The Swiss bank Credit Suisse has presented the new quarterly figures – and writes a net loss of 4.06 billion francs. That’s why the Swiss bank immediately presented new restructuring plans: the Saudi National Bank is to become a financially strong partner.
The crisis-ridden major Swiss bank Credit Suisse presented its eagerly awaited restructuring plans with the new quarterly figures on Thursday. For the third quarter, the bank presented a net loss of CHF 4.03 billion (EUR 4.06 billion). It was the fourth consecutive quarterly loss, and it was even larger than analysts had expected.
The ailing major Swiss bank Credit Suisse is bringing a financially strong partner on board with the Saudi National Bank. The bank will participate in the capital increase with CHF 1.5 billion (EUR 1.51 billion), the bank announced on Thursday. Credit Suisse announced the issue of new shares with a total volume of around four billion Swiss francs. That’s almost a third of the current market capitalization.
In addition, the Swiss bank, second largest after UBS, is aiming for billions in savings with the immediate reduction of five percent of jobs – 2,700 jobs – and a radical restructuring of the investment bank. The costs are expected to fall by around 15 percent to CHF 14.5 billion by 2025.
The bank has gone through difficult times with scandals, indictments and disastrous investments. Credit Suisse stock has fallen more than 75 percent since early 2018. In 2017, the bank, which currently has around 50,000 employees, still had a market value of CHF 45 billion; in October 2022 it was around CHF 10 billion. After losing billions in 2021, the bank was also in the red in the 1st and 2nd quarters of this year.
Anyone who is granted a property by will or inheritance contract should not be too happy. The reason: German inheritance law comes up with a number of hurdles that the beneficiary has to jump before he can move into the new home. lawyer dr Markus Schuhmann gives tips.
Many citizens can increase their future pension with voluntary contributions. Stiftung Warentest has determined which groups it is worthwhile for.
Somewhat hidden, but clear in the draft of the 2022 annual tax law, are higher taxes for inheritance and gifts. Even without a tax being raised in the literal sense. But: Anyone who owns their own home or apartment building may have to act quickly – by the end of the year.
Financially, the Germans are getting worse and worse. This is shown by a new survey by the German Savings Banks and Giro Association (DSGV), which Focus is available online. The current situation in their own wallets and also the view into the future obviously looks bleak for many. The DSGV President speaks of a “dramatic situation”.