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Key Developments: Credit Suisse Group AG (CS)

CS on New York Consolidated

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27 May 2016
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Latest Key Developments (Source: Significant Developments)

Fitch downgrades Credit Suisse Group to 'A'
Tuesday, 24 May 2016 04:08pm EDT 

Fitch : Fitch downgrades Credit Suisse Group to 'A'; affirms Credit Suisse ag . Fitch - Outlook on Credit Suisse's long-term IDR has been revised to stable from positive . Fitch - Downgrade reflects vulnerabilities in business model to challenging capital markets . Fitch - Expect execution of strategic restructuring to remain more challenged . Fitch - Slowdown in Asia pacific economic growth will also add negative pressure to targeted business model .Fitch - VR reflects view that risk controls are sound, despite publicity around poorly communicated distressed debt positions.  Full Article

U.S. appeals court revives antitrust claims in Libor litigation
Monday, 23 May 2016 11:04am EDT 

: U.S. appeals court revives antitrust claims in litigation accusing major banks of rigging libor -- ruling . 2nd U.S. circuit court of appeals says plaintiffs have plausibly alleged banks conspired to rig libor . 2nd circuit says horizontal price-fixing constitutes a "per se" antitrust violation . 2nd circuit says a plaintiff alleging a "per se" antitrust violation need not separately plead that competition was harmed . 2nd circuit says consumers who pay higher prices because of horizontal price-fixing suffer antitrust injury . 2nd circuit says lower court judge erred in dismissing antitrust claims on the ground they failed to allege harm to competition.  Full Article

U.S. appeals court revives FDIC lawsuit over Colonial BancGroup collapse
Thursday, 19 May 2016 09:33am EDT 

: U.S. appeals court revives fdic lawsuit against several banks tied to colonial bancgroup's 2009 collapse--court ruling . 2nd U.S. circuit court of appeals reverses lower court ruling, and concludes that fdic did not file its lawsuit too late . Banks were accused of violating U.S. securities law by selling colonial $388 million of toxic mortgage-backed securities . The fdic sued the banks in its capacity as colonial's receiver . Appeals court vote is 2-1; dissenting judge says congress never intended to let fdic bring its old "dead claims" back to life.  Full Article

Jupiter Fund names Charlotte Jones as CFO
Thursday, 12 May 2016 10:21am EDT 

Jupiter Fund Management Plc : Appointment of CFO . Charlotte Jones will, subject to FCA approval, join board as an executive director and chief financial officer on September 5, 2016 .Jones is currently head of group finance and chief accounting officer at Credit Suisse.  Full Article

Credit Suisse appoints Eric Varvel as Head of Asset Management
Tuesday, 10 May 2016 09:30am EDT 

Credit Suisse Group Ag : Says Eric Varvel appointed global head of asset management at Credit Suisse . Says appointment effective June 1, Varvel will report to Iqbal Khan, CEO of International Wealth Management Further company coverage: [CSGN.S] (Reporting By Zurich newsroom) ((zurich.newsroom@thomsonreuters.com; +41 58 306 7336;)).  Full Article

Credit Suisse CFO says hopes Q2 sees a better result than Q1
Tuesday, 10 May 2016 05:10am EDT 

Credit Suisse Group Ag : CEO says very confident share price will recover as we deliver quarter by quarter -news conference . CEO says no plans for merger with Deutsche Bank -news conference . CEO says not yet willing to give up on pre-tax income target . CFO says expects final swiss too big to fail rules to be published in next few weeks . CFO says bank hopes q2 sees a better result than q1 Further company coverage: [CSGN.S] (Reporting by Zurich Newsroom) ((zurich.newsroom@thomsonreuters.com; +41 58 306 7336;)).  Full Article

Credit Suisse CEO says Q2 likely better than Q1
Tuesday, 10 May 2016 04:01am EDT 

Credit Suisse : CEO says preparation for partial IPO of swiss bank is on track, expects to receive separate banking licence by Q4 2016 -analyst call . CEO says if markets do not move from what we've seen so far in Q2, Q2 will likely be better than Q1 -analyst call . CFO says our aim is to run down strategic resolution unit as quickly as possible even if it means taking some losses -analyst call Further company coverage: [CSGN.S] (Reporting By Zurich newsroom) ((zurich.newsroom@thomsonreuters.com; +41 58 306 7336;)).  Full Article

Credit Suisse CEO says on improving trend in markets but still below previous levels -CNBC
Tuesday, 10 May 2016 02:24am EDT 

Credit Suisse Group Ag : CEO says clearly on improving trend in markets on relative basis but still below previous levels -cnbc Further company coverage: [CSGN.S] (Reporting by Zurich Newsroom) ((zurich.newsroom@thomsonreuters.com; +41 58 306 7336;)).  Full Article

Credit Suisse Group AG - Swiss banks face scrutiny over Panama Papers - Reuters News
Sunday, 10 Apr 2016 03:42am EDT 

Credit Suisse Group AG:Switzerland is stepping up scrutiny of its banks in response to the Panama Papers which have prompted a global outcry over allegations of tax avoidance."We want to know which banks have used the services of the Panamanian firm and whether Swiss laws were broken," said Thomas Bauer, president of Swiss financial watchdog FINMA.Switzerland is the world's largest centre for offshore wealth, with Boston Consulting Group estimating that around $2.5 trillion in foreign assets was kept with the country's banks in 2014.FINMA signalled a crackdown on money laundering on Wednesday and is now calling for authorities around the globe to set standards that would prevent abuse.Branches of Swiss lenders including UBS and Credit Suisse were mentioned in the leaked documents as being among the main banks that requested offshore companies for clients. Both banks have denied wrongdoing in connection with the practice.  Full Article

Credit Suisse Group AG said to cut 9 from Brazil fixed-income business - Bloomberg - Reuters News
Wednesday, 6 Apr 2016 08:31am EDT 

Credit Suisse Group AG:Credit Suisse Group AG, is cutting nine executives from its fixed-income and structured-products business in the nation amid an industry slump, said two people with knowledge of the matter - Bloomberg.Sergio Machado, a managing director and head of the business, will leave the Zurich-based bank soon, the people said, asking not to be named because no public announcement has been made.Eight executives from the team have departed already, leaving about eight others still employed, the people said.Machado didn’t reply to telephone calls and e-mails seeking comment. A Credit Suisse representative declined to comment.Credit Suisse, led by Chief Executive Officer Tidjane Thiam, posted its biggest quarterly loss in seven years in February and later said it’s accelerating plans to cut 4,000 jobs.Revenue generated by investment banks in Brazil fell 42 percent last year to $436 million, according to London-based research firm Dealogic.  Full Article

Credit Suisse sells operational risk bonds for $222 mln - source

ZURICH, May 26 Credit Suisse has sold bonds worth 220 million Swiss francs ($222 million) to help insure against certain operational risks such as rogue trading and cybercrime, a source familiar with the matter said on Thursday.