EghtesadOnline: Credit Suisse CEO Tidjane Thiam says he is resigning after nearly five years on the job, acknowledging that a spying scandal caused “anxiety and hurt” and tarnished the reputation of the top-drawer Swiss bank.
EghtesadOnline: Credit Suisse Group AG and its home country of Switzerland were surprised by a tax evasion and money laundering investigation that spans five countries from Australia to the U.K. and potentially involves thousands of account holders.
EghtesadOnline: In the span of just 12 hours, three U.S. enforcement matters left over from the financial crisis made significant progress: Deutsche Bank AG and Credit Suisse Group AG separately announced that they would pay a combined $12.5 billion to resolve U.S. investigations into their sales of toxic mortgage debt, whereas Barclays Plc chose to roll the dice and let the Justice Department file a fraud lawsuit over its debt sales.
EghtesadOnline: Deutsche Bank AG and Credit Suisse Group AG agreed to pay a combined $12.5 billion to resolve U.S. investigations into sales of the toxic debt that fueled the financial crisis, putting behind them a major dispute that undermined confidence in the banks and raised questions about their turnarounds.
EghtesadOnline: The U.S. Department of Justice has asked Credit Suisse to pay between $5 billion and $7 billion to settle a probe over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis, a source with knowledge of the matter said, but the bank has resisted settling for that amount.
EghtesadOnline: Credit Suisse Group AG is seeking to secure a key banking license in Saudi Arabia as part of plans to expand in the kingdom.
EghtesadOnline: Chris Santos likes a little spice in his investing life. That’s why the 26-year-old Toronto man trades Credit Suisse Group AG’s VelocityShares 3x Long Crude ETN, which offers returns equal to three times the move of the S&P GSCI Crude Oil Index for each day.