Business

Credit Suisse launches $4 billion Saudi-backed fundraiser after a losing quarter


Credit Suisse is looking to raise capital of SFr 4.05 billion ($4.05 billion), including SFr 1.5 billion from the National Bank of Saudi Arabia, through a share sale as part of a attempt to restructure its business.

The Swiss lender also agreed to sell its securitization product unit to US investment groups Pimco and Apollo, and outlined plans to develop its capital markets and advisory business. for the next three years with the rejuvenating CS First Boston brand.

Credit Suisse said on Thursday that it would cut costs by SFr 2.5 billion, or 15% of the cost base, by 2025.

The moves are part of the lender’s second strategic overhaul in less than a year, as it attempts to move from light of scandals.

“This is a historic moment for Credit Suisse,” said chief executive Ulrich Körner. “We are completely restructuring investment banking to help create a new bank that is simpler, more stable, and has a more focused business model built around the needs of our customers.”

Körner was appointed chief executive officer in July with the task of stripping Accident-prone investment bankers find savings and spend more resources on asset management.

Credit Suisse also reported a loss of SFr 342 million for the third quarter on Thursday after warning three months earlier that a loss was likely.

Analysts expect Credit Suisse’s investment bank to be among the worst performing due to its heavy reliance on sectors that struggled in the third quarter, including leveraged finance and business. commercial business.

goznews

Goz News: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably.

Related Articles

Back to top button