Credit Suisse has announced that it is increasing cost cutting efforts by about $820 million.
Credit Suisse has pledged to accelerate its cost cutting efforts after disappointing results throughout 2015. The financial institution is now aiming to restructure its business in order to return to profitability after losing close to $3 billion last year.
The company has also announced that the consolidation process of its Global Markets division will include a consolidation of the FX Cash and FX Options businesses into the STS operations of Credit Suisse, which are part of the Swiss Universal Bank.
In addition, the Swiss bank has announced that it is increasing cost cutting efforts by about $820 million. The move includes another 30 per cent cut to the Global Markets division of Credit Suisse. The move comes after the firm announced that it is writing off $346 million in the first quarter related to the same line of business of the Swiss bank.
The company’s market capitalization has been reduced by a third since the start of 2016 after tumultuous European credit markets have prompted a selloff in bank shares across the continent.
The company’s CEO Tidjane Thiam stated: “Our performance has highlighted two key areas of challenges for Credit Suisse: our fixed cost base and our scale in Global Markets in the Americas and Europe.”
A short look at the statement of Thiam reveals that most of the cuts will be in Europe and in the Americas, with the Asian Global Markets division remaining intact for now.
Credit Suisse is planning to achieve gross annual savings costs of $4.4 billion by 2018, which is up from the firm’s previous estimate of about $3.6 billion. The firm is also aiming to reduce its risk weighted assets in the company’s Global Markets division to $60 billion by the end of the current calendar year, which is lower by $25 billion when compared previous estimates.
The future shape of the Global Markets division of Credit Suisse includes the firm’s Equities business, a restructured credit business and a solutions platform. The Swiss bank is exiting Distressed Credit, European Securitized Product trading and Long-Term Illiquid Funding and will reduce capital allocation to other lines of business.
“Equities will remain a core area of focus for the bank and we will continue to build on our leading Cash, Prime and ECM franchises,” a Credit Suisse statement reads.
The cost base of the Global Markets division will be reduced from $6.77 billion at end-2015 to $5.54 billion by end-2018.
Credit Suisse has pledged to accelerate its cost cutting efforts after disappointing results throughout 2015. The financial institution is now aiming to restructure its business in order to return to profitability after losing close to $3 billion last year.
The company has also announced that the consolidation process of its Global Markets division will include a consolidation of the FX Cash and FX Options businesses into the STS operations of Credit Suisse, which are part of the Swiss Universal Bank.
In addition, the Swiss bank has announced that it is increasing cost cutting efforts by about $820 million. The move includes another 30 per cent cut to the Global Markets division of Credit Suisse. The move comes after the firm announced that it is writing off $346 million in the first quarter related to the same line of business of the Swiss bank.
The company’s market capitalization has been reduced by a third since the start of 2016 after tumultuous European credit markets have prompted a selloff in bank shares across the continent.
The company’s CEO Tidjane Thiam stated: “Our performance has highlighted two key areas of challenges for Credit Suisse: our fixed cost base and our scale in Global Markets in the Americas and Europe.”
A short look at the statement of Thiam reveals that most of the cuts will be in Europe and in the Americas, with the Asian Global Markets division remaining intact for now.
Credit Suisse is planning to achieve gross annual savings costs of $4.4 billion by 2018, which is up from the firm’s previous estimate of about $3.6 billion. The firm is also aiming to reduce its risk weighted assets in the company’s Global Markets division to $60 billion by the end of the current calendar year, which is lower by $25 billion when compared previous estimates.
The future shape of the Global Markets division of Credit Suisse includes the firm’s Equities business, a restructured credit business and a solutions platform. The Swiss bank is exiting Distressed Credit, European Securitized Product trading and Long-Term Illiquid Funding and will reduce capital allocation to other lines of business.
“Equities will remain a core area of focus for the bank and we will continue to build on our leading Cash, Prime and ECM franchises,” a Credit Suisse statement reads.
The cost base of the Global Markets division will be reduced from $6.77 billion at end-2015 to $5.54 billion by end-2018.
Devexperts Teams Up with nuam Exchange to Boost Equity and Derivatives Trading
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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