An attorney for investors suing Credit Suisse told a jury in US court that chats between traders prove the world's largest banks colluded to fix prices in the foreign exchange market between 2007 and 2013.

World Business Watch: Credit Suisse faces trial on investors' currency rigging claims

Crisis hit Swiss bank is now struggling to hold departures from its private bank division in Hong Kong. There are reports now of more recent resignations.

Hong Kong: Credit Suisse shares plummeted 12%, loses private bankers

Investors are worried about the future of Credit Suisse. The bank's shares have fallen by 60% in a year. Is credit Suisse in trouble? Priyanka Sharma brings you an assessment.

Gravitas: Will this bank trigger the next financial crisis?

Ukraine has reclaimed the key logistics hub of Leyman. In response, Russia launched a drone attack on Zelensky's hometown. Interestingly, thousands of mobilised Russian troops have also been sent back home. Why? Priyanka Sharma explains in detail.

Gravitas: Why has Russia sent thousands of mobilised men back home?

Credit Suisse Group AG's attempts to reassure investors about its financial stability backfired as the credit risk indicator for the global bank surged to a record high while its shares hit a new low.&nbsp; 
 
There's talk about the bank going under like Lehman Brothers in the US, which was one of the events that precipitated the global financial crisis of 2007-08, but the Swiss bank's CEO put up a brave front.

According to ICE Data Services, the price of five-year default swaps of the bank is currently at an all-time high of roughly 293 basis points, up from about 55 points since the beginning of this year.

On Monday, the bank's shares fell by a record 12 per cent in Zurich, and this year alone, they have lost over 60 per cent, the greatest yearly decline in Suisse's record. Bloomberg reported that Ulrich Koerner, CEO, praised the bank's capital and liquidity levels, but admitted going through a "critical period."

<a href="https://www.wionews.com/world/credit-suisse-says-worlds-average-adult-will-be-worth-100000-by-2024-518721">Also read |Credit Suisse says world's average adult will be worth $100,000 by 2024</a>

Furthermore, he informed that the company will release a new strategic plan on October 27. There is currently a 23 per cent&nbsp;chance that the bank will default on its obligations in the next five years. Some clients had used the increase in the CDS this year to inquire about haggling rates and products.&nbsp;

Bloomberg reported that the institution is currently drafting proposals that could result in the reduction of thousands of jobs for several years. Even after selling some assets, analysts at KBW expect that the company could raise $4 billion in capital to cover any unforeseen restructuring initiatives and other costs.

<a href="https://www.wionews.com/world/number-of-global-ultra-high-net-worth-individuals-hits-record-high-in-2022-518310">Also read |&nbsp;Number of global ultra high net worth individuals hits record high in 2022</a>

Given that Credit Suisse's market value has decreased by approximately 9.5 billion in Swiss francs, any share for this would dilute the existing shareholders. In 2021, the market value was around $30 billion francs.&nbsp;

The firm's 13.5 per cent CET1 capital ratio as of June 30 fell in the centre of the anticipated range of 13 to 14 per cent. There are no current issues at Credit Suisse compared to its $7.2 million at Deutsche Bank, and the Swiss bank's core capital ratio of 13.5 per cent is higher than 10.5 per cent higher than six years ago.&nbsp;

The bank is currently looking for deals to sell its trading division for specialised products and is examining the sale of its wealth in Latin America and Brazil.

(With inputs from agencies)

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Credit Suisse Group AG's attempts to reassure investors about its financial stability backfired as the credit risk indicator for the global bank surged to a record high while its shares hit a new low.

Credit Suisse Group AG's attempts to reassure investors about its financial stability backfired as the credit risk indicator for the global bank surged to a record high while its shares hit a new low. There's talk about the bank going under like Lehman Brothers in the US, which was one of the events that precipitated the global financial crisis of 2007-08, but the Swiss bank's CEO put up a brave front. According to ICE Data Services, the price of five-year default swaps of the bank is currently at an all-time high of roughly 293 basis points, up from about 55 points since the beginning of this year. On Monday, the bank's shares fell by a record 12 per cent in Zurich, and this year alone, they have lost over 60 per cent, the greatest yearly decline in Suisse's record. Bloomberg reported that Ulrich Koerner, CEO, praised the bank's capital and liquidity levels, but admitted going through a "critical period." Also read |Credit Suisse says world's average adult will be worth $100,000 by 2024 Furthermore, he informed that the company will release a new strategic plan on October 27. There is currently a 23 per cent chance that the bank will default on its obligations in the next five years. Some clients had used the increase in the CDS this year to inquire about haggling rates and products. Bloomberg reported that the institution is currently drafting proposals that could result in the reduction of thousands of jobs for several years. Even after selling some assets, analysts at KBW expect that the company could raise $4 billion in capital to cover any unforeseen restructuring initiatives and other costs. Also read | Number of global ultra high net worth individuals hits record high in 2022 Given that Credit Suisse's market value has decreased by approximately 9.5 billion in Swiss francs, any share for this would dilute the existing shareholders. In 2021, the market value was around $30 billion francs. The firm's 13.5 per cent CET1 capital ratio as of June 30 fell in the centre of the anticipated range of 13 to 14 per cent. There are no current issues at Credit Suisse compared to its $7.2 million at Deutsche Bank, and the Swiss bank's core capital ratio of 13.5 per cent is higher than 10.5 per cent higher than six years ago. The bank is currently looking for deals to sell its trading division for specialised products and is examining the sale of its wealth in Latin America and Brazil. (With inputs from agencies) WATCH WION LIVE HERE

Another Lehman Brothers? Credit Suisse shares down by record 12%, CEO puts up brave front

Credit Suisse has said that the world's average adult will be worth $100,000 by 2024 because the war in Ukraine is sinking asset classes and private fortunes this year.&nbsp;

According to Credit Suisse Group AG’s Global Wealth Report 2022, the number of millionaires globally will grow by 40 per cent in the next five years.

With China almost doubling its millionaire population, the number will grow faster in emerging economies.

Up from 62.5 million in 2021, there will be more than 87.5 million people with at least $1 million in wealth by 2026.

Credit Suisse sees a fast recovery in the global economy the 500 richest people in the world have lost $1.4 trillion in cumulative fortune in the first half of the year.

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Amid Covid lockdowns and crackdowns in sectors including tech and property, the Chinese economy is showing signs of strain.

&nbsp;“We expect household wealth in China to continue to catch up with the United States, advancing the equivalent of 14 US years between 2021 and 2026,” the report states.

With wealth per adult climbing 28 per cent globally and surpassing $100,000 in 2024, Credit Suisse forecasts private fortunes will rise 36% to $169 trillion by 2026.

Following the coronavirus pandemic, developing markets regained momentum last year and Credit Suisse expects them to narrow the gap with the developed world in the next five years.

(With inputs from agencies)

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Credit Suisse has said that the world's average adult will be worth $100,000 by 2024 because the war in Ukraine is sinking asset classes and private fortunes this year.

Credit Suisse has said that the world's average adult will be worth $100,000 by 2024 because the war in Ukraine is sinking asset classes and private fortunes this year. According to Credit Suisse Group AG’s Global Wealth Report 2022, the number of millionaires globally will grow by 40 per cent in the next five years. With China almost doubling its millionaire population, the number will grow faster in emerging economies. Up from 62.5 million in 2021, there will be more than 87.5 million people with at least $1 million in wealth by 2026. Credit Suisse sees a fast recovery in the global economy the 500 richest people in the world have lost $1.4 trillion in cumulative fortune in the first half of the year. × Amid Covid lockdowns and crackdowns in sectors including tech and property, the Chinese economy is showing signs of strain. “We expect household wealth in China to continue to catch up with the United States, advancing the equivalent of 14 US years between 2021 and 2026,” the report states. With wealth per adult climbing 28 per cent globally and surpassing $100,000 in 2024, Credit Suisse forecasts private fortunes will rise 36% to $169 trillion by 2026. Following the coronavirus pandemic, developing markets regained momentum last year and Credit Suisse expects them to narrow the gap with the developed world in the next five years. (With inputs from agencies) Watch WION's live TV here: ×

Credit Suisse says world's average adult will be worth $100,000 by 2024

Struggling European lender, Credit Suisse, is seeking to slash its overall cost base by additional one billion dollar. The executives of the company are discussing to reduce thousands of jobs globally to achieve this objective.

Struggling Credit Suisse to reduce headcount

Credit Suisse is considering how it could cut costs further after a dismal performance by the embattled bank in the past quarter, SonntagsZeitung reported, citing senior sources.

Credit Suisse eyes more cost cuts: Reports

A $2 million punishment was levied on Credit Suisse on Monday in a money laundering case connected to a Bulgarian cocaine network. Credit Suisse is the second-largest bank in Switzerland and has been rocked by a number of scandals.

The bank was found guilty of violating its corporate duty by the Swiss Federal Criminal Court for failing to take action to stop the criminal organisation from laundering money.

Two million Swiss francs ($2.1 million) in fines were imposed on Credit Suisse. The bank, based in Zurich, plans to appeal.

It was blamed for failing to oversee "financial relations" connected to the criminal gang and to assure their "compliance with anti-money laundering rules" up through its hierarchy and by its legal and compliance divisions. 
 
Watch | Swiss consider amending Banking Secrecy laws

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Despite clear indicators that the money had illegal origins, a former employee was found guilty of aggravated money laundering for a number of transactions she carried out or directed to be done between July 2007 and December 2008.

Her activities enabled the criminal organisation to conceal more than 19 million Swiss francs from law enforcement.

She received a fine and a 20-month prison sentence that were both suspended.

Credit Suisse issued a succinct statement in which it noted the court's ruling and declared its intention to appeal.

Additionally, two Bulgarians were convicted of aggravated money laundering and involvement in a criminal organisation.

The court also ordered the confiscation of a sum equivalent to more than 12 million francs concerning funds deposited with Credit Suisse by the criminal organisation.

Furthermore, the bank will have to compensate the more than 19 million francs in assets belonging to the criminal organisation "which could not be confiscated due to the bank's internal failures", the court statement said.

(With inputs from agencies) 
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A $2 million punishment was levied on Credit Suisse on Monday in a money laundering case connected to a Bulgarian cocaine network. Credit Suisse is the second-largest bank in Switzerland and has been rocked by a number of scandals.

A $2 million punishment was levied on Credit Suisse on Monday in a money laundering case connected to a Bulgarian cocaine network. Credit Suisse is the second-largest bank in Switzerland and has been rocked by a number of scandals. The bank was found guilty of violating its corporate duty by the Swiss Federal Criminal Court for failing to take action to stop the criminal organisation from laundering money. Two million Swiss francs ($2.1 million) in fines were imposed on Credit Suisse. The bank, based in Zurich, plans to appeal. It was blamed for failing to oversee "financial relations" connected to the criminal gang and to assure their "compliance with anti-money laundering rules" up through its hierarchy and by its legal and compliance divisions. Watch | Swiss consider amending Banking Secrecy laws Despite clear indicators that the money had illegal origins, a former employee was found guilty of aggravated money laundering for a number of transactions she carried out or directed to be done between July 2007 and December 2008. Her activities enabled the criminal organisation to conceal more than 19 million Swiss francs from law enforcement. She received a fine and a 20-month prison sentence that were both suspended. Credit Suisse issued a succinct statement in which it noted the court's ruling and declared its intention to appeal. Additionally, two Bulgarians were convicted of aggravated money laundering and involvement in a criminal organisation. The court also ordered the confiscation of a sum equivalent to more than 12 million francs concerning funds deposited with Credit Suisse by the criminal organisation. Furthermore, the bank will have to compensate the more than 19 million francs in assets belonging to the criminal organisation "which could not be confiscated due to the bank's internal failures", the court statement said. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Top Swiss Bank 'Credit Suisse' fined over drugs gang money laundering

Russian oligarch Vitaly Malkin is suing Credit Suisse for the loss of $515 million he claims was the fault of a former adviser at the&nbsp;Swiss banking giant, Sonntagszeitung daily reported Sunday.

Malkin, a resident of Monaco and an ex-business partner of former Georgian Prime Minister Bidzina Ivanishvili, has hired the American firm Quinn Emanuel to sue Credit Suisse in the case concerning Patrice Lescaudron, the newspaper reported.

Also read |&nbsp;<a href="https://www.wionews.com/world/pioneering-russian-journalist-sells-nobel-peace-medal-for-ukraine-489394">Pioneering Russian journalist sells Nobel Peace medal for Ukraine</a>

Lescaudron was a former private banker at Credit Suisse in Geneva but was sacked in 2015. A Swiss court later sentenced him to five years in prison in 2018 on charges of fraud and forgery, Swiss media reported. Lescaudron died by suicide in 2020.

The bank told AFP it "rejects all the allegations".

"Credit Suisse was recognised as the aggrieved party by all criminal authorities seized with this matter," it said in a statement.

The latest case comes after a Bermuda judge ruled in March that Ivanishvili suffered a loss of $553 million because of failures by a Credit Suisse affiliate in Bermuda.

Watch |&nbsp;Russian media releases videos of two US nationals captured by Russian forces

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The ruling said the Credit Suisse affiliate did not prevent Lescaudron's fraud because "it was prioritising the revenues Mr Lescaudron generated for Credit Suisse over the interests of its clients".

Credit Suisse said it would appeal against the ruling. The bank insists Lescaudron acted alone.

Also read |&nbsp;<a href="https://www.wionews.com/world/russian-spy-held-for-trying-to-enter-international-criminal-court-via-internship-in-netherlands-488938">Russian spy held for trying to enter war crimes court in Netherlands, sent back to Brazil</a>

"All investigations into this matter conducted by the bank, FINMA (The Swiss Financial Market Supervisory Authority) and the criminal authorities since 2015 have shown that the former relationship manager was not supported by any other employee of the Credit Suisse in his criminal activities," it said, referring to all the claims against Lescaudron.

Swiss business news agency AWP reported this week that prosecutors have launched separate legal proceedings against the bank after Lescaudron's death.

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Russian oligarch Vitaly Malkin is suing Credit Suisse for the loss of $515 million he claims was the fault of a former adviser at the Swiss banking giant, Sonntagszeitung daily reported Sunday.

Russian oligarch Vitaly Malkin is suing Credit Suisse for the loss of $515 million he claims was the fault of a former adviser at the Swiss banking giant, Sonntagszeitung daily reported Sunday. Malkin, a resident of Monaco and an ex-business partner of former Georgian Prime Minister Bidzina Ivanishvili, has hired the American firm Quinn Emanuel to sue Credit Suisse in the case concerning Patrice Lescaudron, the newspaper reported. Also read | Pioneering Russian journalist sells Nobel Peace medal for Ukraine Lescaudron was a former private banker at Credit Suisse in Geneva but was sacked in 2015. A Swiss court later sentenced him to five years in prison in 2018 on charges of fraud and forgery, Swiss media reported. Lescaudron died by suicide in 2020. The bank told AFP it "rejects all the allegations". "Credit Suisse was recognised as the aggrieved party by all criminal authorities seized with this matter," it said in a statement. The latest case comes after a Bermuda judge ruled in March that Ivanishvili suffered a loss of $553 million because of failures by a Credit Suisse affiliate in Bermuda. Watch | Russian media releases videos of two US nationals captured by Russian forces The ruling said the Credit Suisse affiliate did not prevent Lescaudron's fraud because "it was prioritising the revenues Mr Lescaudron generated for Credit Suisse over the interests of its clients". Credit Suisse said it would appeal against the ruling. The bank insists Lescaudron acted alone. Also read | Russian spy held for trying to enter war crimes court in Netherlands, sent back to Brazil "All investigations into this matter conducted by the bank, FINMA (The Swiss Financial Market Supervisory Authority) and the criminal authorities since 2015 have shown that the former relationship manager was not supported by any other employee of the Credit Suisse in his criminal activities," it said, referring to all the claims against Lescaudron. Swiss business news agency AWP reported this week that prosecutors have launched separate legal proceedings against the bank after Lescaudron's death. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Russian oligarch sues Credit Suisse over alleged $515 million loss

The recent leak of data from Credit Suisse, an investment banking firm registered in Switzerland which implicated the ex-ISI chief, General Akhtar Abdur Rahman Khan, has again brought to light the extent to which greed and corruption run amok in the Pakistan Army, especially among its Generals, a report said on Friday.

General Rahman had reportedly helped funnel billions of dollars in cash and other aid from the United States and other countries to the mujahedeen in Afghanistan to support their fight against the Soviet Union in the 1980s.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/global-terror-financing-watchdog-fatf-retains-pakistan-on-grey-list-459205">Global terror financing watchdog FATF retains Pakistan on ‘grey list’</a>

These leaked documents only touch the tip of the iceberg as far as how much the top Generals of the Pakistan Army skimmed in the name of the Holy War against the Soviet occupation of Afghanistan, The Times of Israel said.

The report asserted that the motto of the Pakistan Army officers seems to be 'Greed is Good'. There are innumerable scandals and sordid stories of the financial bungling, bribery, extortion, influence peddling by serving and retired generals for personal profit.

There are also reports of their involvement in smuggling rackets and narcotics trafficking.In fact, in the 1990s, then Army Chief Aslam Beg and ISI Chief Asad Durrani proposed to start their own narcotics business to fund the 'jihad'&nbsp;against India and in Afghanistan, as also other parts of the world, the report said, citing a Washington Post article.

It is suspected that many Pakistani generals and bureaucrats have had secret Swiss Bank accounts with some of these accounts getting closed later because the money was either moved elsewhere or invested in business or property, the report said, citing the example of General Rahman`s sons who are one of the richest families in Pakistan with vast business interests.

The report enlists several examples of scandals and corrupt deals that the Pakistani Generals have been involved in over the past few years, including running extortion networks and protecting and partaking in smuggling networks in Balochistan, leasing out government properties at extremely low prices and even taking bribes in defence deals.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/taliban-official-slams-pak-for-sending-inedible-wheat-says-indias-far-better-reports-459159">Taliban official slams Pak for sending inedible wheat, says India’s far better: Reports</a>

The corruption reaches the highest levels of the army with former Army Chief General Ashfaq Kiyani's brothers involved in a multi-billion rupee housing scandal in Islamabad.

A Quetta Corps Commander Lt Gen Asim Saleem Bajwa gained notoriety as "General Papa Jones" or "General Pizza" after an expose of how his family had invested tens of millions of dollars in the Papa Jones Pizza chain in the US and his sons were given lucrative contracts when this General was serving as the head of the ISPR.

Despite the furore, no action, not even an inquiry was ordered. The report also highlighted that it is not as if the Generals of Pakistan Army are underpaid and hence incentivised to be corrupt. A three-star general in the Pakistan Army retires as a billionaire in Pakistani rupees as the Pakistani state gives concessional plots, both commercial and residential and also huge grants of agricultural land.

Watch |&nbsp;Gravitas: Pak govt eyes citizen's gold to escape financial woes

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Officers of other ranks also get the goodies from the state. A former army chief Raheel Sharif was allotted over 100 acres of prime agricultural land on the outskirts of Lahore after his retirement. This was in addition to all his other entitlements while another former Chief and Dictator General Pervez Musharraf built nearly 30 properties, including fancy farmhouses, luxury apartments in the Middle East and London, and houses in Karachi and other Pakistani cities, the report says.

The sordidness that exists in the Pakistan Army is no secret. And yet, the Army has painted itself as a knight in shining armour that is ever ready to sacrifice everything for the sake of the country, the report says, adding that the corruption is hardly surprising as the State of Pakistan does not have an army, the Pakistan Army has a State.

The recent leak of data from Credit Suisse, an investment banking firm registered in Switzerland which implicated the ex-ISI chief, General Akhtar Abdur Rahman Khan, has again brought to light the extent to which greed and corruption run amok in the Pakistan Army, especially among its Generals, a report said on Friday.

The recent leak of data from Credit Suisse, an investment banking firm registered in Switzerland which implicated the ex-ISI chief, General Akhtar Abdur Rahman Khan, has again brought to light the extent to which greed and corruption run amok in the Pakistan Army, especially among its Generals, a report said on Friday. General Rahman had reportedly helped funnel billions of dollars in cash and other aid from the United States and other countries to the mujahedeen in Afghanistan to support their fight against the Soviet Union in the 1980s. Also read | Global terror financing watchdog FATF retains Pakistan on ‘grey list’ These leaked documents only touch the tip of the iceberg as far as how much the top Generals of the Pakistan Army skimmed in the name of the Holy War against the Soviet occupation of Afghanistan, The Times of Israel said. The report asserted that the motto of the Pakistan Army officers seems to be 'Greed is Good'. There are innumerable scandals and sordid stories of the financial bungling, bribery, extortion, influence peddling by serving and retired generals for personal profit. There are also reports of their involvement in smuggling rackets and narcotics trafficking.In fact, in the 1990s, then Army Chief Aslam Beg and ISI Chief Asad Durrani proposed to start their own narcotics business to fund the 'jihad' against India and in Afghanistan, as also other parts of the world, the report said, citing a Washington Post article. It is suspected that many Pakistani generals and bureaucrats have had secret Swiss Bank accounts with some of these accounts getting closed later because the money was either moved elsewhere or invested in business or property, the report said, citing the example of General Rahman`s sons who are one of the richest families in Pakistan with vast business interests. The report enlists several examples of scandals and corrupt deals that the Pakistani Generals have been involved in over the past few years, including running extortion networks and protecting and partaking in smuggling networks in Balochistan, leasing out government properties at extremely low prices and even taking bribes in defence deals. Also read | Taliban official slams Pak for sending inedible wheat, says India’s far better: Reports The corruption reaches the highest levels of the army with former Army Chief General Ashfaq Kiyani's brothers involved in a multi-billion rupee housing scandal in Islamabad. A Quetta Corps Commander Lt Gen Asim Saleem Bajwa gained notoriety as "General Papa Jones" or "General Pizza" after an expose of how his family had invested tens of millions of dollars in the Papa Jones Pizza chain in the US and his sons were given lucrative contracts when this General was serving as the head of the ISPR. Despite the furore, no action, not even an inquiry was ordered. The report also highlighted that it is not as if the Generals of Pakistan Army are underpaid and hence incentivised to be corrupt. A three-star general in the Pakistan Army retires as a billionaire in Pakistani rupees as the Pakistani state gives concessional plots, both commercial and residential and also huge grants of agricultural land. Watch | Gravitas: Pak govt eyes citizen's gold to escape financial woes Officers of other ranks also get the goodies from the state. A former army chief Raheel Sharif was allotted over 100 acres of prime agricultural land on the outskirts of Lahore after his retirement. This was in addition to all his other entitlements while another former Chief and Dictator General Pervez Musharraf built nearly 30 properties, including fancy farmhouses, luxury apartments in the Middle East and London, and houses in Karachi and other Pakistani cities, the report says. The sordidness that exists in the Pakistan Army is no secret. And yet, the Army has painted itself as a knight in shining armour that is ever ready to sacrifice everything for the sake of the country, the report says, adding that the corruption is hardly surprising as the State of Pakistan does not have an army, the Pakistan Army has a State.

Corruption runs amok among Pakistani Army Generals: Report

Switzerland-based Credit Suisse seems to have landed in trouble recently. In a Swiss court on Monday, the investment banking company will face charges of allowing an alleged Bulgarian cocaine trafficking gang to launder millions of euros. Some of it seems to have been stuffed into suitcases. &nbsp;

According to the Swiss prosecutors, the country’s second-biggest bank and a former relationship manager of the organisation did not take all the required steps to prevent the alleged drug traffickers from hiding and laundering cash from 2004 to 2008. &nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/at-charless-coronation-camilla-to-get-queen-elizabeth-iis-priceless-1937-koh-i-noor-crown-451144" hreflang="en">At Charles’s coronation, Camilla to get Queen Elizabeth II’s priceless 1937 Koh-i-Noor crown</a>

In what is the first criminal trial of a major bank in Switzerland, the prosecutors are seeking around 42.4 million Swiss francs in compensation from the bank. &nbsp;

The indictment in the case runs into over 500 pages. It centres on the relationships that Credit Suisse and its ex-employee had with former Bulgarian wrestler Evelin Banev and multiple associates. In the case, a second indictment charges a former relationship manager at Julius Baer with facilitating money laundering. &nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/trendy-look-belgium-starts-to-issue-passports-with-countrys-comic-strip-heroes-images-451193" hreflang="en">Trendy look? Belgium starts to issue passports with country's comic strip heroes’ images</a>

Credit Suisse has said that it would “defend itself vigorously in court”. &nbsp;&nbsp;

In a statement to Reuters, the bank said, “Credit Suisse unreservedly rejects as meritless all allegations in this legacy matter raised against it and is convinced that its former employee is innocent.” &nbsp;

(With inputs from agencies)&nbsp;

Switzerland-based Credit Suisse seems to have landed in trouble recently. In a Swiss court on Monday, the investment banking company will face charges of allowing an alleged Bulgarian cocaine trafficking gang to launder millions of euros.

Switzerland-based Credit Suisse seems to have landed in trouble recently. In a Swiss court on Monday, the investment banking company will face charges of allowing an alleged Bulgarian cocaine trafficking gang to launder millions of euros. Some of it seems to have been stuffed into suitcases. According to the Swiss prosecutors, the country’s second-biggest bank and a former relationship manager of the organisation did not take all the required steps to prevent the alleged drug traffickers from hiding and laundering cash from 2004 to 2008. Also Read: At Charles’s coronation, Camilla to get Queen Elizabeth II’s priceless 1937 Koh-i-Noor crown In what is the first criminal trial of a major bank in Switzerland, the prosecutors are seeking around 42.4 million Swiss francs in compensation from the bank. The indictment in the case runs into over 500 pages. It centres on the relationships that Credit Suisse and its ex-employee had with former Bulgarian wrestler Evelin Banev and multiple associates. In the case, a second indictment charges a former relationship manager at Julius Baer with facilitating money laundering. Also Read: Trendy look? Belgium starts to issue passports with country's comic strip heroes’ images Credit Suisse has said that it would “defend itself vigorously in court”. In a statement to Reuters, the bank said, “Credit Suisse unreservedly rejects as meritless all allegations in this legacy matter raised against it and is convinced that its former employee is innocent.” (With inputs from agencies)

Credit Suisse to face money laundering charges in trial for aiding alleged Bulgarian cocaine traffickers

The chairman of&nbsp;Credit&nbsp;Suisse&nbsp;has resigned less than a year into the job after&nbsp;breaking&nbsp;Covid quarantine&nbsp;rules, in a new blow for the scandal-hit bank.

Antonio Horta-Osorio's resignation was effective immediately,&nbsp;Switzerland's second-biggest bank said in a statement Monday, following an investigation commissioned by the board.

Axel Lehmann, who chairs the board's risk committee, was appointed as his replacement.

The resignation adds to the woes of the Swiss banking giant, which was rocked by its links to the multi-billion-dollar meltdowns at financial firms Greensill and Archegos last year.

"I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally," Horta-Osorio said in the statement.

"I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time."

In March last year,&nbsp;Credit&nbsp;Suisse&nbsp;was hit by the collapse of the British finance firm Greensill, in which some $10 billion had been committed via four funds, swiftly followed by the implosion of the US hedge fund Archegos, which cost the bank more than $5 billion.

Crowned with a solid reputation after having successfully turned around the British bank Lloyds, Horta-Osorio was elected chairman in April, pledging to put better risk management at the heart of the bank's culture.

But in December, his image was tarnished by revelations in the Swiss newspaper Blick.

'Credibility problem'

Following the tabloid's report,&nbsp;Credit&nbsp;Suisse&nbsp;confirmed last month that Horta-Osorio had violated quarantine&nbsp;rules.

The Portuguese banker apologised but revelations of other quarantine violations followed and the board launched an investigation.

Switzerland&nbsp;imposed a 10-day quarantine rule on November 26 for people flying in from countries where the Covid-19 variant Omicron had been detected -- a measure that chiefly affected Britain.

Blick reported that Horta-Osorio had travelled back to&nbsp;Switzerland&nbsp;from Britain aboard a private jet, then asked if he could be released from quarantine.

Despite a no from the authorities, Horta-Osorio took a plane to the Iberian peninsula before heading on to New York for a board meeting, said the tabloid.

Michael Foeth, an analyst at Vontobel bank, said&nbsp;breaking&nbsp;quarantine&nbsp;rules&nbsp;had created a "credibility problem" for a chairman who had put the culture of personal accountability at the heart of the bank's transformation.

"We respect Antonio's decision (to resign) and owe him considerable thanks for his leadership in defining the new strategy, which we will continue to implement over the coming months and years," said Severin Schwan, vice chair of&nbsp;Credit&nbsp;Suisse's board.

'Without distraction'

Lehmann joined the bank in October and headed the risk committee. The board will propose that he takes over permanently as chairman at the annual general meeting on April 29, the bank said.

A former executive with rival bank UBS, the Swiss banker, who is in his early 60s, also spent nearly 20 years with the Swiss insurer Zurich Insurance.

"We have set the right course with the new strategy and will continue to embed a stronger risk culture across the firm," Lehmann said.

"By executing our strategic plan in a timely and disciplined manner, without distraction, I am convinced that&nbsp;Credit&nbsp;Suisse&nbsp;will demonstrate the renewed strength and business focus needed to generate sustainable value for all of our stakeholders," he said.

The Ethos foundation, which represents pension funds, told AFP it hoped Lehmann would strengthen risk control to avoid any scandal - "financial or otherwise" -&nbsp;that could tarnish the bank's image, which "unfortunately has happened too many times in recent years".

The bank had previously been rocked by a massive scandal over espionage against staff and former employees, which pushed&nbsp;chief&nbsp;executive Tidjane Thiam to resign in February 2020.

At 1400 GMT,&nbsp;Credit&nbsp;Suisse&nbsp;shares were down more than two percent to 9.35 Swiss francs, against the trend of the SMI -- the benchmark index of the Swiss Stock Exchange -- which was up 0.73 percent.

The chairman of Credit Suisse has resigned less than a year into the job after breaking Covid quarantine rules, in a new blow for the scandal-hit bank. Antonio Horta-Osorio's resignation was effective immediately, Switzerland's second-biggest bank said in a statement Monday, following an investigation commissioned by the board.

The chairman of Credit Suisse has resigned less than a year into the job after breaking Covid quarantine rules, in a new blow for the scandal-hit bank. Antonio Horta-Osorio's resignation was effective immediately, Switzerland's second-biggest bank said in a statement Monday, following an investigation commissioned by the board. Axel Lehmann, who chairs the board's risk committee, was appointed as his replacement. The resignation adds to the woes of the Swiss banking giant, which was rocked by its links to the multi-billion-dollar meltdowns at financial firms Greensill and Archegos last year. "I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally," Horta-Osorio said in the statement. "I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time." In March last year, Credit Suisse was hit by the collapse of the British finance firm Greensill, in which some $10 billion had been committed via four funds, swiftly followed by the implosion of the US hedge fund Archegos, which cost the bank more than $5 billion. Crowned with a solid reputation after having successfully turned around the British bank Lloyds, Horta-Osorio was elected chairman in April, pledging to put better risk management at the heart of the bank's culture. But in December, his image was tarnished by revelations in the Swiss newspaper Blick. 'Credibility problem' Following the tabloid's report, Credit Suisse confirmed last month that Horta-Osorio had violated quarantine rules. The Portuguese banker apologised but revelations of other quarantine violations followed and the board launched an investigation. Switzerland imposed a 10-day quarantine rule on November 26 for people flying in from countries where the Covid-19 variant Omicron had been detected -- a measure that chiefly affected Britain. Blick reported that Horta-Osorio had travelled back to Switzerland from Britain aboard a private jet, then asked if he could be released from quarantine. Despite a no from the authorities, Horta-Osorio took a plane to the Iberian peninsula before heading on to New York for a board meeting, said the tabloid. Michael Foeth, an analyst at Vontobel bank, said breaking quarantine rules had created a "credibility problem" for a chairman who had put the culture of personal accountability at the heart of the bank's transformation. "We respect Antonio's decision (to resign) and owe him considerable thanks for his leadership in defining the new strategy, which we will continue to implement over the coming months and years," said Severin Schwan, vice chair of Credit Suisse's board. 'Without distraction' Lehmann joined the bank in October and headed the risk committee. The board will propose that he takes over permanently as chairman at the annual general meeting on April 29, the bank said. A former executive with rival bank UBS, the Swiss banker, who is in his early 60s, also spent nearly 20 years with the Swiss insurer Zurich Insurance. "We have set the right course with the new strategy and will continue to embed a stronger risk culture across the firm," Lehmann said. "By executing our strategic plan in a timely and disciplined manner, without distraction, I am convinced that Credit Suisse will demonstrate the renewed strength and business focus needed to generate sustainable value for all of our stakeholders," he said. The Ethos foundation, which represents pension funds, told AFP it hoped Lehmann would strengthen risk control to avoid any scandal - "financial or otherwise" - that could tarnish the bank's image, which "unfortunately has happened too many times in recent years". The bank had previously been rocked by a massive scandal over espionage against staff and former employees, which pushed chief executive Tidjane Thiam to resign in February 2020. At 1400 GMT, Credit Suisse shares were down more than two percent to 9.35 Swiss francs, against the trend of the SMI -- the benchmark index of the Swiss Stock Exchange -- which was up 0.73 percent.

Credit Suisse chief, Antonio Horta-Osorio, quits over Covid rules breach

According to reports, scandal-hit Credit Suisse is considering centralising the management of its bankers to the world's wealthy, reversing a regional structure put in place six years ago, as Swiss bank looks for ways to tighten controls and improve operations.

World Business Watch: Scandal-hit Credit Suisse considers creating single private bank

The whole tennis world is coming together to help the relief workers in Australia.&nbsp;

After Serena Williams, incredible gesture towards Australian Bushfire after winning the Auckland Open, where she donated the entire winning amount (US$43,000) to the relief efforts seems to have struck a chord.

Also read:&nbsp;<a href="https://www.wionews.com/sports/wta-auckland-open-williams-breaks-three-year-title-drought-to-win-273787">WTA Auckland Open: Williams breaks three-year title drought to win</a>

She will also auction the clothes that she wore throughout the competition with her autograph on it.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/sports/bushfire-cricket-bash-ricky-ponting-and-shane-warne-to-come-out-of-retirement-to-raise-funds-273874">Bushfire Cricket Bash: Ricky Ponting and Shane Warne to come out of retirement to raise funds</a>

World number 3, <a href="https://www.wionews.com/.../federer-and-zverev-mexico-city-match-breaks- world-attendance-record-264207">Roger Federer</a>, said he would donate to the Australia bushfires appeal on Monday after tennis players pledged hundreds of thousands of dollars to the disaster relief fund.

The Swiss great, who has been criticized by environmental activists including Greta Thunberg over a sponsor's links to fossil fuel investments, said he would donate at a charity match on Wednesday.

<div class="ui-state-default" contenteditable="false">
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Since 2016 <a href="https://twitter.com/CreditSuisse?ref_src=twsrc%5Etfw">@CreditSuisse</a> has provided $57 BILLION&nbsp;to companies looking for new fossil fuel deposits - something that is utterly incompatible with <a href="https://twitter.com/hashtag/ClimateAction?src=hash&amp;ref_src=twsrc%5Etfw">#ClimateAction</a> <a href="https://twitter.com/rogerfederer?ref_src=twsrc%5Etfw">@RogerFederer</a> do you endorse this? <a href="https://twitter.com/hashtag/RogerWakeUpNow?src=hash&amp;ref_src=twsrc%5Etfw">#RogerWakeUpNow</a> <a href="https://t.co/ED1fIvb4Cr">pic.twitter.com/ED1fIvb4Cr</a>
— 350.org Europe (@350Europe) <a href="https://twitter.com/350Europe/status/1214843923329363970?ref_src=twsrc%5Etfw">January 8, 2020</a></blockquote>
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"If anyone can chip in, that's great because it's nice to show solidarity and help in a situation, which has become quite incredible in this country," Federer, 38, said at a publicity event in Melbourne.

"We need to look for prevention in the future, that this doesn't happen to this extent again because there will always be fires as I understand. This country is much, much too big," added the world number three.

Federer, Serena Williams, and <a href="https://www.wionews.com/.../nadals-spain-to-meet-djokovics-serbia-in-atp- cup-final-273650">Rafael Nadal</a> will headline Wednesday's exhibition at Melbourne Park, which will the Australian Open Grand Slam from January 20.

Tennis players have been quick to respond to the bushfire crisis, which has left at least 27 people dead, burned an area the size of South Korea and prompted a surge in concern over global warming.

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Players on the men's tour have donated US$725,000, the Association of Tennis Professionals (ATP) said on Sunday.

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Thank you to the <a href="https://twitter.com/atptour?ref_src=twsrc%5Etfw">@atptour</a> players for their positive impact ❤️ 
 
A $725,000 donation was made to <a href="https://twitter.com/WWF_Australia?ref_src=twsrc%5Etfw">@WWF_Australia</a> and Nature Recovery Fund as part of the bushfire relief efforts. <a href="https://t.co/ORfRDydzQM">pic.twitter.com/ORfRDydzQM</a>
— ATPCup (@ATPCup) <a href="https://twitter.com/ATPCup/status/1216449771692363777?ref_src=twsrc%5Etfw">January 12, 2020</a></blockquote>
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"I'll also be making a donation personally myself on Wednesday," said Federer, a six-time winner of the Australian Open.

"This country has given me everything and more in the past so it's only but normal for me to help us well."

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Over the weekend, Federer promised to talk to his sponsors after environmentalists criticised his relationship with Credit Suisse, which they say has loaned billions of dollars to the fossil fuels industry.

Federer said he was "grateful to young climate activists for pushing us all to examine our behaviours" after the criticism was retweeted by Swedish teenager Thunberg, a prominent eco-warrior.

"I appreciate reminders of my responsibility as a private individual, as an athlete, and as an entrepreneur, and I'm committed to using this privileged position to dialogue on important issues with my sponsors," he said in a statement that was widely quoted by media.

(with inputs from AFP) 
&nbsp;

The whole tennis world is coming together to help the relief workers in Australia. After Serena Williams, incredible gesture towards Australian Bushfire after winning the Auckland Open, where she donated the entire winning amount (US$43,000) to the relief efforts seems to have struck a chord.

The whole tennis world is coming together to help the relief workers in Australia. After Serena Williams, incredible gesture towards Australian Bushfire after winning the Auckland Open, where she donated the entire winning amount (US$43,000) to the relief efforts seems to have struck a chord. Also read: WTA Auckland Open: Williams breaks three-year title drought to win She will also auction the clothes that she wore throughout the competition with her autograph on it. Also read: Bushfire Cricket Bash: Ricky Ponting and Shane Warne to come out of retirement to raise funds World number 3, Roger Federer, said he would donate to the Australia bushfires appeal on Monday after tennis players pledged hundreds of thousands of dollars to the disaster relief fund. The Swiss great, who has been criticized by environmental activists including Greta Thunberg over a sponsor's links to fossil fuel investments, said he would donate at a charity match on Wednesday. Since 2016 @CreditSuisse has provided $57 BILLION to companies looking for new fossil fuel deposits - something that is utterly incompatible with #ClimateAction @RogerFederer do you endorse this? #RogerWakeUpNow pic.twitter.com/ED1fIvb4Cr — 350.org Europe (@350Europe) January 8, 2020 × "If anyone can chip in, that's great because it's nice to show solidarity and help in a situation, which has become quite incredible in this country," Federer, 38, said at a publicity event in Melbourne. "We need to look for prevention in the future, that this doesn't happen to this extent again because there will always be fires as I understand. This country is much, much too big," added the world number three. Federer, Serena Williams, and Rafael Nadal will headline Wednesday's exhibition at Melbourne Park, which will the Australian Open Grand Slam from January 20. Tennis players have been quick to respond to the bushfire crisis, which has left at least 27 people dead, burned an area the size of South Korea and prompted a surge in concern over global warming. × Players on the men's tour have donated US$725,000, the Association of Tennis Professionals (ATP) said on Sunday. Thank you to the @atptour players for their positive impact ❤️ A $725,000 donation was made to @WWF_Australia and Nature Recovery Fund as part of the bushfire relief efforts. pic.twitter.com/ORfRDydzQM — ATPCup (@ATPCup) January 12, 2020 × "I'll also be making a donation personally myself on Wednesday," said Federer, a six-time winner of the Australian Open. "This country has given me everything and more in the past so it's only but normal for me to help us well." × Over the weekend, Federer promised to talk to his sponsors after environmentalists criticised his relationship with Credit Suisse, which they say has loaned billions of dollars to the fossil fuels industry. Federer said he was "grateful to young climate activists for pushing us all to examine our behaviours" after the criticism was retweeted by Swedish teenager Thunberg, a prominent eco-warrior. "I appreciate reminders of my responsibility as a private individual, as an athlete, and as an entrepreneur, and I'm committed to using this privileged position to dialogue on important issues with my sponsors," he said in a statement that was widely quoted by media. (with inputs from AFP)

Tennis: Federer, Williams lead way to raise funds for workers in Australia bushfires

<a href="https://www.wionews.com/world/singapore-fines-credit-suisse-local-bank-over-1mdb-corruption-scandal-16218">Credit&nbsp;Suisse&nbsp;</a>cut a key&nbsp;profitability target for this year and next as a drop-in dealmaking, negative interest rates and uncertainty caused by global trade tensions dimmed the outlook.

Switzerland's second-largest lender said on Wednesday it expects to hit a return on tangible equity (RoTE) above 8 per cent&nbsp;this year, below its previous target of 10-11 per cent. The Zurich-based bank also cut its forecast for next year.

"If markets are constructive and support&nbsp;revenue&nbsp;growth, we would expect our year-end 2020 RoTE to be approximately 11 per cent," the bank said in a statement ahead of an investor day in London.

"Conversely, should markets remain challenging in 2020, we have identified up to 50 basis points of additional cost measures in order to protect our RoTE ambition of approximately 10 per cent."

<a href="https://www.wionews.com/business-economy/indian-mobile-industry-to-consolidate-further-if-government-doesnt-offer-material-relief-262952">Credit&nbsp;Suisse</a>&nbsp;previously aimed to achieve 11-12&nbsp;per cent&nbsp;RoTE in 2020.

The bank will present its first investor update since completing a three-year restructuring in 2018 which cut back its investment banking activities, boosted cooperation with wealth management, and whittled down costs.

While performance at its <a href="https://www.wionews.com/business-economy/global-markets-bonds-reign-supreme-equities-struggle-on-recession-brexit-fears-246318">Global Markets</a> trading division, the focus of previous criticism, has picked up in 2019,&nbsp;revenues have&nbsp;fallen in its investment banking and capital markets business due to floundering M&amp;A activity.&nbsp;Credit&nbsp;Suisse&nbsp;now expects the division to make a loss this year.

The bank last month appointed new leadership to the division and aims to bolster its M&amp;A activity by adding more bankers to advise deals in growth industries including technology and healthcare.

"Looking ahead to 2020, we are working on actions that will reinvigorate the division, building on a strongly improving pipeline, which we expect will put us in a more advantageous position compared to 2019," it said on Wednesday.

The Swiss lender said it expected to distribute at least 50&nbsp;per cent&nbsp;of net income to shareholders looking ahead to 2020 by growing its dividend at least 5&nbsp;per cent&nbsp;annually and through a share buyback of 1-1.5 billion Swiss francs ($1.00-$1.50 billion).

Credit Suisse cut a key profitability target for this year and next as a drop-in dealmaking, negative interest rates and uncertainty caused by global trade tensions dimmed the outlook.

Credit Suisse cut a key profitability target for this year and next as a drop-in dealmaking, negative interest rates and uncertainty caused by global trade tensions dimmed the outlook. Switzerland's second-largest lender said on Wednesday it expects to hit a return on tangible equity (RoTE) above 8 per cent this year, below its previous target of 10-11 per cent. The Zurich-based bank also cut its forecast for next year. "If markets are constructive and support revenue growth, we would expect our year-end 2020 RoTE to be approximately 11 per cent," the bank said in a statement ahead of an investor day in London. "Conversely, should markets remain challenging in 2020, we have identified up to 50 basis points of additional cost measures in order to protect our RoTE ambition of approximately 10 per cent." Credit Suisse previously aimed to achieve 11-12 per cent RoTE in 2020. The bank will present its first investor update since completing a three-year restructuring in 2018 which cut back its investment banking activities, boosted cooperation with wealth management, and whittled down costs. While performance at its Global Markets trading division, the focus of previous criticism, has picked up in 2019, revenues have fallen in its investment banking and capital markets business due to floundering M&A activity. Credit Suisse now expects the division to make a loss this year. The bank last month appointed new leadership to the division and aims to bolster its M&A activity by adding more bankers to advise deals in growth industries including technology and healthcare. "Looking ahead to 2020, we are working on actions that will reinvigorate the division, building on a strongly improving pipeline, which we expect will put us in a more advantageous position compared to 2019," it said on Wednesday. The Swiss lender said it expected to distribute at least 50 per cent of net income to shareholders looking ahead to 2020 by growing its dividend at least 5 per cent annually and through a share buyback of 1-1.5 billion Swiss francs ($1.00-$1.50 billion).

Credit Suisse cuts profit goals as revenue hopes fall short

The number of&nbsp;rich&nbsp;Chinese&nbsp;has surpassed the count of&nbsp;wealthy&nbsp;Americans&nbsp;for the&nbsp;first&nbsp;time&nbsp;as both countries keep churning out millionaires, a study by&nbsp;Credit&nbsp;Suisse&nbsp;showed.

The Swiss bank's annual wealth survey released on Monday found 100 million&nbsp;Chinese&nbsp;ranked in the global top 10 per cent&nbsp;as of the middle of this year versus 99 million in the United States.

"Despite the trade tension between the United States and China over the past 12 months, both countries have fared strongly in wealth creation, contributing $3.8 trillion and $1.9 trillion respectively," said Nannette Hechler-Fayd'herbe, global head of economics and research at&nbsp;Credit&nbsp;Suisse.

The ranks of the world's millionaires have risen by 1.1 million to an estimated 46.8 million, collectively owning $158.3 trillion in net assets, 44 per cent&nbsp;of the global total, the study found.

The United States added more than half of this number – 675,000 new millionaires, to its sizeable stock.

A decline in average wealth in Australia, largely due to exchange rates, resulted in 124,000 fewer millionaires there, while Britain lost 27,000 and Turkey 24,000.

The report estimates that 55,920 adults are worth at least $100 million and 4,830 have net assets above $500 million.

It forecast global wealth, which increased by 2.6 per cent&nbsp;over the past year, would rise by 27 per cent&nbsp;over the next five years to $459 trillion by 2024. The number of millionaires would also grow over this period to almost 63 million.

The share of the world's bottom 90 per cent&nbsp;accounts for 18 per cent&nbsp;of global wealth, compared to 11 per cent&nbsp;in the 2000.

"While it is too early to say wealth inequality is now in a downward phase, the prevailing evidence suggests that 2016 may have been the peak for the near future," it said.

The number of rich Chinese has surpassed the count of wealthy Americans for the first time as both countries keep churning out millionaires, a study by Credit Suisse showed.

The number of rich Chinese has surpassed the count of wealthy Americans for the first time as both countries keep churning out millionaires, a study by Credit Suisse showed. The Swiss bank's annual wealth survey released on Monday found 100 million Chinese ranked in the global top 10 per cent as of the middle of this year versus 99 million in the United States. "Despite the trade tension between the United States and China over the past 12 months, both countries have fared strongly in wealth creation, contributing $3.8 trillion and $1.9 trillion respectively," said Nannette Hechler-Fayd'herbe, global head of economics and research at Credit Suisse. The ranks of the world's millionaires have risen by 1.1 million to an estimated 46.8 million, collectively owning $158.3 trillion in net assets, 44 per cent of the global total, the study found. The United States added more than half of this number – 675,000 new millionaires, to its sizeable stock. A decline in average wealth in Australia, largely due to exchange rates, resulted in 124,000 fewer millionaires there, while Britain lost 27,000 and Turkey 24,000. The report estimates that 55,920 adults are worth at least $100 million and 4,830 have net assets above $500 million. It forecast global wealth, which increased by 2.6 per cent over the past year, would rise by 27 per cent over the next five years to $459 trillion by 2024. The number of millionaires would also grow over this period to almost 63 million. The share of the world's bottom 90 per cent accounts for 18 per cent of global wealth, compared to 11 per cent in the 2000. "While it is too early to say wealth inequality is now in a downward phase, the prevailing evidence suggests that 2016 may have been the peak for the near future," it said.

Rich Chinese outnumber wealthy Americans for first time: Credit Suisse

Credit Suisse on Wednesday announced a share buyback of up to 1.5 billion Swiss francs ($1.51 billion) in 2019 and plans to increase its dividend by at least 5 per cent from 2019 onward, confirming its strategy as it wraps up a three-year revamp under Chief Executive Tidjane Thiam.

"The actions taken during the restructuring mean the bank is now more resilient in the face of market turbulence," Thiam said in a statement ahead of the bank's investor day.

"As a result of known actions that are under our control, we expect to achieve at least a 10 per cent return on tangible equity in 2019."

Switzerland's second-biggest bank last year announced new 2019 and 2020 yield targets and a plan to distribute half of net profit to shareholders primarily through share buybacks or special dividends, saying it had made strong progress in its ambitions to become a leading wealth manager with strong investment banking capabilities.

Credit Suisse on Wednesday announced a share buyback of up to 1.5 billion Swiss francs ($1.51 billion) in 2019 and plans to increase its dividend by at least 5 per cent from 2019 onward, confirming its strategy as it wraps up a three-year revamp under Chief Executive Tidjane Thiam.

Credit Suisse on Wednesday announced a share buyback of up to 1.5 billion Swiss francs ($1.51 billion) in 2019 and plans to increase its dividend by at least 5 per cent from 2019 onward, confirming its strategy as it wraps up a three-year revamp under Chief Executive Tidjane Thiam. "The actions taken during the restructuring mean the bank is now more resilient in the face of market turbulence," Thiam said in a statement ahead of the bank's investor day. "As a result of known actions that are under our control, we expect to achieve at least a 10 per cent return on tangible equity in 2019." Switzerland's second-biggest bank last year announced new 2019 and 2020 yield targets and a plan to distribute half of net profit to shareholders primarily through share buybacks or special dividends, saying it had made strong progress in its ambitions to become a leading wealth manager with strong investment banking capabilities.

Credit Suisse announces 1-1.5 billion share buyback

Credit Suisse and Deutsche Bank have been hit with a combined penalty of more than $12 billion over the sale of US&nbsp;toxic debt, further hampering two of Europe&#39;s leading investment banks as they grapple with falling profits.

The penalty puts them at a further disadvantage to larger US&nbsp;rivals.

Credit Suisse agreed in principle to pay US&nbsp;authorities $2.48 billion to settle claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis, the Swiss bank said on Friday.

Credit Suisse will also provide $2.8 billion from the settlement over five years to offset the impact on consumers, it said in a statement, adding the deal was subject to negotiation of final documentation and approval by its board of directors.

&quot;Credit Suisse will take a pre-tax charge of approximately $2 billion in addition to its existing reserves against these matters. This will be taken in our 4Q 2016 financial results,&quot; it added.

The final deal is in line with the $5 billion-7 billion the US&nbsp;Department of Justice (DOJ) had asked Credit Suisse to pay earlier in negotiations, as reported by Reuters on Monday.

The news came after Deutsche Bank agreed to a $7.2 billion settlement with the DOJ over its sale and pooling of toxic mortgage securities.

The agreement in principle, announced by Deutsche Bank&#39;s Frankfurt headquarters early on Friday morning, offers some relief to the German lender, whose stock was hit hard in September after it acknowledged the Justice Department had been seeking nearly twice as much.

The deals are the latest the Justice Department has reached with major financial institutions since US&nbsp;President Barack Obama&rsquo;s 2012 initiative to hold Wall Street accountable for misconduct in the mortgage securities market that helped lead to the worst financial crisis since the Great Depression.

The department sued Barclays PLC on Thursday over similar claims. Barclays said on Friday that it rejected the DoJ&#39;s complaint, would &quot;vigorously defend&quot; the case and sought its dismissal &quot;at the earliest opportunity&quot;.

Credit Suisse had paid a $2.8 billion fine in 2014 for helping wealthy Americans evade tax. Credit Suisse in November said it had upped litigation provisions by 357 million francs ($348.29 million), mainly in connection with mortgage-related matters. Its shares were indicated 2.4 per cent higher in pre-market trading.

($1 = 1.0250 Swiss francs)

The major European investment banks were punished for selling toxic US debts and for helping wealthy clients evade taxes

Credit Suisse and Deutsche Bank have been hit with a combined penalty of more than $12 billion over the sale of US toxic debt, further hampering two of Europe's leading investment banks as they grapple with falling profits. The penalty puts them at a further disadvantage to larger US rivals. Credit Suisse agreed in principle to pay US authorities $2.48 billion to settle claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis, the Swiss bank said on Friday. Credit Suisse will also provide $2.8 billion from the settlement over five years to offset the impact on consumers, it said in a statement, adding the deal was subject to negotiation of final documentation and approval by its board of directors. "Credit Suisse will take a pre-tax charge of approximately $2 billion in addition to its existing reserves against these matters. This will be taken in our 4Q 2016 financial results," it added. The final deal is in line with the $5 billion-7 billion the US Department of Justice (DOJ) had asked Credit Suisse to pay earlier in negotiations, as reported by Reuters on Monday. The news came after Deutsche Bank agreed to a $7.2 billion settlement with the DOJ over its sale and pooling of toxic mortgage securities. The agreement in principle, announced by Deutsche Bank's Frankfurt headquarters early on Friday morning, offers some relief to the German lender, whose stock was hit hard in September after it acknowledged the Justice Department had been seeking nearly twice as much. The deals are the latest the Justice Department has reached with major financial institutions since US President Barack Obama’s 2012 initiative to hold Wall Street accountable for misconduct in the mortgage securities market that helped lead to the worst financial crisis since the Great Depression. The department sued Barclays PLC on Thursday over similar claims. Barclays said on Friday that it rejected the DoJ's complaint, would "vigorously defend" the case and sought its dismissal "at the earliest opportunity". Credit Suisse had paid a $2.8 billion fine in 2014 for helping wealthy Americans evade tax. Credit Suisse in November said it had upped litigation provisions by 357 million francs ($348.29 million), mainly in connection with mortgage-related matters. Its shares were indicated 2.4 per cent higher in pre-market trading. ($1 = 1.0250 Swiss francs)

Credit Suisse, Deutsche Bank hit with combined penalty of more than $12 billion

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