading after the annual report was released.

Credit Suisse's shares continued to slide after it found “material weaknesses” in its financial reporting controls as it released its delayed annual.

In the fourth quarter of last year it reported outflows of CHF110.5m. Credit Suisse also released details of its remuneration policy. However, it warned “there can be no assurance that these measures will remediate the material weaknesses in our internal control over financial reporting or that additional material weaknesses in our internal control over financial reporting will not be identified in the future”. The bank said that it might have to “expend significant resources to correct the material weaknesses”. The news comes as the embattled lender seeks to recover from a “horrifying” 2022 facing scandals, talent outflows and even speculation that it might collapse in October. It said it was developing a “remediation plan to address the material weaknesses”.

Credit Suisse strengthens its coverage of the non-resident India market with the hire of a former Julius Baer banker, finews.asia has learned.

Arora has over 21 years of wealth management experience, most recently at Julius Baer where he spent more than two years as a director of private banking, serving high net worth clients based in Hong Kong and Southeast Asia. A spokesperson for the bank confirmed the contents of the memo. Credit Suisse strengthens its coverage of the non-resident India market with the hire of a former Julius Baer banker, finews.asia has learned.

Credit Suisse shareholders are being called to vote against the investment bank's latest climate strategy, which has been described as “not fit for purpose” ...

[Last year, Legal and General Investment Management and Aviva Investors joined a group of Credit Suisse investors](https://esgclarity.com/investors-call-on-credit-suisse-to-cut-coal-oil-and-gas/) supporting a shareholder resolution on the bank’s climate strategy. [ShareAction ](https://esgclarity.com/shareaction-qa-have-challenging-conversations/)pointed out the bank, one of Europe’s top financiers of coal projects, has not updated its oil and gas policy or indicated where it might reduce financing for fossil fuels. “For these reasons, ShareAction is urging investors to vote against the proposal. The resolution urges [Credit Suisse](https://esgclarity.com/credit-suisse-connects-early-stage-impact-firms-with-investors-in-platform-launch/) to share long- and short-term targets to reduce its fossil fuel exposure in line with the timeframe of the 1.5°C goal of the Paris Agreement. It will be put to an advisory vote to shareholders at its AGM on 4 April 2023. [Credit Suisse](https://esgclarity.com/credit-suisse-and-jpmawm-partner-for-sustainable-nutrition-strategy/) publishes a timebound plan to incorporate capital markets activities, which represent the bulk of its financing to top oil and gas expanders, in its disclosures and targets, shareholders must continue to press the bank for greater ambition on climate.

Swiss bank's shares fall as annual report reveals another blow to its bid to recover from string of scandals.

The bank has shaken up its executive board, replacing longtime chief financial officer David Mathers with Dixit Joshi, who joined from Deutsche Bank where he was group treasurer. The bank said those discussions had now been concluded. Outflows jumped to 123bn Swiss francs (£11bn) last year, which made it breach some liquidity buffers. The chairman, Axel Lehmann, decided to waive his fee of 1.5m Swiss francs for 2022 “given the poor financial performance in 2022 and challenging situation for the firm at the beginning of the three-year transformation”, according to the annual report. Credit Suisse’s bonds also weakened to record lows on Tuesday, after comments in its delayed annual report. It said in the annual report that “significantly higher withdrawals of cash deposits” began early in the fourth quarter of last year, and “outflows stabilised to much lower levels but had not yet reversed as of the date of this report”.

Credit Suisse on Tuesday published its delayed annual report, announcing material weaknesses in its financial controls and an end to board bonuses following ...

It's undergoing a big transformation after losing billions lending to the Archegos family office and having to freeze $10 billion worth of funds tied to Greensil Capital. It also failed to design and maintain effective monitoring activities. The bank's annual report published Tuesday describes "material weaknesses in our internal control over financial reporting" both for 2021 and 2022.

Credit Suisse has admitted “material weaknesses” in its internal controls over financial reporting and risk assessments in 2022 and 2021.

The failures mean the bank did not design and maintain effective controls over the classification and presentation of the consolidated statement of cash flows, it added. It also related to the failure to design and maintain effective monitoring activities. This related to the "failure to design and maintain an effective risk assessment process to identify and analyse the risk of material misstatements in its financial statements".

Banks globally are unveiling targets for how they intend to align their businesses with the Paris climate agreement and reach net zero greenhouse gas emissions ...

Register for free to Reuters and know the full story Banks globally are unveiling targets for how they intend to align their businesses with the Paris climate agreement and reach net zero greenhouse gas emissions by 2050. LONDON, March 14 (Reuters) - Credit Suisse on Tuesday announced targets for cutting emissions tied to loans it makes to six sectors as well as restrictions on lending to the dirtiest fossil fuel projects, although climate activists said the announcements fell short of what was needed.

The digital wealth management platform has appointed Hugh Chung as its chief investment advisory officer. Chung was managing director at Kadensa Capital and ...

He is the founder of Hampton Wealth in Malaysia. The law firm has strengthened its financial planning services with the appointment of David Hulse as head of financial planning. Chung was managing director at Kadensa Capital and Azentus Capital as the founding member and senior investor of two of the most successful hedge fund launches in Asia.

Credit Suisse said customer "outflows stabilized to much lower levels but had not yet reversed as of the date of this report" in its 2022 annual report ...

[bank's share price fell](/business/finance/swiss-regulator-monitoring-banks-insurers-after-svb-collapse-2023-03-13/) more than 14% to a record low amid market turmoil triggered by the collapse of U.S. Securities and Exchange Commission (SEC), which had raised questions about the bank's earlier financial statements. lenders Silicon Valley Bank [(SIVB.O)](https://www.reuters.com/companies/SIVB.O) and Signature Bank [(SBNY.O)](https://www.reuters.com/companies/SBNY.O). [identify any potential contagion](/business/finance/swiss-regulator-monitoring-banks-insurers-after-svb-collapse-2023-03-13/) risks for the country's banks and insurers following the collapses of the U.S. [money "coming back in](/business/finance/credit-suisse-sees-money-returning-bank-ceo-2023-01-18/) different parts of the firm". Register for free to Reuters and know the full story

Credit Suisse shares continued to fall on Wednesday, dropping by as much as 8.7% to a new record low, as investors assessed the potential impact of ...

Switzerland's second-biggest bank is seeking to recover from a string of scandals that have undermined the confidence of investors and clients. The cost of insuring the company's bonds against default also shot up. [(SIVB.O)](https://www.reuters.com/companies/SIVB.O). Register for free to Reuters and know the full story It’s a regulatory issue," said Saudi National Bank [(1180.SE)](https://www.reuters.com/companies/1180.SE) [chairman Ammar Al Khudairy said](/business/finance/credit-suisses-saudi-backer-happy-with-transformation-plan-doesnt-think-extra-2023-03-15/) on Wednesday.

Shares of embattled bank Credit Suisse hit another all-time low for a second consecutive day as the bank's biggest backer says it can't provide more ...

We are all hands on deck. Trading in the bank's plummeting shares was halted several times throughout the morning. London time, but was still down more than 20% on the day. "We cannot because we would go above 10%. Meanwhile, speaking to CNBC's Hadley Gamble during a panel session in Riyadh on Wednesday morning, Credit Suisse Chairman Axel Lehmann declined to comment on whether his firm would need any sort of government assistance in the future. - Speaking to CNBC's Hadley Gamble during a panel session in Riyadh on Wednesday morning, Credit Suisse Chairman Axel Lehmann declined to comment on whether his firm would need any sort of government assistance in the future.

Swiss lender's stock price hits all-time low on back of comments from Saudi National Bank's chair.

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Shares in the Swiss bank were halted this morning, as were Société Générale, Monte dei Paschi and UniCredit.

Only seven of its constituent stocks were not falling in late-morning trade, with the companies bucking the trend sharing defensive properties, from water utility Severn Trent to drugmaker AstraZeneca. Credit Suisse shares have fallen by more than 12% in the past week after US regulators raised questions about its accounts. Last month Credit Suisse posted its biggest loss since the 2008 financial crisis. Overall, the pan-European Stoxx 600 fell by almost 3% to 438.78, wiping out its gains for the calendar year. Its top shareholder, the Saudi National Bank, ruled out providing more support for Switzerland’s second biggest bank, which has been grappling with a run of customers withdrawing deposits. Barclays fell by 11p to 141p, a drop of over 7%.

Credit Suisse shares are sliding as its largest investor said it cannot provide the Swiss bank with more financial assistance.

Fear has once again gripped the markets, concerned about a repeat of past crises - one in particular, for obvious reasons - and the implications for the financial system and the global economy. Against this background, FINMA confirms that Credit Suisse meets the higher capital and liquidity requirements applicable to systemically important banks. The bill may be coming due for more than a decade of rock-bottom interest rates and a massive quantitative easing experiment. In addition, the SNB will provide liquidity to the globally active bank if necessary. The U.S. Concerned by another bank failure, traders sold shares of European banks heavily. For “don’t panic” optimists, this is just a case of jittery investors unfairly playing games of whack-a-mole after the collapse of Silicon Valley Bank in the US last week. There are no direct links between the two institutions but the market is hard-wired to hunt for the next victim. One of SVB’s problems (aside from basic risk-management cock-ups) was that it had to crystallise a chunk of those losses when depositors fled. “We have strong capital ratios, a strong balance sheet,” he said. By way of irrelevant comparison, the national chocolate champion, Nestlé, is worth almost 300bn Swiss francs. In a joint statement, the Swiss financial regulator FINMA and the nation’s central bank said that Credit Suisse “meets the capital and liquidity requirements imposed on systemically important banks.”

Trading in Credit Suisse shares was halted as they fell by as much as 21% in Zurich on Wednesday.

[delayed](https://www.cnbc.com/2023/03/09/credit-suisse-to-delay-its-2022-annual-report-after-a-late-call-with-the-sec.html) annual report for 2022 on Tuesday, Credit Suisse revealed high cash outflows and [said](https://www.forbes.com/sites/siladityaray/2023/03/14/credit-suisse-finds-material-weaknesses-in-its-financial-reporting-process/?sh=265824bb419e) it found weaknesses in its financial reporting. banks Silicon Valley Bank and Signature. The bank’s poor performance in 2022 follows years of controversies including links with investment firm Archegos and supply chain financing firm Greensill Capital—which collapsed and cost the bank [billions](https://www.forbes.com/sites/isabeltogoh/2021/11/04/credit-suisse-burned-by-archegos-and-greensill-scandals-shifts-focus-to-wealth-management-in-overhaul/?sh=2016c9052488)— [revelations](https://www.theguardian.com/news/2022/feb/20/credit-suisse-secrets-leak-unmasks-criminals-fraudsters-corrupt-politicians) numerous clients were involved with corruption, torture, trafficking and other serious crimes and a [spying](https://www.forbes.com/sites/isabeltogoh/2019/10/01/credit-suisse-executive-resigns-over-spy-scandal-that-has-rocked-switzerlands-banks/?sh=63fb620c137e) scandal. [Another Credit Suisse Crisis: Bank Finds 'Material Weaknesses' In Its Financial Reporting](https://www.forbes.com/sites/siladityaray/2023/03/14/credit-suisse-finds-material-weaknesses-in-its-financial-reporting-process/?sh=265824bb419e) (Forbes) Shares of BNP Paribas and Société Générale fell more than 10% in Paris, Santander more than 7% in Madrid and Deutsche Bank 8% in Frankfurt. [acknowledged](https://www.forbes.com/sites/siladityaray/2023/03/14/credit-suisse-finds-material-weaknesses-in-its-financial-reporting-process/?sh=265824bb419e) “material weaknesses” in its financial reporting processes that could lead to “misstatements” in its financial reports and that clients had pulled billions from the bank.

Credit Suisse shares have plunged more than 20% to record lows after its largest shareholder, Saudi National Bank (SNB), said it would not be able to stump ...

It said it had become frustrated with Credit Suisse’s strategy, which has failed to stem losses and an exodus of clients. “The problems in Credit Suisse once more raise the question whether this is the beginning of a global crisis or just another “idiosyncratic case”, he said. Credit Suisse was widely seen as the weakest link among Europe’s large banks, but it is not the only one to have struggled with weak profitability in recent years. The central bank, which is in charge of monitoring financial stability, referred to its statement released earlier this week, which said: “The wider UK banking system remains safe, sound, and well capitalised.” It also came under fire after the Guardian and other media outlets revealed the bank had been [serving clients involved in torture, drug trafficking](https://www.theguardian.com/news/2022/feb/20/credit-suisse-secrets-leak-unmasks-criminals-fraudsters-corrupt-politicians), money laundering, corruption and other serious crimes over decades. The shortfall spooked investors, led to a share sell-off and a run on its deposits, before authorities stepped in last week. Markets are now expecting that central banks including the Bank of England may hold back from raising interest rates further, amid fears that further hikes could increase pressure on investment portfolios. It has since been abandoned by its former top shareholder, Harris Associates, which revealed earlier this year that it had dumped its entire stake amid frustration over Credit Suisse’s strategy and failure to stem losses. The bank, Europe’s 17th largest lender, has been struggling to keep customers after a string of scandals in recent years. The Swiss lender UBS dropped 8.7% and Germany’s Deutsche Bank slipped 9.2%. Credit Suisse shares recovered slightly but still ended the day down by 24.5%. The FTSE 100 was down 3.83%, marking its sharpest one-day drop since Russia invaded Ukraine in February last year.