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Credit Suisse

Francesco De Ferrari has four priorities that will bring the major Swiss bank's wealth management business back on track. In an interview with finews.com, he notes the possibility of making acquisitions and discusses the power of social media, and forecasts when the share price of Credit Suisse will potentially recover.

Francesco De Ferrari, in recent months many wealthy clients have either left Credit Suisse or withdrawn billions in assets. Are you having sleepless nights?

I did not have sleepless nights but last October was not easy for us. We learned a great deal about the power of social media. On the positive side, we had an unprecedented amount of contact with clients. In that period, I must have personally engaged with five to 10 clients a day.

What did you tell clients about the possibility Credit Suisse could become insolvent?

There are rational and emotional considerations in such situations. Using facts, we could take clients through the published numbers that show we have always had a very solid capital ratio. It was also helpful that the rating agencies confirmed this.

"That made many clients nervous"

It was harder on the emotional side. We had to deal with unfounded rumors on Twitter. That made many clients nervous and prompted them to act.

Another key element is that social media had little influence during the 2008 financial crisis. That is different today, particularly in countries where people believe more in social media than they do in other sources of information. That adds a further twist to the complexity of communication.

Have the large client outflows stopped in the meantime?

As publicly disclosed in November last year, outflows had reduced substantially from the elevated levels in early October. Overall, very few clients decided to close their accounts. Some decided to transfer some of their assets.

I can understand that as an entrepreneur and prudent risk taker. Now we have been working a great deal with our clients by effectively helping them to navigate the current environment and making sure we continue to deliver good service. I'm very confident that the money will come back.

You worked for Credit Suisse for 18 years before you decide to leave in 2018. What made you go?

For one, there were differences in opinion with Credit Suisse's leadership at the time. I also received a CEO job offer in Australia. It was something I couldn't turn down.

But your stint was not very successful.

I wouldn't put it like that. I restructured the company but had no influence on certain processes and legacies that had an enormous impact on the group.

"The bank is like a large family to me"

What I can say is that the shares rose about 35 percent after the restructuring. For me, that meant the job was done.

That was enough reason to return to Credit Suisse?

The bank is like a large family to me. When Thomas Gottstein (former CEO) called, it did not take me long to decide.

Much has changed since then. The current CEO (Ulrich Koerner) and most of the bank's leadership are new. You have been in your current role for roughly 12 months. What have you done to improve or change the global wealth management business?

I defined four priorities. First, we want to expand our business with very-high-net-worth clients (assets of $50 million and above), particularly in the emerging markets, where 60 percent of our business already is. To help with that, the investment bank needs to be restructured in a way that it keeps critical capabilities that are fundamental for our clients.

I see significant business potential with high-net-worth individuals (assets between $2 and $25 million). They will soon be able to take advantage of a more digitalized advisory process that we are currently rolling out in Switzerland. As a next step, we will introduce it in Asia.

All of that does not sound particularly innovative.

I disagree. We want to offer our worldwide investment expertise to a clientele in a world that is becoming increasingly de-globalized and where opportunities may become much harder to identify, particularly in private markets. We will see increasingly fragmented investment regions take the place of a global investment universe.

"The water might be choppy, but the direction is set"

Another priority is our business with external asset managers. We took the decision to manage this business globally given the increasing demand for independent advice. We will take advantage of that trend.

Last but not least, we want to take advantage of our IT platforms globally given our technology has been fragmented to date.

What makes you optimistic that you will be successful in doing this?

Any company transformation of this size is complicated. There are elements, for example, the market environment, which is hard to call, and that obviously impacts our business. My degree of confidence lies in the talented people we have and our capabilities to serve our clients. Ultimately, companies are like ships.

Once you start pointing them in the right direction, the ship moves in that direction. The water might be choppy, but the direction is set. For me, October 27 (the date the bank's new strategy was presented) was critical in setting the ship on the right course.

How long do you give yourself until everything is back to normal?

We have a three-year plan whereby market conditions will also play a role. The bank stated that it expects to deliver sustainable and attractive returns to shareholders from 2025 onwards. That stands.

Significant cost savings and job cuts are planned. How do you manage that?

It's never easy because like I said, one of the reasons I came back to Credit Suisse is because this feels like a family. And it makes it all the more difficult when you feel like a family.

"We look at every opportunity given there will be consolidation in the future"

The reality is that no business can run sustainably long term if it has higher costs than revenues. In wealth management, we started executing the reorganization in November and we are on track. With respect to people, as difficult as some of these choices are, we assist them in finding new opportunities.

Which division has the largest layoffs and cost cuts?

While we don't provide the breakdown, the focus is clearly on resizing and reshaping the investment bank with the other divisions contributing to the cost target as well. Third-party cost management is another important aspect.

Credit Suisse is increasingly seen as a takeover target given its low market capitalization. But let's turn that around for once instead. Would an acquisition be a possibility for the global wealth management business to help it gain more critical mass quickly?

I feel we have so much potential with our own organic initiatives and that is where my attention is going. Integrating large-scale acquisitions is something that is complicated. I have personally seen success with more focused transactions. When I was in Asia, we bought the HSBC business in Japan in 2012 and it was a very localized integration with our wealth management business.

"Switzerland still has a lot more to teach the rest of the world than the other way around"

Focused acquisitions are easier than large-scale ones. And that's an option for Credit Suisse in wealth management in the future. We look at every opportunity given there will be consolidation in the future.

Does Switzerland need two major banks?

Absolutely. That drives competition. If you just had one, I would worry.

Why?

Switzerland is a very particular economy. Because it's not a very big domestic market and it holds a disproportionate number of global companies. These companies need financial institutions that are global and can support them as they run their businesses.

You lived for more than ten years in Singapore. Do you miss Asia?

Well, I'm still responsible for Asia. I think the speed, dynamism, and positivity of Asia is important. It's a mindset we need to bring back here because we've lost a little bit of that. And there's no reason why we shouldn't be just as optimistic here.

On the other hand, I think Switzerland still has a lot more to teach the rest of the world than the other way around. Trustworthiness, long-term investment views. The DNA of wealth management is really more Swiss than not.

Credit Suisse's share price has not really recovered since the new strategy was announced. Why is that?

It is normal as we announced we would be raising capital in October and that dilutes the shares.

As you go through a heavy restructuring, the share price doesn't move. It only moves when you do the heavy lifting and you are off the back end. Once you start seeing positive results and momentum, quarter after quarter, then the share price will move. It is obvious that Credit Suisse shares are undervalued today.

What are your leadership principles when you lead your team?

When I took on the job, I gave my team three objectives. The first was clients. We really have to be clear about what it is that we are doing and whether we are adding value for clients or not. If not, we have to question it.

Number two is working together. We ran the business in silos. It doesn't work. We need to start connecting the dots globally.

"It is important that I'm out there on the front line"

The third is urgency. The world is not waiting for Credit Suisse. When I re-joined, the organization had been a bit in limbo and needed a little bit of an energy boost to get going.

You will be 54 this year. If you perform well over the next three years, won't you be in an excellent position to take the CEO job?

That is not on my bucket list. What really drives me now is building the best possible wealth management business for our clients.

Do you live in Milan and commute to Zurich?

No, I live in Zurich. It is very close to the office because the days are long. For me, a short commute is more important than a low tax rate.

How do you motivate staff last year during such a difficult time?

On the Executive Board, we are aware that the past years have been challenging for everyone and there is still a lot to do. It's important for me to guide our colleagues with honesty and authenticity through this transformation and to provide regular updates as to where we stand. . Ultimately, intense times also unify.

Anyone who wants to change something has to start with themselves. That is my motto and I want to set a good example. It is important that I'm out there on the front line.

Since 2022, Francesco De Ferrari has been the CEO of the wealth management business and CEO of the EMEA region (Europe, the Middle East, and Africa) at Credit Suisse. He is a dual Swiss-Italian citizen who studied economics at New York University (US), after which he graduated with an MBA from Insead in Fontainbleau, France. His career started at Deloitte and Nestlé, after which he joined McKinsey. Subsequently, he worked as an entrepreneur in Italy for a number of years before joining Credit Suisse in 2002. At the Swiss bank, he held a number of leadership roles in Italy and Asia. His last function was that of CEO of Southeast Asia and the frontier markets. In parallel, he was also the CEO of Asia Pacific private banking. In 2018, he moved to Australian financial services firm AMP, where he was appointed as CEO. He returned to Credit Suisse in 2022. De Ferrari is married and the father of five children.

Francesco De Ferrari: "The world is not waiting for Credit Suisse"

ZURICH (dpa-AFX Broker) - Swiss bank Credit Suisse has double downgraded BASF to "underperform" from "outperform" and lowered its price target to 46 euros from 61 euros. Analyst Samuel Perry now favors the plastics group's shares with a new "Outperform" rating, according to a report available Friday. He does not expect a significant improvement in capacity utilization at BASF until at least fiscal 2024. Perry cut his operating earnings estimates by an average of 14 percent through 2024./ag/ajx

Original study publication date: Jan. 20, 2023 / 05:30 / UTC

Initial disclosure of original study: Date not stated in study / Time not stated in study / Time zone not stated in study

Credit Suisse downgrades BASF by two notches to 'Underperform | MarketScreener

Strong stocks and surging bond yields are among the ten potential surprises outlines by the Credit Suisse global strategy team.

"For the past 30 years, at the start of each year we have looked at where the risks lie to our central scenarios," analyst Andrew Garthwaite wrote in a note.

"Inflation falls in line with prices paid and the Fed starts to have renewed confidence in its inflation models, allowing it to pivot aggressively. Much more importantly, the fall in inflation must be associated with a larger fall in wage growth."

2. Japan yield curve control ends in Q1 and BOJ hikes in 2023 vs. central scenario YCC continues for now

3. Yen vs. U.S. dollar (DXY) (UUP) rallies to 100, leading to an outperformance of domestic Japan vs. house view of yen appreciation to 120

"Between March 1995 and August 1998, the yen weakened from yen/$ 80 to yen/$ 145. As the carry trade unwound with the collapse in liquidity caused by LTCM, the yen rallied over the next year from yen/$ 145 to yen/$ 100 (i.e. c30%). This time around, the carry trade has been on for much longer and thus in turn the rally on the unwind should be greater than that of 1998."

4. 10-year Treasury yields (US10Y) (TBT) (TLT) rise to 5% vs. house view of 3.3%

5. China has a hard landing vs. house view of 5.1% GDP growth

6. U.S house prices fall by 20%+ vs. central scenario of a modest decline

7. Italy has a funding crisis vs. central scenario spreads do not widen significantly

8. The war in Ukraine ends vs. central scenario the war continues through 2023

Credit Suisse highlights 10 risk surprises for 2023

(Bloomberg) -- A year ago, Credit Suisse Group AG handed its bankers about $870 million of cash bonuses with the caveat that they had to stay for three years or pay some of it back.

That second part might be trickier than the bank's leaders hoped.

A handful of former employees based in Europe and Asia are weighing separate legal challenges to the clawbacks, according to people familiar with the situation who spoke on condition of anonymity.

They argue they had little time to agree to the terms and that a reward for past performance shouldn't be subject to them sticking around -- especially when Credit Suisse is struggling to recover from what Chairman Axel Lehmann has dubbed a "horrifying" 2022.

Some others who were unhappy with the terms have taken the simpler route of jumping ship and getting their new employers to cover their clawback expenses, the people said.

Switzerland's second-biggest lender said this week that for a second year in a row it would pay up front cash bonuses as it steers the difficult path of retaining top performers while reining in costs after a year marred by scandals and quarterly losses that run into the billions of dollars.

A spokesperson for Credit Suisse declined to comment on the matter.

Read More: Credit Suisse Weighs 50% Cut to Bonus Pool After Tough Year

While bankers fighting the strings attached to a discretionary bonus have historically faced a tough climb, a series of legal fights would be another headache for a bank trying to pull off a complex and costly turnaround.

For staff who stayed at Credit Suisse, the awards allowed them to get immediate cash rather than wait years. But clawbacks are often more fraught than deferred awards that the bank can simply not deliver.

One banker weighing a legal claim said the bank forced employees to choose whether to sign the contract in a matter of days or risk losing the bonus for 2021 performance. Another problem cited by some of the bankers is the challenge of recovering back tax they'd paid on the original cash bonuses before clawbacks, the people familiar with the matter said.

Credit Suisse has said based on feedback from last year, it would now give staff one week to choose whether to sign up to it. The bank also said it requires them to do so before they know the amount of the award.

Clement Dubois, a regional head of the Swiss bank employees association, said Credit Suisse could have avoided the legal pushback by designing the award differently.

"Why didn't they just make the payments in three annual installments to avoid the issue of clawbacks and tax problems altogether?" he asked.

In 2014, a Swiss cantonal court weighed in on a dispute over banker pay involving an unidentified Zurich-based lender. It ruled that while clawbacks of salaries were allowed, that didn't apply to discretionary awards such as bonuses. How the country's top court might treat such contracts is unclear.

Last February's cash offer, in which the upfront awards were some 40% of the regular bonus pool, didn't stop a string of departures, as bankers particularly in Asia left for competitors including crosstown rival UBS Group AG.

Read more: Credit Suisse Weighs 50% Cut to Bonus Pool After Tough Year

Advocates of clawbacks will say that bankers chose whether to sign up to the terms of the contract. And in the U.S, anyone planning to contest the clawback clauses will have a tougher time, said Philip Berkowitz, an employment lawyer at Littler Mendelson in New York.

New York's top court has held that "if the plan language makes clear that the award of the bonus is wholly discretionary, and therefore is not a wage, payment can be conditioned on such factors as the employer's continued employment on the date of payment," he said.

--With assistance from Myriam Balezou, Denise Wee and Dale Crofts.

Ex-Credit Suisse Bankers Weigh Legal Fights Over Bonus Clawbacks - BNN Bloomberg

Foreign exchange analysts at Credit Suisse have previously considered that the Euro-to Dollar (EUR/USD) rate would maintain a firm tone in the first quarter of 2023, but that the positive factors would have exhausted themselves by the second quarter.

Given events this week and hints over a less hawkish ECB stance, the bank is more convinced of this view with EUR/USD expected to peak around 1.0950.

EUR/USD traded close to 1.0800 on Thursday, below 7-month highs of 1.0880 recorded earlier in the week.

Bullish Euro Factors Closer to Exhaustion

Credit Suisse considers that there have been three main factors supporting the Euro since the third quarter.

A key factor has been that the terms of trade position for the Euro-Zone has been boosted by the slide in gas prices.

Markets have also moved to price in peak US interest rates with expectations that rates will decline late in 2023.

Credit Suisse also pointed to a more hawkish ECB stance following suggestions at the December policy that 50 basis-point rate hikes could continue over the next few meetings.

In the first-quarter outlook, it expected that these factors would fade as a source of Euro support from the second quarter of 2023.

The bank still expects that the first two Euro support factors will fade by the second quarter.

Gas prices are set to rally if there is a rebound in the Chinese economy.

It also expects that there is little scope for a further shift in Federal Reserve policy expectations unless there is a major downturn in the US economy.

This week, there have been reports that the ECB will be less aggressive in interest rate hikes.

According to Credit Suisse; "While this is not enough to cause us to change our framework yet that sees more EURUSD gains to 1.0950, it does encourage us to hold onto the idea that gains much beyond that could be harder to see if the euro area rates inversion story gathers pace still further."

Sterling Can Make Headway

Credit Suisse also sees scope for the Pound to make headway against the Euro.

It notes; "On EUR crosses, we still feel that EURGBP can dip to 0.8700 given that the UK too is experiencing a solid terms-of-trade shift that also lowers the odds of a deep recession."

This would equate to 1.15 for GBP/EUR.

Credit Suisse: The Limits To Euro Gains, EUR/USD Rate Set To Be Capped Around 1.0950

Credit Suisse, a Switzerland-based global investment bank, has appointed Aurélien Gleyze, its former Director and Co-Head of Electronic Macro Trading, as its Head of FX Spot for Europe, Middle East and Africa (EMEA). The new role comes after Gleyze spent over two years in the former role.

The executive, who announced his new position on Friday on LinkedIn, joined Credit Suisse in June 2014 as a Fixed Income Summer Analyst. He would later serve as the Vice President of Electronic FX and Precious Metals Trading over the course of the next six years before becoming a Director in November 2020.

Gleyze's appointment comes days after reports emerged that the Swiss banking giant may shred its European investment banking team by over 10%. The firm in October last year had disclosed plans to layoff approximately 9,000 employees over the next three years.

Credit Suisse is also battling the departure of several of its senior executives. At the start of the month, Cathal Deasy, the company's Co-Head of Investment Banking and Capital Markets (IBCM) in Europe, resigned from her position.

Watch this recent FMLS22 session on constructing collaboration between fintech and banks.

The investment banking industry is generally fighting off tough economic conditions, with global investment banking giant Goldman Sachs Group cutting out 3,200 positions recently to reduce its operating costs. However, Credit Suisse is facing more heat as the institution struggles to recover from several scandals and lawsuits that have been trailing it over the years, including a massive data leak in early 2022.

The Swiss investment banking giant, which is planning a "radical restructure" of its business, posted heavy losses in its third quarter 2022 financial statements, with the figures reaching $4.99 billion. The company in late November further disclosed that it was expecting to end the fourth quarter with a pre-tax loss of up to CHF 1.5 billion ($1.58 billion).

However, the company recently said it was taking measures to boost its finances, including raising CHF 4 billion ($4.01 billion) from its investors and focusing on its wealth management business.

Credit Suisse Appoints Aurélien Gleyze as Head of FX Spot for EMEA

(MT Newswires) -- Jonathan Golub, Credit Suisse's US equity strategist, and quantitative research head, says he expects growth stocks to outperform this year as corporate earnings decline and wages rise. "Last year the whole story was value -- we think that growth snaps back this year," he says on "Bloomberg Surveillance."

Credit Suisse's Golub Sees Snap Back for Growth Stocks | MarketScreener

Bloomberg Markets and Finance published this video item, entitled "Credit Suisse's Golub Sees Snap Back for Growth Stocks" - below is their description.

Jonathan Golub, Credit Suisse's US equity strategist and quantitative research head, says he expects growth stocks to outperform this year as corporate earnings decline and wages rise. "Last year the whole story was value -- we think that growth snaps back this year," he says on "Bloomberg Surveillance."

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Credit Suisse's Golub Sees Snap Back for Growth Stocks - The Global Herald

Credit Suisse Group AG (NYSE: CS) started the day on January 19, 2023, with a price decrease of -4.87% at $3.32. During the day, the stock rose to $3.41 and sunk to $3.28 before settling in for the price of $3.49 at the close. Taking a more long-term approach, CS posted a 52-week range of $2.89-$9.70.

In the past 5-years timespan, the Financial sector firm's annual sales growth was -11.10%. Meanwhile, its Annual Earning per share during the time was 12.40%. Nevertheless, stock's Earnings Per Share (EPS) this year is -163.50%. This publicly-traded company's shares outstanding now amounts to $4.40 billion, simultaneously with a float of $3.51 billion. The organization now has a market capitalization sitting at $13.27 billion. At the time of writing, stock's 50-day Moving Average stood at $3.52, while the 200-day Moving Average is $5.18.

If we measure the efficiency of the company that is accounted for 51680 employees. It has generated 523,867 per worker during the last fiscal year. For the Profitability, stocks operating margin was +3.18 and Pretax Margin of -2.29.

Now let's turn our focus to how large-scale investors are working with this stock of the Banks - Diversified Industry. Credit Suisse Group AG's current insider ownership accounts for 3.10%, in contrast to 2.80% institutional ownership.

This company achieved a net margin of -6.29 while generating a return on equity of -3.81. Wall Street market experts anticipate that the next fiscal year will bring earnings of 0 per share during the current fiscal year.

Credit Suisse Group AG's EPS decrease for this current 12-month fiscal period is -163.50% and is forecasted to reach 0.03 in the upcoming year.

Let's observe the current performance indicators for Credit Suisse Group AG (CS). The Stock has managed to achieve an average true range (ATR) of 0.14. Another valuable indicator worth pondering is a publicly-traded company's price to sales ratio for trailing twelve months, which is currently 1.20. Similarly, its price to free cash flow for trailing twelve months is now 1.10.

In the same vein, CS's Diluted EPS (Earnings per Share) trailing twelve months is recorded -3.04, and analysts are predicting that it will be 0.03 at the market close of one year from today.

If we take a close look at the recent performances of Credit Suisse Group AG (NYSE: CS), its last 5-days Average volume was 20.22 million that shows progress from its year to date volume of 18.49 million. During the previous 9 days, stock's Stochastic %D was recorded 64.60% While, its Average True Range was 0.13.

Raw Stochastic average of Credit Suisse Group AG (CS) in the period of the previous 100 days is set at 12.75%, which indicates a major fall in contrast to 49.59% during the last 2-weeks. If we go through the volatility metrics of the stock, In the past 14-days, Company's historic volatility was 43.09% that was lower than 75.33% volatility it exhibited in the past 100-days period.

Credit Suisse Group AG (CS) is heading in the right direction with an average volume of $20.59M - News Daemon

Form  424B2      CREDIT SUISSE AG

The former Morgan Stanley president said he was focused on organic growth rather than acquisitions and expanding its business in the United States as he ruled out any move to buy his bank's embattled cross-town rival.UBS has no interest in buying fellow Swiss lender Credit Suisse, the bank's Chairman Colm Kelleher said in a interview published on Saturday.

The former Morgan Stanley president said he was focused on organic growth rather than acquisitions and expanding its business in the United States as he ruled out any move to buy his bank's embattled cross-town rival.

"We have no desire to buy Credit Suisse," Kelleher told the Neue Zuercher Zeitung.

"There are always scenarios, but none that are convincing," he said when asked if there were any situations where a UBS takeover of Credit Suisse made sense.

The former chairmen of Credit Suisse and UBS supported a merger between the two banks, and held talks in the first half of 2020, Swiss media reported two years ago.

The discussions eventually lapsed, the media reports said, and both Urs Rohner and Axel Weber have since left their roles at Credit Suisse and UBS respectively.

Both banks declined to comment on the merger story at the time. Kelleher succeeded Weber in April last year.

"Our strategic message is: no surprises; organic growth; judge UBS by the numbers, by the U.S. business, by profitability," he told the newspaper. "In my experience such a message is very well received by institutional shareholders."

Kelleher said UBS had not benefited much from the troubles at Credit Suisse, which has seen sharp outflows as wealthy clients turned their back on the bank after a series of heavy losses and scandals.

"We have checked what has flowed to us," Kelleher said. "We suspect the largest part of the outflows went to international banks."

UBS has no desire to buy Credit Suisse, chairman tells newspaper

The International Monetary Fund (IMF), the World Bank and global brokerage firm Credit Suisse have expressed satisfaction over how robustly India is performing despite global headwinds. They have termed India as one of the few economies seeing a robust recovery after the historic Covid-19 slump, hence is in better shape than its global peers.

These top financial institutions of the world have hailed India's strong macroeconomic fundamentals, saying when other big economies are heading towards deeper recession, India appears partially immune to its adverse impacts because of its strong macroeconomic stability and well-controlled inflation. They have appreciated the efforts being made by the Indian government and the Reserve Bank of India why Indian economy appears to be more stable.

IMF's Managing Director Kristalina Georgieva has said that she has full faith in India amidst the economic slowdown engulfing almost the world over. Talking to the media on the economic conditions of the world, Georgieva said that at present the whole world is facing many kinds of crises along with economic slowdown. In such a situation, we have great faith in India as the chairman of the G-20, a group of twenty major economies of the world. She said that India is among the countries performing better than the global average. This is a critical time for the world to safeguard an integrated global economy. She hoped that India would do global service in a big way, keeping the whole world together.

IMF expects the real GDP to grow at 6.8% in the current fiscal year, while it may recede to 6.1% in 2023-24. Similarly, the World Bank has projected the Indian economy to grow at 6.9% for FY23 and it expects the growth may slow to 6.6% in the next financial year. However, the Ministry of Statistics, Government of India, in its recent official estimate, has predicted that the Indian economy would register a growth of 7% in the current fiscal year. However, these projections are much lower than the government's earlier projection of 8-8.5% growth.

Appreciating India's digitization, Kristalina Georgieva said, the whole world is seeing that India has very well implemented digitization in the country in government and private sector. Promoting digitization in the public sector is also one of the G20's priorities. The sources of development and employment can be strengthened by connecting everyone with digitization. She said that India definitely influences development. India's two neighbouring countries Sri Lanka and Pakistan are battling with instability. China has also slowed down dramatically. The effects of these conditions are visible across Asia.

IMF, World Bank and Credit Suisse appreciate India's efforts to face global headwinds

A fourth securitization of operational risks in a catastrophe bond format, the latest in the Operational Re series of deals, has now completed, Artemis can reveal. The $217.25 million of notes issued by Operational Re IV Ltd. are assumed to be the latest example of a vehicle channelling a capital market investor source of operational risk insurance to investment banking giant Credit Suisse.

The first Operational Re catastrophe bond, or operational risk bond, issuance came to market in 2016 and was followed by new deals in 2018 and 2020.

In each case, investment bank Credit Suisse has been the beneficiary of the operational risk insurance coverage, with this provided via an operational risk insurance arrangement with insurer Zurich Insurance Co. Ltd.

Zurich is then the cedent to the Operational Re deal, entering into a reinsurance agreement with each of the Bermuda based special purpose vehicles.

In this case, we understand that Operational Re IV Ltd. has issued $217.25 million of notes across four tranches, two being 144A and the other two RegS notes issuances.

The operational risk insurance agreement is larger, we're told, but this Operational Re IV deal allows the sources of capital to be diversified, with Zurich acting as an intermediary to pass through this portion of the operational risk coverage to Credit Suisse, backed by insurance-linked securities (ILS) and other types of institutional investors.

Initial discussions with sources suggest the mechanics and motivations for this new deal are the same as with the other Operational Re operational risk securitizations.

Credit Suisse started looking to the capital markets to source operational risk insurance, or reinsurance capacity via its Zurich insurance arrangement, back in 2016, with its first transaction a roughly $222 million Operational Re Ltd.

Credit Suisse followed this up with another transaction in 2018, when a CHF 146 million (roughly $222m) Operational Re II Ltd. transaction came to market

Most recently, a $461.22 million operational risk catastrophe bond, Operational Re III Ltd., was issued.

The structure and mechanics of the securitization are the same as with any catastrophe bond transaction, channelling capital markets backed reinsurance capacity to support the insurance needs of the investment bank sponsor, with Credit Suisse requiring a significant operational risk insurance policy given its scale and reach.

The coverage is very different to the typical cat bonds we feature, with the Operational Re bonds set to provide Credit Suisse with broad insurance protection against a range of operational risks on an aggregate basis, which we assume to be the same with this new Operational Re IV deal.

As with previous deals, this new Operational Re IV has been issued before the previous Operational Re III deal matures, with that one slated for maturity in January 2024.

The reason for this is, these Operational Re cat bonds enable Credit Suisse to reduce its risk weighted assets (RWA's) and the protection these provide may wane as maturity nears, due to regulatory requirements. Hence overlapping them may be attractive from a regulatory capital standpoint.

The new $217.25 million of notes issued by Operational Re IV Ltd. are due for maturity as of January 2026, we've learned, so we should perhaps expect a future issuance in early 2025.

That said, this latest operational risk securitization is smaller than the last, which could be a function of catastrophe bond investor appetites being dented, also investor appetite may have been lower given some of the news cycle over issues Credit Suisse has faced in recent years, some of which have been seen as possible threats to the previous Operational Re cat bonds.

On the coverage these provide to Credit Suisse, presumably the beneficiary as the previous deals all benefited the bank, if the same as the previous three operational risk insurance-linked securities (ILS) deals, then Credit Suisse will benefit from a multi-year source of operational risk protection that includes coverage for a wide-range of exposures.

The first three operational risk cat bonds provided Credit Suisse with protection for exposures including: certain cyber risk exposures, such as IT system failure that causes business interruption; fraudulent behaviour both of external parties and employees of the investment bank; fiduciary issues; losses due to improper business practices or unauthorised activity; accounting errors; documentation errors; regulatory compliance issues; HR issues; discrimination in the workplace; or even personal injury.

As with the Operational Re III deal, we also understand that this Operational Re IV has terms in place to ensure that no single operational risk loss event, or defined category of loss according to the transaction, can trigger the operational risk ILS notes on its own.

Given the transaction is aggregate in nature and has these terms and limits, it would ensure the deal acts as a second and subsequent loss event cat bond protection.

This Operational Re series of operational risk cat bonds provide the beneficiary Credit Suisse with a source of broad operational risk insurance coverage over three years, through the mechanism of an ILS or catastrophe bond issuance, enabling it and insurer Zurich to secure reinsurance support from capital markets investors and specialist ILS funds to support the arrangement.

The Operational Re IV Ltd. transaction featured the issuance of $217.25 million of notes across four tranches, corresponding to different layers of risk, as detailed below:

As with all of the Operational Re cat bonds, this Operational Re IV Ltd. deal is likely to only provide some of the reinsurance capital to support the new operational risk insurance arrangement between Zurich and beneficiary Credit Suisse, with the overall operational risk insurance policy perhaps far larger.

It's also possible there could be other, more privately placed tranches of notes issued by Operational Re IV Ltd.

Presumably the risk modelling will have been undertaken by Milliman Inc., which had modelled the operational risks for the first three Operational Re transactions.

We'll update you if any additional information comes to light.

Operational Re IV Ltd., $217.25m op-risk cat bond issued, likely for Credit Suisse - Artemis.bm

(Alliance News) - The following London-listed shares received analyst recommendations late Thursday and Friday morning:

----------

FTSE 100

----------

Deutsche Bank raises Next price target to 6,100 (5,700) pence - 'hold'

----------

Credit Suisse cuts Next to 'underperform' (neutral) - price target 6,100 pence

----------

Goldman Sachs raises Next price target to 6,800 (6,150) pence - 'neutral'

----------

JPMorgan raises Next price target to 6,000 (5,600) pence - 'neutral'

----------

Deutsche Bank raises B&M price target to 460 (415) pence - 'hold'

----------

Goldman Sachs raises B&M price target to 560 (490) pence - 'buy'

----------

Barclays raises B&M price target to 485 (475) pence - 'overweight'

----------

Exane BNP starts Experian with 'outperform' - price target 3,200 pence

----------

Goldman Sachs raises Tesco price target to 290 (245) pence - 'buy'

----------

Goldman Sachs raises Sainsbury price target to 225 (195) pence - 'neutral'

----------

Jefferies cuts Standard Chartered price target to 950 (991) pence - 'buy'

----------

Morgan Stanley cuts Diageo to 'equal-weight' (overweight) - price target 3,900 pence

----------

Morgan Stanley raises AstraZeneca price target to 12,500 (12,000) pence - equal-weight

----------

FTSE 250

----------

Jefferies raises Greggs price target to 3,050 (2,900) pence - 'buy'

----------

Berenberg raises Inchcape price target to 1,085 (1,035) pence - 'buy'

----------

Goldman Sachs cuts easyJet to 'neutral' (buy) - price target 450 (606) pence

----------

Bank of America cuts Vesuvius to 'neutral' (buy) - price target 410 (475) pence

----------

Bank of America cuts IMI price target to 2,000 (2,100) pence - 'buy'

----------

Bank of America raises Bodycote to 'buy' (underperform)

----------

SMALL CAP

----------

Bank of America cuts Deliveroo price target to 100 (125) pence - 'neutral'

----------

UBS starts Dalata Hotel with 'buy' - price target 5.50 pence

----------

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Credit Suisse cuts Next to 'underperform' | MarketScreener

Sharecast - The bank noted that Next shares have risen almost 50% from the October lows, and argued that on 13.2x 23/24 estimated price-to-earnings, they do not look cheap versus its history, retail peers, or the UK market.

"While Xmas trading was strong for most retailers, we see downside risk to demand in the spring, given tough comps, and as UK property prices and employment soften, while the outlook for opex remains challenging," CS said.

"With limited upside to valuation and strong execution already discounted, we downgrade our rating to underperform (from neutral) as we believe Next is likely to underperform stocks which look cheap versus history, offer greater leverage to a recovery or which can surprise in terms of execution."

CS said it prefers outperform-rated Marks & Spencer, JD Sports and Primark owner Associated British Foods (LON:ABF).

The bank lifted its price target on Next shares to 6,100p from 5,200p.

Credit Suisse downgrades Next to 'underperform' By Sharecast

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On January 4, 2023, Credit Suisse announced expected coupon payments for the following ETNs:

The ETNs may not be suitable for all investors and should be purchased only by knowledgeable investors who understand the potential consequences of investing in the ETNs. The ETNs are subject to the credit risk of Credit Suisse. You may receive less, and possibly significantly less, than the principal amount of your investment at maturity or upon repurchase or sale. Coupon payments on the ETNs will vary and could be zero. There is no actual portfolio of assets in which any investor in the ETNs has any ownership or other interest. Investors in the ETNs do not have voting rights, distribution rights or other rights with respect to the assets included in the tracked indices. An investment in the ETNs involves significant risks. For further information regarding risks, please see the section entitled "Risk Factors" in the applicable pricing supplement.

Credit SuisseCredit Suisse is one of the world's leading financial services providers. The bank's strategy builds on its core strengths: its position as a leading wealth manager, its specialist investment banking and asset management capabilities and its strong presence in its home market of Switzerland. Credit Suisse seeks to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. The bank employs more than 50,000 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

DisclaimerThis document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

Credit Suisse has filed a registration statement (including a prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this press release relates. Before you invest, you should read the applicable Pricing Supplement, the Prospectus Supplement dated June 18, 2020 and the Prospectus dated June 18, 2020 that Credit Suisse has filed with the SEC for more complete information about Credit Suisse and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov or clicking the hyperlinks below:

USOI:Pricing Supplement dated September 27, 2022, including the Prospectus Supplement dated June 18, 2020, and Prospectus dated June 18, 2020:https://notes.credit-suisse.com/api/DocFile/GetProspectus/USOI

GLDI:Pricing Supplement dated September 27, 2022, including the Prospectus Supplement dated June 18, 2020, and Prospectus dated June 18, 2020:https://notes.credit-suisse.com/api/DocFile/GetProspectus/GLDI

SLVO:Pricing Supplement dated September 27, 2022, including the Prospectus Supplement dated June 18, 2020, and Prospectus dated June 18, 2020:https://notes.credit-suisse.com/api/DocFile/GetProspectus/SLVO

Alternatively, Credit Suisse, Credit Suisse Securities (USA) LLC or any agent or any dealer participating in this offering will arrange to send you the applicable pricing supplement, prospectus supplement and prospectus if you so request by calling 1-800-320-1225.

This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change.

X-LinksÂ® is a registered trademark of Credit Suisse Securities (USA) LLC.

Copyright Â© 2023, CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved.

Credit Suisse (CS) Announces Coupon Payments and Expected Coupon Payments on Credit Suisse X-Links Exchange Traded Notes

The ETNs may not be suitable for all investors and should be purchased only by knowledgeable investors who understand the potential consequences of investing in the ETNs. The ETNs are subject to the credit risk of Credit Suisse. You may receive less, and possibly significantly less, than the principal amount of your investment at maturity or upon repurchase or sale. Coupon payments on the ETNs will vary and could be zero. There is no actual portfolio of assets in which any investor in the ETNs has any ownership or other interest. Investors in the ETNs do not have voting rights, distribution rights or other rights with respect to the assets included in the tracked indices. An investment in the ETNs involves significant risks. For further information regarding risks, please see the section entitled "Risk Factors" in the applicable pricing supplement.

Credit SuisseCredit Suisse is one of the world's leading financial services providers. The bank's strategy builds on its core strengths: its position as a leading wealth manager, its specialist investment banking and asset management capabilities and its strong presence in its home market of Switzerland. Credit Suisse seeks to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. The bank employs more than 50,000 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

DisclaimerThis document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

Credit Suisse has filed a registration statement (including a prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this press release relates. Before you invest, you should read the applicable Pricing Supplement, the Prospectus Supplement dated June 18, 2020 and the Prospectus dated June 18, 2020Â that Credit Suisse has filed with the SEC for more complete information about Credit Suisse and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov or clicking the hyperlinks below:

USOI:Pricing Supplement dated September 27, 2022, including the Prospectus Supplement dated June 18, 2020, and Prospectus dated June 18, 2020:https://notes.credit-suisse.com/api/DocFile/GetProspectus/USOI

GLDI:Pricing Supplement dated September 27, 2022, including the Prospectus Supplement dated June 18, 2020, and Prospectus dated June 18, 2020:https://notes.credit-suisse.com/api/DocFile/GetProspectus/GLDI

SLVO:Pricing Supplement dated September 27, 2022, including the Prospectus Supplement dated June 18, 2020, and Prospectus dated June 18, 2020:https://notes.credit-suisse.com/api/DocFile/GetProspectus/SLVO

Alternatively, Credit Suisse, Credit Suisse Securities (USA) LLC or any agent or any dealer participating in this offering will arrange to send you the applicable pricing supplement, prospectus supplement and prospectus if you so request by calling 1-800-320-1225.

This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change.

X-LinksÂ® is a registered trademark of Credit Suisse Securities (USA) LLC.

Copyright Â© 2023, CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved.

Credit Suisse Announces Coupon Payments and Expected Coupon Payments on Credit Suisse X-LinksÂ® Exchange Traded Notes (the &quot;ETNs&quot;)

The ETNs may not be suitable for all investors and should be purchased only by knowledgeable investors who understand the potential consequences of investing in the ETNs. The ETNs are subject to the credit risk of Credit Suisse. You may receive less, and possibly significantly less, than the principal amount of your investment at maturity or upon repurchase or sale. Coupon payments on the ETNs will vary and could be zero. There is no actual portfolio of assets in which any investor in the ETNs has any ownership or other interest. Investors in the ETNs do not have voting rights, distribution rights or other rights with respect to the assets included in the tracked indices. An investment in the ETNs involves significant risks. For further information regarding risks, please see the section entitled "Risk Factors" in the applicable pricing supplement.

Credit Suisse

Credit Suisse is one of the world's leading financial services providers. The bank's strategy builds on its core strengths: its position as a leading wealth manager, its specialist investment banking and asset management capabilities and its strong presence in its home market of Switzerland. Credit Suisse seeks to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. The bank employs more than 50,000 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Disclaimer

This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

Credit Suisse has filed a registration statement (including a prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this press release relates. Before you invest, you should read the applicable Pricing Supplement, the Prospectus Supplement dated June 18, 2020 and the Prospectus dated June 18, 2020 that Credit Suisse has filed with the SEC for more complete information about Credit Suisse and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov or clicking the hyperlinks below:

Alternatively, Credit Suisse, Credit Suisse Securities (USA) LLC or any agent or any dealer participating in this offering will arrange to send you the applicable pricing supplement, prospectus supplement and prospectus if you so request by calling 1-800-320-1225.

This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change.

X-Links is a registered trademark of Credit Suisse Securities (USA) LLC.

Copyright © 2023, CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved.

Credit Suisse Announces Coupon Payments and Expected Coupon Payments on Credit Suisse X-Links® Exchange Traded Notes (the "ETNs") - Credit Suisse Group (NYSE:CS), Credit Suisse X-Links Gold Shares Covered Call ETNs due February 2, 2033 (NASDAQ:GLDI)

Credit Suisse Announces Coupon Payments and Expected Coupon Payments on Credit Suisse X-Links® Exchange Traded Notes (the "ETNs")

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

This report on Form 6-K contains the exhibits set forth below. This report on Form 6-K and such exhibits are hereby incorporated by reference into Registration Statement No. 333-238458-02 of Credit Suisse AG.

Exhibit 99.1: Press release of Credit Suisse AG dated January 6, 2023.

Exhibit 99.2: Press release of Credit Suisse AG dated January 6, 2023.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Form  6-K        CREDIT SUISSE AG          For: Jan 06

Credit Suisse Group AG (NYSE: CS) flaunted slowness of -2.44% at $3.20, as the Stock market unbolted on January 05, 2023. During the day, the stock rose to $3.25 and sunk to $3.16 before settling in for the price of $3.28 at the close. Taking a more long-term approach, CS posted a 52-week range of $2.89-$10.15.

The Financial sector firm's twelve-monthly sales growth has been -11.10% for the last half of the decade. Meanwhile, its Annual Earning per share during the time was 12.40%. Nevertheless, stock's Earnings Per Share (EPS) this year is -163.50%. This publicly-traded company's shares outstanding now amounts to $4.40 billion, simultaneously with a float of $3.51 billion. The organization now has a market capitalization sitting at $12.79 billion. At the time of writing, stock's 50-day Moving Average stood at $3.66, while the 200-day Moving Average is $5.39.

It is quite necessary to find out the efficiency of the corporate organization, which has 51680 number of employees on its payroll. It has generated 523,867 per worker during the last fiscal year. For the Profitability, stocks operating margin was +3.18 and Pretax Margin of -2.29.

Sometimes it is also beneficial to study the sentiment of large-scale investors towards the stock of the Credit Suisse Group AG industry. Credit Suisse Group AG's current insider ownership accounts for 3.10%, in contrast to 2.80% institutional ownership.

This company achieved a net margin of -6.29 while generating a return on equity of -3.81. Wall Street market experts anticipate that the next fiscal year will bring earnings of 0 per share during the current fiscal year.

Credit Suisse Group AG's EPS decrease for this current 12-month fiscal period is -163.50%. Considering the longer run, market analysts have predicted that Company's EPS will increase by 1.40% through the next 5 years, which can be compared against the 12.40% growth it accomplished over the previous five years trading on the market.

Let's observe the current performance indicators for Credit Suisse Group AG (CS). The Stock has managed to achieve an average true range (ATR) of 0.15. Another valuable indicator worth pondering is a publicly-traded company's price to sales ratio for trailing twelve months, which is currently 1.15. Similarly, its price to free cash flow for trailing twelve months is now 1.06.

In the same vein, CS's Diluted EPS (Earnings per Share) trailing twelve months is recorded -3.06.

Now, what If we examine the latest scores posted by [Credit Suisse Group AG, CS]. During the last 5-days, its volume was lower the volume of 20.17 million it reported in year-ago period. During the previous 9 days, stock's Stochastic %D was recorded 68.69% While, its Average True Range was 0.14.

Raw Stochastic average of Credit Suisse Group AG (CS) in the period of the previous 100 days is set at 7.94%, which indicates a major fall in contrast to 65.22% during the last 2-weeks. If we go through the volatility metrics of the stock, In the past 14-days, Company's historic volatility was 42.97% that was lower than 75.04% volatility it exhibited in the past 100-days period.

Credit Suisse Group AG (CS) last month performance of -1.04% certainly makes it a sizzling prospect - News Daemon

The best stock in Europe's leading index of companies was a Norwegian offshore energy services provider, Subsea 7. Heading into the final trading of the year, shares of Stoxx Europe 600 component Subsea 7

SUBC,

+0.49%

have gained 80% this year in local currency.

Other big movers include the Irish banking firm AIB

A5G,

+0.72%,

up 70%; mental illness drugmaker Indivior

INDV,

+0.87%,

up 44%; Anglo-South African financial services firm Investec

INVP,

+0.89%,

up 40%; and struggling nuclear power plant operator Electricite de France

EDF,

,

up 22% as the French state looks to nationalize the company. Of companies still in the Stoxx 600, the worst performer has been German forklift maker Kion Group

KGX,

-0.88%,

which has dropped 72%, and Swedish real estate firm Norden

SBB.B,

-0.84%,

down 71%. HelloFresh

HFG,

-0.38%,

the mealkit preparation firm that sizzled in 2021, has stumbled 69%. Credit Suisse

CSGN,

-2.23%,

the Swiss banking giant struggling to retain assets, has dropped 67%, and specialist media company Future

FUTR,

-0.92%

has fallen 66%.

: This offshore energy services company was Europe's best-performing stock of the year. Credit Suisse was among the worst. - RocketNews

This offshore energy services company was Europe's best-performing stock of the year. Credit Suisse was among the worst.

The best stock in Europe's leading index of companies was a Norwegian offshore energy services provider, Subsea 7.

Heading into the final trading of the year, shares of Stoxx Europe 600 component Subsea 7 NO:SUBC have gained 80% this year in local currency.

Other big movers include the Irish banking firm AIB IE:A5G, up 70%; mental illness drugmaker Indivior UK:INDV, up 44%; Anglo-South African financial services firm Investec UK:INVP, up 40%; and struggling nuclear power plant operator Electricite de France FR:EDF, up 22% as the French state looks to nationalize the company.

Of companies still in the Stoxx 600, the worst performer has been German forklift maker Kion Group XE:KGX, which has dropped 72%, and Swedish real estate firm Norden SE:SBB.B, down 71%.

HelloFresh XE:HFG, the mealkit preparation firm that sizzled in 2021, has stumbled 69%. Credit Suisse CH:CSGN, the Swiss banking giant struggling to retain assets, has dropped 67%, and specialist media company Future UK:FUTR has fallen 66%.

This offshore energy services company was Europe’s best-performing stock of the year. Credit Suisse was among the worst.

Credit Suisse's stock (NYSE: CS) has lost approximately 69% YTD, as compared to the 21% drop in the S&P500 over the same period. Further, CS stock is currently trading around $3 per share, which is 43% below its fair value of $5 - Trefis' estimate for Credit Suisse's valuation. The Swiss bank missed the consensus estimates in the third quarter of 2022, with net revenues decreasing by 33% y-o-y to $3.9 billion. The drop was mainly because of lower investment bank and wealth management revenues. Further, the profitability numbers continued to suffer in Q3 as well - adjusted net income was down from $473 million to -$4.2 billion (Note - Credit Suisse originally reports in CHF (Swiss Francs), the same has been converted to USD for ease of comparison).

The bank's top line decreased 37% y-o-y to $12.5 billion over the first nine months of 2022. It was mainly due to negative growth in the investment bank and wealth management divisions. Further, the firm announced a long-awaited restructuring plan with the third quarter results to strengthen its course correction measures. It intends to reorganize the investment bank segment and reduce operating expenses. In addition, there are media reports that CS is trying to raise fresh capital for the new investment bank unit.

Moving forward, we expect the same trend to continue in the subsequent quarters. Overall, Credit Suisse's revenues are estimated to remain around $15.8 billion in FY2022 and $15.9 in FY2023. Additionally, CS is likely to report negative earnings in FY2022. However, the adjusted net income is expected to improve in FY2023 to $0.67 billion. This coupled with an annual EPS of $0.27 (2023) and a P/E multiple of just below 20x will lead to a valuation of $5.

What if you're looking for a more balanced portfolio instead? Our high-quality portfolio and multi-strategy portfolio have beaten the market consistently since the end of 2016.

What To Expect From Credit Suisse Stock?

We'll send you a myFT Daily Digest email rounding up the latest Credit Suisse Group AG news every morning.

Save a thought for the downtrodden this Christmas. Few in banking are more so than Credit Suisse shareholders. Ulrich Körner, in the bank's top job for just five months, is implementing a restructuring plan to stave off a client exodus and inevitable collapse.

We applaud the rapid response. But shares in the Swiss bank continue to hover at the lows in its nearly 50 years of public ownership. A few New Year's resolutions - the subject of today's entire Lex column - might signal to the market that a reversal of fortune is near.

Körner should start by creating a more trustworthy institution. Risky decisions by previous senior executives have sent the bank's reputation up the chimney. Hiving off part of the investment bank as CS First Boston to insider and director Michael Klein suggests further conflicts of interest loom.

As for the restructuring itself, make the message clearer please, Mr Körner. Simplification popped up repeatedly throughout the strategy presentation in October. Of the $294bn in risk-weighted assets to squeeze, it is the 60 per cent you are keeping that raises questions.

The cat's cradle of interconnections adds further confusion: Credit Suisse will sell part, but not all, of the securitised products portfolio. CS First Boston will eventually go independent. Yet a markets division will remain within the core bank to serve wealth management and First Boston. Credit Suisse will retain an as yet undetermined stake in the latter. Fewer internal divisions would make the new proposition easier to understand.

Finally, more ambition on the benefits from this latest rejig would instil some optimism. A target of 6 per cent return on tangible equity in 2025 is one of the lowest in European banking.

Assume that global interest rates do not pancake down to the near-zero of the recent past. Any net interest income benefits from higher rates plus cost-cutting of 15 per cent could well produce a better result.

Low profitability hints at insufficient organic capital growth to come. Already a SFr4bn ($4bn) capital raising has been approved. The last thing long-suffering shareholders need next year is another one to follow.

CEO resolutions: getting Credit Suisse's Körner out of a corner

Credit Suisse Group AG (NYSE: CS) established initial surge of 3.31% at $3.12, as the Stock market unbolted on December 29, 2022. During the day, the stock rose to $3.12 and sunk to $3.015 before settling in for the price of $3.02 at the close. Taking a more long-term approach, CS posted a 52-week range of $2.89-$10.15.

The Financial Sector giants' yearly sales growth during the last 5-year period was -11.10%. Meanwhile, its Annual Earning per share during the time was 12.40%. Nevertheless, stock's Earnings Per Share (EPS) this year is -163.50%. This publicly-traded company's shares outstanding now amounts to $4.40 billion, simultaneously with a float of $3.51 billion. The organization now has a market capitalization sitting at $12.11 billion. At the time of writing, stock's 50-day Moving Average stood at $3.78, while the 200-day Moving Average is $5.49.

Let's gauge the efficiency of the firm, which has a total of 51680 employees. It has generated 523,867 per worker during the last fiscal year. For the Profitability, stocks operating margin was +3.18 and Pretax Margin of -2.29.

Sometimes it is also beneficial to study the sentiment of large-scale investors towards the stock of the Credit Suisse Group AG industry. Credit Suisse Group AG's current insider ownership accounts for 3.10%, in contrast to 2.80% institutional ownership.

This company achieved a net margin of -6.29 while generating a return on equity of -3.81. Wall Street market experts anticipate that the next fiscal year will bring earnings of 0 per share during the current fiscal year.

Credit Suisse Group AG's EPS decrease for this current 12-month fiscal period is -163.50%.

Let's observe the current performance indicators for Credit Suisse Group AG (CS). The Stock has managed to achieve an average true range (ATR) of 0.15. Another valuable indicator worth pondering is a publicly-traded company's price to sales ratio for trailing twelve months, which is currently 1.10. Similarly, its price to free cash flow for trailing twelve months is now 1.01.

In the same vein, CS's Diluted EPS (Earnings per Share) trailing twelve months is recorded -3.03.

Now, what If we examine the latest scores posted by [Credit Suisse Group AG, CS]. During the last 5-days, its volume was lower the volume of 15.61 million it reported in year-ago period. During the previous 9 days, stock's Stochastic %D was recorded 55.16% While, its Average True Range was 0.13.

Raw Stochastic average of Credit Suisse Group AG (CS) in the period of the previous 100 days is set at 5.01%, which indicates a major fall in contrast to 29.29% during the last 2-weeks. If we go through the volatility metrics of the stock, In the past 14-days, Company's historic volatility was 44.09% that was lower than 74.71% volatility it exhibited in the past 100-days period.

Credit Suisse Group AG (CS) recently have taken one step ahead with the beta value of 1.33 - News Daemon

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

CREDIT SUISSE COMMODITY STRATEGY FUNDS

(formerly known as Credit Suisse Commodity Return Strategy Fund)

(Exact Name of Registrant as Specified in Charter)

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (212) 325-2000

See Accompanying Notes to Consolidated Financial Statements.

9

See Accompanying Notes to Consolidated Financial Statements.

10

See Accompanying Notes to Consolidated Financial Statements.

11

See Accompanying Notes to Consolidated Financial Statements.

12

See Accompanying Notes to Consolidated Financial Statements.

13

See Accompanying Notes to Consolidated Financial Statements.

14

See Accompanying Notes to Consolidated Financial Statements.

15

See Accompanying Notes to Consolidated Financial Statements.

16

See Accompanying Notes to Consolidated Financial Statements.

17

See Accompanying Notes to Consolidated Financial Statements.

18

See Accompanying Notes to Consolidated Financial Statements.

19

See Accompanying Notes to Consolidated Financial Statements.

20

See Accompanying Notes to Consolidated Financial Statements.

21

See Accompanying Notes to Consolidated Financial Statements.

22

The registrant has adopted a code of ethics applicable to its Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions. A copy of the code is filed as Exhibit 12(a)(1) to this Form. There were no amendments to the code during the fiscal year ended October 31, 2022. There were no waivers or implicit waivers from the code granted by the registrant during the fiscal year ended October 31, 2022.

The registrant's governing board has determined that it has two audit committee financial experts serving on its audit committee: Mahendra R. Gupta and Steven N. Rappaport. Each audit committee financial expert is "independent" for purposes of this item.

(a) through (d). The information in the table below is provided for services rendered to the registrant by its independent registered public accounting firm, PricewaterhouseCoopers LLP ("PwC"), for its fiscal years ended October 31, 2021 and October 31, 2022.

Services include agreed-upon procedures in connection with the registrant's semi-annual financial statements ($0 in 2021 and $0 in 2022).

Tax services in connection with the registrant's excise tax calculations and review of the registrant's applicable tax returns.

The information in the table below is provided with respect to non-audit services that directly relate to the registrant's operations and financial reporting and that were rendered by PwC to the registrant's investment adviser, Credit Suisse Asset Management, LLC ("Credit Suisse"), and any service provider to the registrant controlling, controlled by or under common control with Credit Suisse that provided ongoing services to the registrant ("Covered Services Provider"), for the registrant's fiscal years ended October 31, 2021 and October 31, 2022.

(e)(1) Pre-Approval Policies and Procedures. The Audit Committee ("Committee") of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to Credit Suisse and any Covered Services Provider if the engagement relates directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson shall report to the Committee, at its next regularly scheduled meeting after the Chairperson's pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee's pre-approval responsibilities to other persons (other than Credit Suisse or the registrant's officers). Pre-approval by the Committee of any permissible non-audit services shall not be required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the registrant, Credit Suisse and any Covered Services Provider constitutes not more than 5% of the total amount of revenues paid by the registrant to its independent registered public accounting firm during the fiscal year in which the permissible non-audit services are provided; (ii) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

(e)(2) The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by PwC to the registrant for which the pre-approval requirement was waived pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X:

The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by PwC to Credit Suisse and any Covered Services Provider required to be approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X, for the registrant's fiscal years ended October 31, 2021 and October 31, 2022:

(g) The aggregate fees billed by PwC for non-audit services rendered to the registrant, Credit Suisse and Covered Service Providers for the fiscal years ended October 31, 2021 and October 31, 2022 were $0 and $0, respectively.

Form N-CSR disclosure requirement is not applicable to the registrant.

Included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Form N-CSR disclosure requirement is not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Form N-CSR disclosure requirement is not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Form N-CSR disclosure requirement is not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

(a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.

(b) There were no changes in registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the most recent fiscal half-year covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Form N-CSR disclosure requirement is not applicable to the registrant.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Form  N-CSR      Credit Suisse Commodity   For: Oct 31

Credit Suisse doesn't want its emerging markets business anymore. When the bank announced its restructuring plan in October, emerging markets was placed into the 'wind down' category within the capital release unit. Amir Ben Gacem, the bank's head of emerging markets sales, left a few weeks previously. Today, he starts a new job; it's in crypto.

Ben Gacem is a partner and portfolio manager at Record Financial Group, an investment management firm in London's West End. Gacem is joining as a partner focused on digital assets.

It seems a curious choice in light of the implosion of FTX and doubts about the future of the crypto sector. Ben Gacem declined to comment for this article, but he's not alone in seeing a future for crypto beyond the scandals surrounding seemingly nefarious exchanges: many in the market suggest that blockchain technology and its associated assets have a future beyond the froth of the past few years.

Amir spent 10 years at Credit Suisse. Prior to that, he was at Morgan Stanley for four years and BNP Paribas for eight years. He's a graduate of the prestigious Masters course at Paris Dauphine.

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Credit Suisse's ex-head of emerging market sales has gone to crypto

Credit Suisse analyst Andrew Kligerman initiates coverage on Marsh & McLennan (NYSE: MMC) with a Neutral rating and a price target of $157.00.

The analyst comments "We project 5% annual underlying revenue growth through 2024 for MMC, with 5-6% at broker Marsh on rising commercial pricing, exposure inflation, and seasoning of recent hires; 7% at reinsurance broker Guy Carpenter on strong pricing, partly offset by higher risk retentions; 4% at HR consultant Mercer buoyed by a durable Health business; and 4% at management consultant Oliver Wyman, helped by countercyclical offerings."

Credit Suisse Starts Marsh & McLennan (MMC) at Neutral

(Bloomberg) -- Credit Suisse Group AG has filed a criminal complaint against a Zurich financial blog, ratcheting up a legal attack begun this week over readers' comments attached to a series of stories it ran about the Swiss bank earlier this year.

The complaint, which the blog Inside Paradeplatz confirmed on Friday, follows a 265-page civil lawsuit filed over comments that the bank said were harshly critical of it and some of its executives, in particular new chief executive officer Ulrich Koerner.

The Zurich-based bank previously argued that Inside Paradeplatz should have been more discriminating in choosing which comments to publish and filed a civil claim against the publisher for 300,000 Swiss francs ($322,000), demanding the retraction of parts of them. A criminal claim is much more serious as conviction for willful defamation under Swiss criminal law can result in a fine or up to three years in prison.

Credit Suisse declined to comment directly on the criminal complaint, and referred to an earlier comment that the bank had "decided to proceed with a legal review of the legality of reader comments and texts."

"We are taking this step to protect our employees, who are regularly the subject of abusive and disparaging comments on the blog," the bank said.

The Zurich Prosecutor's Office didn't immediately respond to a request for comment on the matter.

The escalation in the case comes after a turbulent year for Credit Suisse that has seen wholesale changes in the management team amid a strategy revamp aimed at stabilizing the lender after years of losses and scandals. The bank has also been on the receiving end of legal losses including a criminal conviction for failing to prevent money laundering.

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