الأربعاء, مارس 8th 2023
Credit Suisse’s biggest shareholder, U.S. investment firm Harris Associates, this week sold its entire stake in the bank after months of scandals, plummeting stock prices and a mass exodus of major clients.
Harris Associates owned as much as 10% of Credit Suisse’s stock in 2022. In fact, the firm’s CIO David Herro has been one of the most outspoken supporters of Switzerland’s second largest bank up until last fall when Saudi National Bank replaced Harris Associates as its top investor.
“There is a question about the future of the franchise. There have been large outflows from wealth management,” Herro told the فاينانشيال تايمز, referring to the more than CHF110 billion outflow of client cash in the last quarter of 2022.
“We have lots of other options to invest,” he said, adding that “rising interest rates mean lots of European financials are headed in the other direction. Why go for something that is burning capital when the rest of the sector is now generating it?”
لقد ابتلي بنك كريدي سويس بسنوات من الفضائحوقضايا في المحاكم، وخسائر قياسية. فقد انخفضت أرباح البنك من 2.7 مليار فرنك سويسري في عام 2020 إلى خسارة قدرها 1.65 مليار فرنك سويسري في عام 2021، ويرجع ذلك في الغالب إلى الاستثمارات السيئة في مجموعة سلسلة التوريد الفاشلة جرينسيل ومجموعة صناديق التحوط Archegos. في انهيار صندوق التحوط في عام 2021، وجهت السلطات الأمريكية لمؤسس Archegos بيل هوانج وثلاثة من زملائه تهم الابتزاز والاحتيال.
في أكتوبر من عام 2021، أصدرت السلطات الأمريكية والبريطانية حكمًا يقضي بوجوب دفع بنك كريدي سويس 439 مليون فرنك سويسري لتسوية فضيحة فساد موزمبيق التي شملت اتهامات بالرشوة والاحتيال. وفي الأسبوع نفسه، أعلنت هيئة الرقابة على الأسواق المالية السويسرية أنها اكتشفت "أوجه قصور تنظيمية خطيرة" في تحقيقها في قضية تجسس على الشركات بدأت بمراجعة حسابات البنك في عام 2020. ووفقًا للتحقيق تجسس كريدي سويس على الأعضاء مجلس إدارته وموظفيه السابقين. وبحلول عام 2022، أصبحت العناوين السيئة مرادفاً للبنك وأصبحت #DebitSuisse متداولة على تويتر.
In October of 2022, Credit Suisse Chairman Axel Lehmann made an attempt to shore up confidence by announcing a radical restructuring plan, but rumors of its true financial health scared off many of their wealth management clients. UBS was the main recipient of customers pulling their cash out of Credit Suisse accounts. UBS saw a 23% increase in pre-tax profits for its last quarter of 2023, thanks to an influx of Credit Suisse clients. (Last week’s Credit Suisse scandal: Client data stolen).
Under the proposed restructuring plan, trading will now serve the needs of the bank’s wealth clients, while working in tandem with its newly created investment bank CS First Boston (CSFB). Trading at Credit Suisse has made up about 26% of its revenue in the past; by 2025, it will make up about 15%, according to the bank. But convincing investors that the bank can make it to 2025 may be a challenging task.
“No business is viable when its revenues vanish and expenses continue,” London Institute of Banking & Finance professor Peter Hahn told رويترز. “Cost-cutting and efficiency can improve the profitability of a leading or even marginal business, but not a failing business.”
In the last three months of the year, Credit Suisse saw a 95% decline in equities trading alone, according to Reuters. One option to get Credit Suisse back on its feet would be to move its equities to CSFB. Another option would be to slim down the equities business altogether.
“There are key question marks around the importance of the equities business given it requires huge scale to make it economically viable,” Keefe, Bruyette & Woods analyst Thomas Hallett said, adding that Credit Suisse “is stuck between a rock and a hard place.”
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