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Credit Suisse reported bad news this morning. In the course of a strategic fork for a company called York Capital Management, it suffers a write-off of $ 450 million.
The diver would still be registered this quarter with Asset Management, which is part of the International Wealth Management division.
You rub your eyes. CS’s global asset management under the leadership of CS-Topshot Eric Varvel is one of the proud areas of the bank.
At least your business in Switzerland and Europe generates great profits. CS is currently examining an outsourcing or sale there.
In contrast to the Swiss side, there are explosives lurking in the US side of asset management. Just because the New York partner company announced a realignment last night, they are now exploding.
York Capital announced that it will focus on long-term investments in the future, including private equity. Hedge funds in Europe, however, would shut them down.
“Reduce” is what Global Finance stands for. The business in Asia would also be outsourced to a separate company.
CS is interested in this, the leading Swiss bank announced in a statement this morning.
The 450 million dollars that the great Swiss bank has to get rid of are enormous. How can CS lose so much money just from a strategic reorganization of a company in New York?
The fund is a participation. CS had been a minority shareholder in York Capital since 2010.
This investment is now flying around CS’s ears. Third quarter earnings are a thing of the past.
The copyist of nearly half a billion arrives at an inopportune time. CS stock has rallied largely unnoticed in recent weeks.
The title, which was trading below 10 francs for a long time, was 11.41 francs last night. In March, a CS share cost 7 francs.
UBS also won on the stock exchange, its stake is 13.30 francs. Since the beginning of the year, UBS has entered the black zone: plus 5 percent.
In CS, the shareholder still has a negative return of 15 percent. This could get worse today.
