Credit Suisse said it expects to implement the changes by the end of this year, reducing the number of branches in Switzerland to 109 from 146.
The firm seeks to improve its capital adequacy ratio and debt-to-equity ratio and boost its lending business through this rights issue.
On a year-to-date basis, Asian markets are still trading in the negative territory compared to their American counterparts who are not only net positive, but trading near record highs following the COVID-19 led crash.
It was this market frenzy that helped Swiss banks UBS and Credit Suisse - the world's biggest wealth managers - post bumper first-quarter profits while much of the global banking sector was scrambling to make provisions to withstand the economic fallout from the pandemic.
Credit Suisse in a note to its clients said that almost 45 percent of the top 200 stocks by market cap are down by about 30 percent from their respective life highs, but we still do not believe it is time to bottom fish.
The spying scandal had exacerbated tensions between Thiam and Chairman Urs Rohner, people close to the bank have said. Although several major shareholders pledged their support for Thiam this week, he struggled to win the backing of the board.
Credit Suisse, which has been criticised by Greenpeace for investing in fossil fuels, gained access to emails, tipping the bank off to demonstrations planned against it, the report said.
The slowdown was aggravated by de-stocking due to monetary tightness
Credit Suisse expects narrow market performance to continue for now, as economic uncertainty continues to push funds into the “safe” stocks
In a meeting with the internal committee of Sebi, the firm proposed to pay Rs 25.35 lakh, as per the settlement order dated October 30.
“Indian debt levels are high, they are uncomfortable. The result of the stimulus programme has been that Indian bond yields have gone up a bit but if Indian growth does recover then the country will probably get the inflows of funds to finance that,” he observed.
Credit Suisse Chairman Urs Rohner told a news conference Thiam still enjoyed the full confidence of the board.
The near-term outlook for the sector looks bleak and a lot will depend on how consumers spend during the coming festive season.
The brokerage prefers Nestle India, Dabur India, Colgate Palmolive as they are turnaround stories on market share gains.
The healthcare major's June quarter earnings beat analyst expectations on all parameters, with profit growing more than 31 percent on growth in India and US businesses.
Credit Suisse, Citigroup and Deutsche Bank raised their respective target price on the FMCG major to Rs 375, which translates into an upside of nearly 30 percent
The world, especially the West, is still coming to terms with the emergence of China as an economic superpower, Camacho added.
As Deng Xiaoping said, let some people get rich first
JP Morgan maintained overweight call on Tata Steel post Q3 results but reduced its target to Rs 880 from Rs 980 earlier
He said the big pain point has been the mid and smallcaps mainly because of the liquidity issue
With the appointment of new MD & CEO, focus will now shift to business as usual and will take away near-term overhang from the stock, suggest experts.
Experts are still bullish on ITC and one big reason as highlighted is valuations which are fairly attractive when compared to other large FMCG peers. Also, stable tax policy for cigarettes hereon should act as a tailwind
Credit Suisse maintained its underperform rating on Lupin with a target price of Rs 800 while CLSA maintained its sell rating on Ashok Leyland and slashed its target price to Rs 75 from Rs 85 earlier.
Credit Suisse believes there is a risk of earnings cuts to bring growth closer to historical trend and also that of P/E de-rating once these aggressive estimates do not play out
The agricultural distress is impacting 200 million workers and can cause political churn and policy experimentation, leading to uncertainties in times of the ongoing economic slowdown, the foreign brokerage said in a report.