The collapse of silicon valley bank last week raised questions about what else might be lurking in the wider system. Within days, the market turmoil ensnared Swiss lender Credit Suisse, forcing it to borrow up to $54 billion from Switzerland's central bank. Now, large U.S. Banks have injected $30 billion in deposits into first republic bank. The lender is caught up in a widening crisis, triggered by the collapse of 2 other mid-size U.S. Lenders over the past week. Analysts say investors are fretting about potential runs on global bank deposits, with contagion talk sweeping across trading floors. Yesterday, while Swiss giant Credit Suisse announced borrowing to shore up liquidity, the spotlight shifted back to the U.S. The shares of first republic, a regional lender, had tumbled 70% in the last nine trading sessions. Some of the biggest U.S. Banking names including, JPMorgan chase, Citigroup, Bank of America, wells Fargo, Goldman Sachs & Morgan Stanley are involved in the rescue.

Silicon Valley Bank & Signature Bank Rattle Global Markets: What You Need to Know

The collapse of silicon valley bank last week raised questions about what else might be lurking in the wider system. Within days, the market turmoil ensnared swiss lender Credit Suisse, forcing it to borrow up to $54 billion from Switzerland's central bank. Now, large U.S. Banks have injected $30 billion in deposits into first republic bank. The lender is caught up in a widening crisis, triggered by the collapse of 2 other mid-size U.S. Lenders over the past week. Analysts say investors are fretting about potential runs on global bank deposits, with contagion talk sweeping across trading floors. Yesterday, while swiss giant Credit Suisse announced borrowing to shore up liquidity, the spotlight shifted back to the U.S. The shares of first republic, a regional lender, had tumbled 70% in the last nine trading sessions. Some of the biggest U.S. Banking names including, JPMorgan chase, Citigroup, Bank of America, wells Fargo, Goldman Sachs & Morgan Stanley are involved in the rescue.

Global markets rattles by SVB & signature bank

The shares of swiss lender Credit Suisse tumbled as much as 30% on Wednesday. The Credit Suisse turmoil resulted in torrid sessions in Europe and the united states overnight, as investors fretted about potential runs on global bank deposits. Asian markets slid Thursday, with contagion talk sweeping across trading floors, owing to fears about the swiss giant. Credit Suisse has announced it is borrowing $53.7 billion from the swiss Central Bank. Global markets have been rattled by the collapse of the silicon valley bank and signature bank, the sector's biggest failures since the 2008 financial crisis. Asian stocks followed wall street's tumble on Thursday. Investors bought gold, bonds and the dollar. while the bank's announcement helped trim some losses, trade was volatile and sentiment fragile. Credit Suisse is the first major global bank to be given a liquidity lifeline since the 2008 financial crisis.

Asian stocks tumble on Credit Suisse turmoil after torrid sessions in Europe & U.S. | Details

The aftershocks of Silicon Valley Bank's collapse continue to hurt global economy, with Switzerland-based Credit Suisse becoming the latest to be hurt by its aftershocks. After losing a fourth of its value during March 15 trade,&nbsp;Credit Suisse&nbsp;said that it will borrow up to $54 billion&nbsp;from the Swiss central bank to shore up its finances. Across the Pacific,&nbsp;New Zealand's Kermadec Islands region were hit by an earthquake of 7.1 magnitude on Thursday, prompting Tsunami warnings. Towards the Atlantic, the United States Defence Secretary Lloyd Austin on Wednesday vowed that they will fly the US aircraft "wherever international law allows", in relation to March 14 downing of a US drone by a Russian aircraft over the Black Sea.

Click on the headlines to read more:

<a href="https://www.wionews.com/world/global-banking-crisis-credit-suisse-to-borrow-from-swiss-central-bank-572482">Global banking crisis | Credit Suisse to borrow from Swiss central bank<img alt="Credit Suisse" data-entity-type="file" data-entity-uuid="a42bba61-0936-48b4-84b7-ef0d27a6df00" src="//cdn.wionews.com/sites/default/files/inline-images/img.png" /></a>

Switzerland's second-largest bank Credit Suisse on Wednesday said it will borrow up to $54 billion&nbsp;from the Swiss central bank to shore up its finances. The decision has been taken to strengthen the bank, said the officials.&nbsp;

"My team and I are resolved to move forward rapidly to deliver a simpler and more focused bank built around client needs," said&nbsp;Ulrich Koerner, Credit Suisse's CEO.&nbsp;

<a href="https://www.wionews.com/world/new-zealand-71-magnitude-earthquake-prompts-tsunami-warning-in-kermadec-islands-572478">New Zealand: 7.1-magnitude earthquake prompts tsunami warning in Kermadec Islands</a>

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New Zealand's Kermadec Islands region has been hit by an earthquake of 7.1 magnitude on Thursday, prompting Tsunami warnings.

The The US Geological Survey (USGS) said that the quake was estimated at a depth of 10 km (6.21 miles). A corresponding tsunami warning has been issued after the earthquake,&nbsp; it added.

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United States Defence Secretary Lloyd Austin on Wednesday vowed that they will fly the US aircraft "wherever international law allows" and warned Russia that it must operate with caution after an American drone was allegedly crashed by one of the Russian jets.

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The United Nations nuclear agency said on Wednesday that approximately 2.5 tonnes&nbsp;of natural uranium was missing from a site in Libya. International Atomic Energy Agency (IAEA) chief Rafael Grossi told the organisation's member states that upon inspection of the site, it was found Tuesday that 10 drums containing uranium ore concentrate "were not present as previously declared" at the location in Libya.

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Following the historical win at the Oscars earlier this week, Indian producer Guneet Monga along with Netflix is set to launch a bare-it-all documentary film based on the life of hip-hop artist &amp; rapper Yo Yo Honey Singh.&nbsp;No stranger to controversies, he will now deep-dive into his life and sudden disappearance at the peak of his career that startled the industry and fans. Produced by the Oscar-winning Sikhya Entertainment and directed by Mozez Singh, Honey Singh will take his fans through the unseen and unheard chapters of his life with his raw and candid revelations that capture his highs and lows.

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Australia opener David Warner is understood to be leading Delhi Capitals in the IPL 2023. Following a horrific accident that led to regular skipper Rishabh Pant getting ruled out for this year, Delhi had to appoint an interim captain in his absence. They handpicked the experienced Warner, ESPNcricinfo first reported. An IPL winner with SunRisers Hyderabad, veteran Warner returned to donning the captain’s hat for DC as Ricky Ponting-led management backed him to take over the reins at least for this season.

The aftershocks of Silicon Valley Bank's collapse continue to hurt global economy, with Switzerland-based Credit Suisse becoming the latest to be hurt by its aftershocks.

The aftershocks of Silicon Valley Bank's collapse continue to hurt global economy, with Switzerland-based Credit Suisse becoming the latest to be hurt by its aftershocks. After losing a fourth of its value during March 15 trade, Credit Suisse said that it will borrow up to $54 billion from the Swiss central bank to shore up its finances. Across the Pacific, New Zealand's Kermadec Islands region were hit by an earthquake of 7.1 magnitude on Thursday, prompting Tsunami warnings. Towards the Atlantic, the United States Defence Secretary Lloyd Austin on Wednesday vowed that they will fly the US aircraft "wherever international law allows", in relation to March 14 downing of a US drone by a Russian aircraft over the Black Sea. Click on the headlines to read more: Global banking crisis | Credit Suisse to borrow from Swiss central bank Switzerland's second-largest bank Credit Suisse on Wednesday said it will borrow up to $54 billion from the Swiss central bank to shore up its finances. The decision has been taken to strengthen the bank, said the officials. "My team and I are resolved to move forward rapidly to deliver a simpler and more focused bank built around client needs," said Ulrich Koerner, Credit Suisse's CEO. New Zealand: 7.1-magnitude earthquake prompts tsunami warning in Kermadec Islands New Zealand's Kermadec Islands region has been hit by an earthquake of 7.1 magnitude on Thursday, prompting Tsunami warnings. The The US Geological Survey (USGS) said that the quake was estimated at a depth of 10 km (6.21 miles). A corresponding tsunami warning has been issued after the earthquake, it added. US says will fly 'wherever international law allows' after talks with Russia United States Defence Secretary Lloyd Austin on Wednesday vowed that they will fly the US aircraft "wherever international law allows" and warned Russia that it must operate with caution after an American drone was allegedly crashed by one of the Russian jets. North Korea fires ballistic missile hours before South Korea-Japan summit A ballistic missile was fired by North Korea into the sea between Japan and the Korean peninsula, said South Korea's military on Thursday, hours before South Korean President Yoon Suk Yeol is scheduled to fly to Tokyo to attend a rare summit. At least 2.5 tonnes of natural uranium missing from Libyan site, says IAEA The United Nations nuclear agency said on Wednesday that approximately 2.5 tonnes of natural uranium was missing from a site in Libya. International Atomic Energy Agency (IAEA) chief Rafael Grossi told the organisation's member states that upon inspection of the site, it was found Tuesday that 10 drums containing uranium ore concentrate "were not present as previously declared" at the location in Libya. Eric Garcetti, Joe Biden’s close aide, confirmed as US Ambassador to India President Joe Biden's nomination of Eric Garcetti as ambassador to India was confirmed by the Senate on Wednesday, when the chamber voted 52 to 42 to break a filibuster on the former Los Angeles mayor’s nomination. Following her Oscar win, Guneet Monga to back a documentary on Honey Singh Following the historical win at the Oscars earlier this week, Indian producer Guneet Monga along with Netflix is set to launch a bare-it-all documentary film based on the life of hip-hop artist & rapper Yo Yo Honey Singh. No stranger to controversies, he will now deep-dive into his life and sudden disappearance at the peak of his career that startled the industry and fans. Produced by the Oscar-winning Sikhya Entertainment and directed by Mozez Singh, Honey Singh will take his fans through the unseen and unheard chapters of his life with his raw and candid revelations that capture his highs and lows. IPL 2023: Delhi Capitals appoint David Warner as interim captain in absence of Rishabh Pant Australia opener David Warner is understood to be leading Delhi Capitals in the IPL 2023. Following a horrific accident that led to regular skipper Rishabh Pant getting ruled out for this year, Delhi had to appoint an interim captain in his absence. They handpicked the experienced Warner, ESPNcricinfo first reported. An IPL winner with SunRisers Hyderabad, veteran Warner returned to donning the captain’s hat for DC as Ricky Ponting-led management backed him to take over the reins at least for this season.

Morning brief: SVB crisis spills over to Credit Suisse, New Zealand hit by earthquake, and more

The Credit Suisse turmoil resulted in torrid sessions in Europe and the United States overnight. The European Central Bank raised its three policy rates by 50 basis points in its sixth consecutive rate hike and said future moves will depend on incoming data.

ECB pushes through 50 bps rate hike despite market turmoil

The Swiss central bank on Wednesday said that the embattled Credit Suisse's capital and liquidity levels were adequate but emphasised that it is prepared to make liquidity available to the bank if required.

The announcement was made after shares of the second-biggest bank in Switzerland nosedived to historic lows as its main shareholder declined to invest any money in the institution.

"Credit Suisse meets the higher capital and liquidity requirements applicable to systemically important banks," said the Swiss National Bank (SNB) and Swiss financial regulator Finma, in a joint statement.

ALSO READ | <a href="https://www.wionews.com/business-economy/credit-suisses-survival-is-in-focus-after-shares-hit-a-new-record-low-572401">Credit Suisse's survival is in focus after shares hit a new record low</a>

Liquidity will be provided by the SNB to Credit Suisse "if necessary", the statement further read, as the turbulent day came to an end during which the market value of the bank fell below $7 billion.

Credit Suisse's share price fell sharply after Saudi National Bank chairman Ammar al-Khudairy said that it would "absolutely not" up its stake.

The market value of Credit Suisse had already received a heavy blow this week amid fears of contagion from the fall of two major banks in the US and its annual report stating "material weaknesses" in internal controls.

The shares of the bank went for a freefall on the Swiss stock exchange, declining more than 30 per cent to hit a record low of 1.55 Swiss francs. By the end of the day's trading, the bank was able to regain some ground as its shares closed at 1.697 Swiss francs, declining by 24.24 per cent.

WATCH | Financial shares fall as Credit Suisse becomes latest crisis for the sector

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Amid the panic in the market, Credit Suisse chairman Axel Lehmann, speaking at the Financial Sector Conference in Saudi Arabia, said no assistance is needed by the government, saying it "isn't a topic".

"We have strong capital ratios, a strong balance sheet. We already took the medicine," said Lehmann, referring to the drastic restructuring plan of the bank revealed in October.

(With inputs from agencies)

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The Swiss central bank on Wednesday said that the embattled Credit Suisse's capital and liquidity levels were adequate but emphasised that it is prepared to make liquidity available to the bank if required.

The Swiss central bank on Wednesday said that the embattled Credit Suisse's capital and liquidity levels were adequate but emphasised that it is prepared to make liquidity available to the bank if required. The announcement was made after shares of the second-biggest bank in Switzerland nosedived to historic lows as its main shareholder declined to invest any money in the institution. "Credit Suisse meets the higher capital and liquidity requirements applicable to systemically important banks," said the Swiss National Bank (SNB) and Swiss financial regulator Finma, in a joint statement. ALSO READ | Credit Suisse's survival is in focus after shares hit a new record low Liquidity will be provided by the SNB to Credit Suisse "if necessary", the statement further read, as the turbulent day came to an end during which the market value of the bank fell below $7 billion. Credit Suisse's share price fell sharply after Saudi National Bank chairman Ammar al-Khudairy said that it would "absolutely not" up its stake. The market value of Credit Suisse had already received a heavy blow this week amid fears of contagion from the fall of two major banks in the US and its annual report stating "material weaknesses" in internal controls. The shares of the bank went for a freefall on the Swiss stock exchange, declining more than 30 per cent to hit a record low of 1.55 Swiss francs. By the end of the day's trading, the bank was able to regain some ground as its shares closed at 1.697 Swiss francs, declining by 24.24 per cent. WATCH | Financial shares fall as Credit Suisse becomes latest crisis for the sector Amid the panic in the market, Credit Suisse chairman Axel Lehmann, speaking at the Financial Sector Conference in Saudi Arabia, said no assistance is needed by the government, saying it "isn't a topic". "We have strong capital ratios, a strong balance sheet. We already took the medicine," said Lehmann, referring to the drastic restructuring plan of the bank revealed in October. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Will make liquidity available to Credit Suisse if required, says Swiss central bank

European bank stocks tumbled significantly on Wednesday after increased market fears from the Silicon Valley Bank's (SVB) abrupt collapse, with the already troubled Credit Suisse shares plummeting to a new low.

European bank stocks tumbled significantly on Wednesday after increased market fears from the Silicon Valley Bank's (SVB) abrupt collapse, with the already troubled Credit Suisse shares plummeting to a new low. Regulators and banking leaders worldwide have tried to allay concerns about a global financial crisis, but worries persist. Credit Suisse shares dropped by over 20 per cent, leading to a 6 per cent decline in the European Banking Index. The plunge in banking shares halted their trading on several European bourses. Worryingly, the insurance cost, known as the credit default swap (CDS), against default for the flagship Swiss bank hit a new record high. That underscores growing investor unease and the increased risk of a default, with some experts predicting that Credit Suisse could go the Lehman Brothers way if the issues in the global financial system mushroom into a full-blown crisis. Credit Suisse's Saudi backer refuses further assistance Credit Suisse has been struggling for survival for a while, and for now, there seems to be no relief for Switzerland's second-largest lender. That's because its largest investor, the Saudi National Bank, has ruled out providing further financial assistance to the lender. Shares of Credit Suisse plunged by as much as 24 per cent on Wednesday, hitting a new record low after the Swiss bank's largest investor, the Saudi National Bank, said it could not provide more financial assistance due to regulatory issues. The Saudi lender acquired a stake of almost 10 per cent last year after participating in Credit Suisse's capital raising and committing to investing up to $1.5 billion. However, Saudi National Bank Chairman Ammar Al Khudairy said the bank cannot provide additional funding as it would go above the 10 per cent regulatory threshold. The drop in Credit Suisse's shares weighed on broader equity markets, causing some concern among investors about the global banking system's resilience. Ralph Hamers, CEO of Swiss rival UBS, said the lender has benefited from recent market turmoil and seen money inflows, but he cautioned that it's too early to make any long-term projections. WATCH | India makes more digital transactions than U.S, China, Europe combined × Credit Suisse's turmoil Credit Suisse has been trying to recover from a series of scandals that have eroded investor and client confidence. The bank recently published its annual report for 2022, which revealed "material weaknesses" in controls over financial reporting and ongoing customer outflows. In the fourth quarter of 2021, customer outflows exceeded $120 billion. To put Credit Suisse's crisis into perspective: the lender has lost almost 75 per cent of its market value over the past year, making any investment in the company less attractive. Despite the recent turmoil, Credit Suisse CEO Ulrich Koerner told a conference earlier this week that the bank's liquidity coverage ratio averaged 150 per cent in the first quarter of 2023, well above regulatory requirements. But traders are still skeptical, and Credit Suisse shares fell below the 2-Swiss-franc mark in Zurich for the first time. This is the seventh day in a row that they have gone down. In general, lenders are also worried that a recession is coming because of aggressive rate hikes, which make it harder for some businesses to pay back or service their loans. That is weighing on banks and stock valuations of companies worldwide. The sell-off on Wednesday came after US bank stocks reversed deep losses on Tuesday after regulators rushed to make sure bank deposits were safe. Before Tuesday's recovery, global financial stocks lost $465 billion in under two trading sessions. The latest crash is yet another reminder of the uncertain outlook after the collapse of SVB and three other banks sparking fears of a broader US banking crisis and its contagion risks. 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.

Credit Suisse's survival is in focus after shares hit a new record low

Credit Suisse Group AG Chairman Axel Lehmann has decided to take a pay cut of 1.5 million Swiss francs ($1.6 million) after the bank failed to meet its financial and non-financial targets—deemed to be one of its worst annual performances since the 2008 financial crisis.

According to the bank’s compensation report published on Tuesday, Lehmann will not receive the standard fee that’s usually received by the top board members.

Rather, the bank is planning to increase the portion of Lehmann’s compensation that is paid in shares to 50 per cent from 33 per cent.

Lehmann, who joined in January 2022, was to receive compensation of 3 million francs for the period from April 2022 to April 2023. Now, he plans to propose to take lower total pay of 3.8 million francs for the following pay period at the annual shareholder meeting, Bloomberg reported.

The pay revision of Lehmann largely falls in line with executive-board members who are not receiving a bonus for last year when the bank suffered record outflows of client funds and a slump in its share price amid concerns over its restructuring plans.

Credit Suisse, which is facing a flood of departures, is looking to motivate senior staff while not angering shareholders and regulators.

The bank said that it will make another substantial loss this year and is in the middle of a complicated restructuring that includes carving out its investment bank and selling off businesses that don’t connect with its key wealth unit. It is also planning to cut 9,000 jobs to reduce costs.

'Material Weakness’ in reporting procedures

Meanwhile, Credit Suisse Group AG has identified “material weaknesses” in its reporting procedures for the financial years 2022 and 2021 and is&nbsp;looking to adopt a remediation plan.&nbsp;

For two years, “the group’s internal control over financial reporting was not effective,” Credit Suisse said in its annual report released on Tuesday. “Management has also accordingly concluded that our disclosure controls and procedures were not effective.”

The bank was forced to delay the release of its annual report from last week after US regulators raised last-minute queries. Credit Suisse didn’t specify whether those had been resolved.&nbsp;

(With inputs from agencies) 
 
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Credit Suisse Group AG Chairman Axel Lehmann has decided to take a pay cut of 1.5 million Swiss francs ($1.6 million) after the bank failed to meet its financial and non-financial targets—deemed to be one of its worst annual performances since the 2008 financial crisis.

Credit Suisse Group AG Chairman Axel Lehmann has decided to take a pay cut of 1.5 million Swiss francs ($1.6 million) after the bank failed to meet its financial and non-financial targets—deemed to be one of its worst annual performances since the 2008 financial crisis. According to the bank’s compensation report published on Tuesday, Lehmann will not receive the standard fee that’s usually received by the top board members. Rather, the bank is planning to increase the portion of Lehmann’s compensation that is paid in shares to 50 per cent from 33 per cent. Lehmann, who joined in January 2022, was to receive compensation of 3 million francs for the period from April 2022 to April 2023. Now, he plans to propose to take lower total pay of 3.8 million francs for the following pay period at the annual shareholder meeting, Bloomberg reported. The pay revision of Lehmann largely falls in line with executive-board members who are not receiving a bonus for last year when the bank suffered record outflows of client funds and a slump in its share price amid concerns over its restructuring plans. Credit Suisse, which is facing a flood of departures, is looking to motivate senior staff while not angering shareholders and regulators. The bank said that it will make another substantial loss this year and is in the middle of a complicated restructuring that includes carving out its investment bank and selling off businesses that don’t connect with its key wealth unit. It is also planning to cut 9,000 jobs to reduce costs. 'Material Weakness’ in reporting procedures Meanwhile, Credit Suisse Group AG has identified “material weaknesses” in its reporting procedures for the financial years 2022 and 2021 and is looking to adopt a remediation plan. For two years, “the group’s internal control over financial reporting was not effective,” Credit Suisse said in its annual report released on Tuesday. “Management has also accordingly concluded that our disclosure controls and procedures were not effective.” The bank was forced to delay the release of its annual report from last week after US regulators raised last-minute queries. Credit Suisse didn’t specify whether those had been resolved. (With inputs from agencies) WATCH WION LIVE HERE

Credit Suisse chairman takes $1.6mn pay cut; bank admits to 'weakness' in reporting procedures

Credit Suisse Group reported its fifth-straight quarterly loss on February 9, which totalled as Swiss moneylender's biggest annual loss since the financial crisis of 2008. The lender on Thursday posted a loss of 1.4 billion Swiss francs ($1.5 billion) taking its full-year loss to 7.3 billion Swiss francs ($7.9 billion). In 2008, Credit Suisse made a loss of 8.2 billion Swiss francs ($8.9 billion).

The bank’s shares fell 5 per cent in early trade. The stock has declined 65 per cent over the past 12 months.

Credit Suisse said in a statement that the fourth-quarter performance was impacted by "the challenging economic and market environment, significant deposit and net asset outflows at the beginning of the quarter, and the execution of our strategic actions." The company said that it expects to make another "substantial loss" in 2023.

Customers withdrew 111 billion Swiss francs ($121 billion) in the final three months of 2022 when the bank was hit by social media speculation that it was on the brink of collapse.

ALSO WATCH |&nbsp;W<a href="https://www.wionews.com/videos/wion-business-news-credit-suisse-looks-to-mideast-for-capital-boost-526350">ION Business News: Credit Suisse to slash 9000 jobs, raise $4 billion</a>

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Since 2021, Credit Suisse has headed off a major restructuring plan that includes cutting 9,000 full-time jobs. The company, in its bid to align its focus from investment banking to wealth, announced on Thursday the acquisition of M. Klein &amp; Company, an investment banking business.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/explained-whats-us-debt-ceiling-why-is-it-such-a-big-deal-554338">EXPLAINED: What is US debt ceiling and why is it such a big deal?</a>

Credit Suisse CEO Ulrich Körner said the deal "marks another milestone in the carve-out of CS First Boston as a leading independent capital markets and advisory business."

"We have a clear plan to create a new Credit Suisse and intend to continue to deliver on our three-year strategic transformation by reshaping our portfolio, reallocating capital, right-sizing our cost base, and building on our leading franchises," Körner said in the statement.

(With inputs from agencies)

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Credit Suisse Group reported its fifth-straight quarterly loss on February 9, which totalled as Swiss moneylender's biggest annual loss since the financial crisis of 2008.

Credit Suisse Group reported its fifth-straight quarterly loss on February 9, which totalled as Swiss moneylender's biggest annual loss since the financial crisis of 2008. The lender on Thursday posted a loss of 1.4 billion Swiss francs ($1.5 billion) taking its full-year loss to 7.3 billion Swiss francs ($7.9 billion). In 2008, Credit Suisse made a loss of 8.2 billion Swiss francs ($8.9 billion). The bank’s shares fell 5 per cent in early trade. The stock has declined 65 per cent over the past 12 months. Credit Suisse said in a statement that the fourth-quarter performance was impacted by "the challenging economic and market environment, significant deposit and net asset outflows at the beginning of the quarter, and the execution of our strategic actions." The company said that it expects to make another "substantial loss" in 2023. Customers withdrew 111 billion Swiss francs ($121 billion) in the final three months of 2022 when the bank was hit by social media speculation that it was on the brink of collapse. ALSO WATCH | WION Business News: Credit Suisse to slash 9000 jobs, raise $4 billion × Since 2021, Credit Suisse has headed off a major restructuring plan that includes cutting 9,000 full-time jobs. The company, in its bid to align its focus from investment banking to wealth, announced on Thursday the acquisition of M. Klein & Company, an investment banking business. ALSO READ | EXPLAINED: What is US debt ceiling and why is it such a big deal? Credit Suisse CEO Ulrich Körner said the deal "marks another milestone in the carve-out of CS First Boston as a leading independent capital markets and advisory business." "We have a clear plan to create a new Credit Suisse and intend to continue to deliver on our three-year strategic transformation by reshaping our portfolio, reallocating capital, right-sizing our cost base, and building on our leading franchises," Körner said in the statement. (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.

Credit Suisse posts biggest loss since 2008 amid ongoing 21,000 job cuts

Firms backed by Indian billionaire Gautam Adani have now lost a staggering $107 billion in market cap in the wake of damaging claims by U.S. short-seller Hindenburg Research. Molly Gambhir explains.

Gravitas: Adani stock rout worsens after FPO withdrawal

Indian regulator SEBI has begin a full-scale investigation into the stock market rout of companies linked to Indian billionaire Gautam Adani. Earlier, Swiss global brokerage firm Credit Suisse said it would no longer accept Adani bonds as collateral for marginal loans. Molly Gambhir reports.

Gravitas: Adani shares plunge after credit suisse decision

After incurring huge third quarter losses, Credit Suisse has announced a string of radical measures to turn around the fate of the bank. It&nbsp;plans to&nbsp;revamp its investment banking unit and will also&nbsp;slash&nbsp;9,000 jobs, besides&nbsp;raising fresh capital. Switzerland's second-biggest bank has launched a strategic review which intends&nbsp;to create "a simpler, more focused and more stable bank".

"Over 166 years, Credit Suisse has built a powerful and respected franchise but we recognise that in recent years we have become unfocused," chairman Axel Lehmann said in a statement.

"A radical strategy and a clear execution plan to create a stronger, more resilient and more efficient bank with a firm foundation, focused on our clients and their needs" are the focus areas, Lehmann said.

The Zurich-based bank announced plans for a&nbsp;"radical restructuring" of its investment bank, an "accelerated cost-cutting effort", and "strengthened and reallocated capital". It said that "all of it are designed to create a new Credit Suisse".

It also intends to raise capital worth four billion Swiss francs ($4 billion) through issuing new shares to qualified investors, including Saudi National Bank. The latter has&nbsp;committed to investing up to 1.5 billion Swiss francs to gain a&nbsp;shareholding of up to 9.9 per cent.

The bank had earlier announced a third quarter net loss of 4.034 billion Swiss francs.

Credit Suisse shares slid on the announcements, opening down 7.26 per cent on the Swiss stock exchange's main SMI index at 4.417 Swiss francs.

Meanwhile, it&nbsp;is nearing a deal to sell its securitized-products group to investors Apollo Global Management&nbsp;and Pacific Investment Management Co,&nbsp;Reuters reported.

The consortium including Pimco, a big bond manager, and Apollo, a large alternative asset manager, beat out a group comprised of Centerbridge Partners and Martello Re Ltd., a life and reinsurance company, the WSJ report added.

&nbsp;

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After incurring huge third quarter losses, Credit Suisse has announced a string of radical measures to turn around the fate of the bank. It plans to revamp its investment banking unit and will also slash 9,000 jobs, besides raising fresh capital.

After incurring huge third quarter losses, Credit Suisse has announced a string of radical measures to turn around the fate of the bank. It plans to revamp its investment banking unit and will also slash 9,000 jobs, besides raising fresh capital. Switzerland's second-biggest bank has launched a strategic review which intends to create "a simpler, more focused and more stable bank". "Over 166 years, Credit Suisse has built a powerful and respected franchise but we recognise that in recent years we have become unfocused," chairman Axel Lehmann said in a statement. "A radical strategy and a clear execution plan to create a stronger, more resilient and more efficient bank with a firm foundation, focused on our clients and their needs" are the focus areas, Lehmann said. The Zurich-based bank announced plans for a "radical restructuring" of its investment bank, an "accelerated cost-cutting effort", and "strengthened and reallocated capital". It said that "all of it are designed to create a new Credit Suisse". It also intends to raise capital worth four billion Swiss francs ($4 billion) through issuing new shares to qualified investors, including Saudi National Bank. The latter has committed to investing up to 1.5 billion Swiss francs to gain a shareholding of up to 9.9 per cent. The bank had earlier announced a third quarter net loss of 4.034 billion Swiss francs. Credit Suisse shares slid on the announcements, opening down 7.26 per cent on the Swiss stock exchange's main SMI index at 4.417 Swiss francs. Meanwhile, it is nearing a deal to sell its securitized-products group to investors Apollo Global Management and Pacific Investment Management Co, Reuters reported. The consortium including Pimco, a big bond manager, and Apollo, a large alternative asset manager, beat out a group comprised of Centerbridge Partners and Martello Re Ltd., a life and reinsurance company, the WSJ report added.

Credit Suisse announces 'radical restructuring' to create a 'more stable bank'; to slash 9,000 jobs

In the latest from the Credit Suisse saga. The scandal-hit Swiss bank has approached at least one Middle Eastern sovereign wealth fund for a capital injection.

WION Business News | Credit Suisse looks to Mideast for capital boost

The Switzerland-based investment banking company Credit Suisse said on Monday that it will pay $495 million to settle a dispute concerning mortgage-backed securities. &nbsp;

The dispute dates back to the financial crisis in 2008 when mortgages and loans were given to individuals who had insufficient income or a history of defaulting on loans. The market ended up losing millions of dollars in bad debt as several people around the world defaulted on their loans.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-finance-minister-jeremy-hunt-scraps-almost-all-government-tax-cut-plans-526127" hreflang="en">UK Finance Minister Jeremy Hunt scraps almost all government tax cut plans</a>

In 2013, a lawsuit was filed in New Jersey regarding Credit Suisse’s role in the crisis and the bank has now agreed to&nbsp;conclude the proceedings with a&nbsp;"one-time payment... to fully resolve claims".&nbsp;

According to AFP, the bank was accused of not having a proper measure of the risks that it took on mortgage-based securities and the $495 million will be paid as compensation for the involvement.&nbsp;

Credit Suisse has released a statement stating that the settlement will allow them "to resolve the only remaining RMBS (residential mortgage-backed securities) matter involving claims by a regulator and the largest of its remaining exposures on its legacy RMBS docket".&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-hong-kong-pro-democracy-protester-dragged-and-beaten-up-in-manchester-chinese-consulate-probe-on-526022" hreflang="en">Watch | Hong Kong pro-democracy protester dragged and beaten up in&nbsp;Manchester Chinese consulate, probe on</a>

The settlement, which was approved by the New Jersey Attorney General, was welcome news for investors as the share prices of the company rose at the Swiss Stock Exchange.&nbsp;

Credit Suisse joined a long list of financial institutions around the world that faced fines for their roles in the 2008 financial crash. Both Deutsche Bank and Barclays agreed to pay more than $2 billion to settle their cases with the authorities while the Bank of America ended up paying $17 billion.&nbsp;

The Switzerland-based investment banking company Credit Suisse said on Monday that it will pay $495 million to settle a dispute concerning mortgage-backed securities.

The Switzerland-based investment banking company Credit Suisse said on Monday that it will pay $495 million to settle a dispute concerning mortgage-backed securities. The dispute dates back to the financial crisis in 2008 when mortgages and loans were given to individuals who had insufficient income or a history of defaulting on loans. The market ended up losing millions of dollars in bad debt as several people around the world defaulted on their loans. Also read | UK Finance Minister Jeremy Hunt scraps almost all government tax cut plans In 2013, a lawsuit was filed in New Jersey regarding Credit Suisse’s role in the crisis and the bank has now agreed to conclude the proceedings with a "one-time payment... to fully resolve claims". According to AFP, the bank was accused of not having a proper measure of the risks that it took on mortgage-based securities and the $495 million will be paid as compensation for the involvement. Credit Suisse has released a statement stating that the settlement will allow them "to resolve the only remaining RMBS (residential mortgage-backed securities) matter involving claims by a regulator and the largest of its remaining exposures on its legacy RMBS docket". Also read | Watch | Hong Kong pro-democracy protester dragged and beaten up in Manchester Chinese consulate, probe on The settlement, which was approved by the New Jersey Attorney General, was welcome news for investors as the share prices of the company rose at the Swiss Stock Exchange. Credit Suisse joined a long list of financial institutions around the world that faced fines for their roles in the 2008 financial crash. Both Deutsche Bank and Barclays agreed to pay more than $2 billion to settle their cases with the authorities while the Bank of America ended up paying $17 billion.

Credit Suisse to pay $495 million to settle case concerning 2008 financial crisis

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

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