Credit Suisse on Thursday became the latest major bank to report a strong second quarter showing as its net profit rose by 29 percent to 1.57 billion Swiss Francs ($1.41 billion.)
Credit Suisse, the large Swiss financial services firm run by the American investment banker Brady Dougan, has sidestepped the worst of the financial crisis. But between 2004 and 2006, the bank was not above making more than $3 billion of senior secured "predatory" (according to one judge) loans to high-end real estate developers operating mostly in the western United States.
U.S. stock futures sank Monday as investors worried about the economic impact of a global swine flu outbreak and digested a restructuring plan from General Motors.
Zurich-based Credit Suisse Group announced first-quarter profits of $1.7 billion. The company lost $1.8 billion the same quarter later year.
After dozens of blow-ups and the stink of the Madoff mess, a sane investor might think any investment with "hedge fund" in its name might as well be called "run screaming in the other direction."
Shares in Switzerland's biggest bank UBS rallied on Thursday as Marcel Rohner announced his resignation, just weeks after announcing losses of nearly $17 billion -- the largest ever by a Swiss group.
Switzerland's Credit Suisse has joined the list of banks revealing disastrous results for 2008 after it reported losses of $7.1 billion (8.2 billion Swiss francs).
Middle-class Americans aren't the only ones worried about how the market has drop-kicked their retirement funds. U.S. companies are also looking at big losses in their pension funds - losses that could force them to dip into earnings to cover their employee obligations.
You know the financial crisis is bad when investment bankers are grumpy at Christmastime. That's because in investment banking, Christmastime is bonus time, and bonus time is what it's all about.
Stocks fell Monday in a thinly traded session amid concerns about fourth-quarter corporate earnings, falling oil prices and ongoing woes in the auto industry.
Credit Suisse on Thursday became the latest major bank to report a strong second quarter showing as its net profit rose by 29 percent to 1.57 billion Swiss Francs ($1.41 billion.)
Credit Suisse, the large Swiss financial services firm run by the American investment banker Brady Dougan, has sidestepped the worst of the financial crisis. But between 2004 and 2006, the bank was not above making more than $3 billion of senior secured "predatory" (according to one judge) loans to high-end real estate developers operating mostly in the western United States.
U.S. stock futures sank Monday as investors worried about the economic impact of a global swine flu outbreak and digested a restructuring plan from General Motors.
Zurich-based Credit Suisse Group announced first-quarter profits of $1.7 billion. The company lost $1.8 billion the same quarter later year.
After dozens of blow-ups and the stink of the Madoff mess, a sane investor might think any investment with "hedge fund" in its name might as well be called "run screaming in the other direction."
Shares in Switzerland's biggest bank UBS rallied on Thursday as Marcel Rohner announced his resignation, just weeks after announcing losses of nearly $17 billion -- the largest ever by a Swiss group.
Switzerland's Credit Suisse has joined the list of banks revealing disastrous results for 2008 after it reported losses of $7.1 billion (8.2 billion Swiss francs).
Middle-class Americans aren't the only ones worried about how the market has drop-kicked their retirement funds. U.S. companies are also looking at big losses in their pension funds - losses that could force them to dip into earnings to cover their employee obligations.
You know the financial crisis is bad when investment bankers are grumpy at Christmastime. That's because in investment banking, Christmastime is bonus time, and bonus time is what it's all about.
Stocks fell Monday in a thinly traded session amid concerns about fourth-quarter corporate earnings, falling oil prices and ongoing woes in the auto industry.
Kudos to Credit Suisse. Drowning in red ink, the Swiss bank announced it would pay bonuses to senior investment bankers not with cash but with mortgage-backed securities, high-yield bonds, and other forms of the untradeable junk now clogging the world's banking system.
Credit Suisse will cut 5,300 jobs -- about 11 percent of its workforce -- following a net loss of about 3 billion Swiss francs ($2.5 billion) in October and November, the Swiss bank announced Thursday.
Credit Suisse will cut 5,300 jobs -- about 11 percent of its workforce -- following a net loss of about 3 billion Swiss francs ($2.5 billion) in October and November, the Swiss bank announced Thursday.
Bad real estate loans helped set off the global credit crunch. Can modifications on home mortgages speed a recovery?
The Swiss government announced a package of measures Thursday to stabilize its financial system and boost global confidence in the Swiss market.
Federal prosecutors and regulators on Wednesday accused two former Wall Street brokers of defrauding customers by making more than $1 billion in unauthorized purchases of securities tied to subprime mortgages
Stocks were mixed Thursday, as a nearly $6 spike in oil prices lifted energy stocks, but dragged on many other areas of the market.
Cargill announces it's scrapping plans for a $200 million ethanol plant near Topeka, Kan. A judge approves the bankruptcy sale of an unfinished ethanol plant in Canton, Ill.. And that was just Tuesday.
Just as Credit Suisse's reputation for prudent risk management went up in a $2.85 billion puff of smoke this week, the bank's seemingly impressive earnings are looking tenuous because of an obscure accounting rule.
Credit Suisse's stunning announcement that it is taking a $2.85 billion charge because it failed to properly value some bonds is a major black eye for a firm that has not been shy in touting its success in avoiding the pitfalls that have befallen its competitors.
Stocks rose Monday after Dow component, International Business Machines Corp., said fourth-quarter earnings will be higher-than-expected and Credit Suisse upgraded U.S. stocks.
Credit Suisse expects to report a third-quarter profit of at least $860 million despite turmoil in the market, the Swiss bank said Monday.
European shares rose on Monday led by miners and financials in an extended rebound amid relief provided by the U.S. Federal Reserve's discount rate cut on Friday, which also boosted U.S. and Asian stock markets.
Bonds rose Thursday as investors fled toward the safe haven of treasurys amid credit worries, which have dampened U.S. stocks in the past few days. The dollar fell against the euro and strengthened versus the yen.
Credit Suisse and Citigroup are competing to secure a Chinese partner to set up an investment banking joint venture to tap the country's fast growing capital markets, sources close to the situation said Monday.
As the summer swelters on, skyscrapers and apartments around the city will crank up air conditioners and push the city's power grid to the limit -- but some have found a cool alternative
Delta (Two), a Qatari investment group, is working on a full bid for British supermarket group J. Sainsbury Plc, the Sunday Telegraph said, citing an executive close to the situation.
Drive down the empty back roads that lead to Gerald Tumbleson's Martin County, Minn., farmhouse, and you'd never know you were riding through one of America's newest boomtowns. It's February, and Tumbleson's cornfields lie fallow under a foot of windswept snow. Tractors sit idle as local farmers await a thaw that won't come for weeks. The clearest evidence of life is the manure stench drifting from Tumbleson's pig barn.
Stocks struggled for direction Friday morning as investors welcomed the morning's mild reading on inflation, but kept an eye on rising bond yields and higher oil and gold prices.
The following shares were among the most actively traded Thursday:
Embattled mortgage lender New Century Financial Corp. warned Monday of a series of serious financial problems that cast its future in doubt - and cast a pall over much of the nation's financial sector.
Americans may drink French wines, drive German cars, and wear Italian suits, but when it comes to buying shares, they prefer to stay close to home. Which is too bad for those who want to keep buyin...
Shim and Neesa Patel were ready to pounce on a brand-new home in San Diego early this year. It was a 4,300-square-foot Spanish colonial coming on the market for $1.2 million. But two months before the house became available, Shim, a 35-year-old engineer for Qualcomm (Neesa is 30), noticed that local home sales had more or less ground to a halt.
Europe's economies may be growing slowly, but its markets are heading for a fourth year of double-digit increases. We found six promising stocks. By Nelson D. Schwartz, Fortune senior writer
Here are some of the companies whose shares were active in late trading on Friday:
The following stocks traded actively on Monday afternoon:
Deep in the bowels of Credit Suisse's U.S. headquarters at 11 Madison Avenue, far below the gleaming trading floors where fortunes are made and lost every day, lie 64 neoprene ice storage tanks, seven feet high and six feet in diameter.
Credit Suisse Group ranks no. 57 on FORTUNE's Global 500 this year, with $72.2 billion in revenues, up 22.7% from the previous year. The Zurich, Switzerland-based company was ranked no. 61 on the 2005 list. Its 2005 profits were $4.7 billion, up 3.6% from a year earlier. 2005 was a banner year for most Global 500 companies.
It looks as if Frank Quattrone is putting his old band back together.
Hedge funds appeared headed for another negative month, an industry tracker found, though the losses do not appear as significant as they were in May, when a meltdown in global markets and falling prices for metals dealt a tough hand to many funds.
Bob Dylan, bard of the baby-boomers, turned 65 a few weeks ago. The milestone passed without much fanfare, but it was an unmistakable reminder that the generation that had hoped to stay forever you...
Whatever the macroeconomic impact of our aging population, baby-boomers will continue to have a big influence on a wide array of industries.
French insurer Axa SA is in talks to acquire the Winterthur insurance business of Credit Suisse Group in an $8 billion deal, according to a published report.
Burger King's hot-off-the-grill offering could heat up the IPO market for other companies looking to go public next week.
Treasury prices rose Friday after a softer-than-expected consumer sentiment survey offset strong core producer prices.
Paul Ho is director for global project finance at Credit Suisse First Boston. Credit Suisse is pioneering ethanol financings on Wall Street. He met last month with Fortune senior editor Peter Petre to give an overview of the alternative fuels game.
You're the largest savings and loan in the country faced with a dreary outlook for mortgages and increasing pressure on profits from higher interest rates. What's the best course of action to take?
Credit Suisse Group rounded out the sterling third- quarter performance of European investment banks by reporting a 42% increase in third-quarter net profit Wednesday, on rising inflows from wealthy clients and growth in equity trading revenue.
Stocks climbed early Friday, bouncing back at the end of a tough week amid a fall in oil prices.
More Shuffles at CSFB
John Mack, the ousted former co-chief executive of Credit Suisse Group, has joined the board of a real estate investment trust managed by Kohlberg Kravis Roberts & Co., sources close to the situation said Friday.
U.S. stock futures backed off an early rally Friday after the government revised first-quarter gross domestic below its previous readings.
Credit Suisse Group said Thursday its co-CEO John Mack will leave the investment bank amid a management shakeup and corporate restructuring.
Hedge funds are sucking so much money that there just aren't enough brains to manage it all.
U.S. Treasurys resumed their downward trend Wednesday as investors eyed less interest from Asian buyers in today's auction of two-year notes and more strong economic reports toward the end of the week.
Frank Quattrone plans to take the stand today at his retrial on charges of obstruction of justice, in a daring decision to appeal personally to jurors despite a cross-examination that hurt his credibility during the first trial, which ended in a hung jury last October, Tuesday's Wall Street Journal reported.
Chip sales and more importantly prices are booming. Just take a look at the most volatile section of the market, computer memory.
U.S. stocks could start higher Monday, a session after concern over an unexpectedly weak employment report hit the major indexes, as a report on the tech sector looked to provide a lift.
Last year investors pummeled big-company stocks because of problems with their pension plans. By the end of 2002 large corporations owed $1.2 trillion to current and future retirees--about $225 bil...
Credit Suisse First Boston has more to worry about these days than the criminal indictment of Frank Quattrone, its former star analyst. CEO John Mack has been slashing head count and costs--some sa...
After years as relative paupers in a land where Mary Meeker was queen, the bond guys are back this year--big time. That is what's supposed to happen in a recession, when declining interest rates ma...
Walter Einhorn, president and CEO of Philadelphia-based Sunrock Capital Corp., is often called a lender of last resort. That's because he funds cash-starved businesses shunned by banks. Here's what...
In The Black
Any kindergarten teacher can tell you that sharing is a virtue. And while we may not have exactly embraced the notion in our short-pants days, the idea is back--in a way that even has the flat-line...
Q. Is the value of stocks and bonds frozen on the day the owner dies? And can the executor of the estate sell or trade these securities without the consent of the beneficiaries? NAME WITHHELD
What does this crazy election mean to the drug sector?
Not long ago, it didn't require much skill at all, it seemed, to make money in the market. You simply bought shares of any flavor-of-the-day tech name and watched it take off. Or, if you were antsy...
Banana Republic has always been a friend to the fashion illiterate. Step into a store and you'll be hard pressed to find a shirt that doesn't match every pair of pants. But now the San Francisco re...
Utilities used to be so square. Sure, they paid stable dividends and held their own during stormy stock markets. But compared with tech stocks, utilities were dull. Not anymore. Electric, gas and n...
The Street is still talking about Credit Suisse's $11.5 billion play for DLJ last month. The buzz? Naturally that J.P. Morgan, Lehman Bros., and Bear Stearns are all going to be taken out. The stoc...
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Picking up where we left off last time (June 21) with astute comments from readers, let's start with an irksome irony: According to many of you human resources managers and consultants out there, c...
Internet investors revised the laws of gravity in the first half of February, as Web stocks took their biggest tumble since the boom began last September--then, in a single day, regained most of wh...
Just how rich would you be if you had bought all 43 stocks recommended in this column between January and June? Well, who knows exactly, but you would be smiling like the cat that ate the entire av...
-- MATTHEW CZEPLIEWICZ, bank analyst at Credit Suisse First Boston in London, at a breakfast for investors: ''The recommendations I am about to give you are fundamental recommendations. As for more...
You're in early, the office is quiet, and it's time for coffee, the paper -- and, at 7:30 sharp, today's fax. For the top Wall Streeter, the new morning habit is Notes on the Global Economy, a repo...
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