Credit Suisse

Several major banks have joined a project called Utility Settlement Coin (USC) that is intended to facilitate the issuance by central banks around the world of currencies using Blockchain technology.

Six international banks: Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street have joined up with UBS to develop a new digital cash system using the blockchain. BNY Mellon, Deutsche Bank, Santander and the blockchain company Clearmatics joined the project back in 2015.

Lawyers for former Georgia prime minister Bidzina Ivanishvili said on Tuesday they are suing Credit Suisse in Singapore, New Zealand and Bermuda, alleging failings at the bank led to fraudulent mismanagement and substantial losses.

Lawyers for Mr Ivanishvili have previously alleged that fraudulent activities by a Credit Suisse client adviser lost the former Georgian leader hundreds of millions of dollars.

Three public pension funds, including the Orange County Employees Retirement System, have sued a half-dozen Wall Street banks, alleging they illegally conspired to control a corner of the stock market, leading to higher charges for the funds and thus less money for retirees.

The Qatar Investment Authority (QIA) has reduced its shareholding in Credit Suisse Group to 4.94 percent, amid the Middle Eastern nation’s diplomatic crisis with neighbouring countries.

The QIA previously held 5.01 percent in voting rights and is reporting a sale of shares for the first time since 2008. Qatar’s overall holding – including bonds which convert into equity if capital levels fall below a certain threshold – declined to 15.91 percent from 17.98 percent after a rise in the number of outstanding Credit Suisse shares because of its capital increase.

A Swiss citizen pleaded guilty on Thursday this week for conspiring to defraud the U.S government while she was working at Credit Suisse.
Susanne D. Ruegg Meier admitted to a Virginia court that while working at Credit Suisse’s North American desk in Switzerland from 2002 to 2011, she aided and conspired to help U.S taxpayers evade paying taxes on their incomes. She did this by concealing the earnings and assets of potential taxpayers in secret Swiss bank accounts.

Credit Suisse signalled the era of cost-cutting and job cuts may be soon be over, telling employees that the bank will emphasise businesses that generate higher returns in its next strategic plan.

Credit Suisse aims to achieve its current capital, cost and pre-tax income targets by 2018 but Chief Executive Tidjane Thiam told staff preparation will start in July on its 2018-2020 plan.

The chief executives of U.S. banks have been paid handsomely since 2004, with the average boss making three times as much as their counterparts around the globe, according to Bernstein report. The research examined chief executive pay across 25 banks in the US, Europe and Asia for the past 13 years and it shows that US banks have persistently paid more than rivals in the rest of the world based on 2016 data.

Credit Suisse Group investors agreed to buy 99.2 percent of the shares on sale in a rights offering, providing 4.1 billion Swiss francs ($4.3 billion) for Chief Executive Officer Tidjane Thiam’s turnaround plan.