Tidjane Thiam to cut thousands more jobs at Credit Suisse

Tidjane Thiam to cut thousands more jobs at Credit Suisse

Shares of Credit Suisse rose 2.3 percent on Tuesday as it struck an optimistic tone for the year ahead despite a loss for last year of 2.44 billion Swiss francs (2.3 billion euros). Tuesday's result marks the second consecutive loss for the Swiss lender, after it fell into the red by Sfr2.9 billion for the year ending December 31 2015.

The bank said it had set aside about $2 billion in the fourth quarter 2016 to help pay for what became a $5.3 billion settlement with the U.S. Justice Department, finalized last month, over claims that the bank misled investors about the quality of mortgage-backed securities that it sold before the 2008 financial crisis.

Zurich-based Credit Suisse also said it will cut its headcount by a net 5,500 jobs in 2017 after 7,250 layoffs in 2016, as it works toward its 2018 cost-cutting target.

The settlement was a "game-changer for us", chief executive Tidjane Thiam said in an interview with Bloomberg Television.

Flowers keep American Airlines Cargo busy this Valentine's Day season
The National Retail Federation predicts buyers will spend $2 billion on flowers this Valentine's Day . If you would like to order something for your valentine, let me give you a little advice.

The company did not specify the types of positions or regions that would be most affected.

Overall, depending on market fluctuations, 2017 looks "positive", he told a conference.

Despite Credit Suisse's attempts to decrease overhead, the bank reported disappointing earnings results.

Credit Suisse is proposing an unchanged dividend of 70 centimes a share, with an option to receive stock instead.

Yellen warns Congress against overheating USA economy
That's about double the average growth rate of C&I loans since the FDIC first began collecting the data back in the mid-1980s. Now if Yellen had been trying to prepare investors for a possible March rate hike by the Fed, her message backfired badly.

Credit Suisse says that about 3500MW to 4000MW would be added to national grid before 2018 polls.

Like other big European lenders, Credit Suisse is reining in spending under pressure from low interest rates and rules requiring banks to hold more reserves.

Thiam was hired in 2015 and announced a major overhaul and cost cutting program just a few months into his tenure. Investment bankers in NY and London bore the brunt of some 7,250 jobs eliminated a year ago.

Silver, Jordan help cool down Oakley-Dolan feud
One of the things I told the commissioner, I want to have a press conference and I want him to apologize to me and the fans. Oakley told ESPN on Tuesday he was "in pain now" and he wants the team to apologize to the fans. "I love the fans in NY ".

Related Articles

  • Listeria-Contaminated Cheese Recall Expands To Cover Mushrooms, Other Snacks

    Listeria-Contaminated Cheese Recall Expands To Cover Mushrooms, Other Snacks

    Listeriosis monocytogenes can cause serious infection, which is particularly risky for children, older people and pregnant women. Customers should stop using the cheese and either throw it away or return it to the store for a full refund.
    Josh Elliott fired from CBS News

    Josh Elliott fired from CBS News

    He later revealed he took a pay cut to leave, and was paid an estimated $4 million a year by NBC. The source adds that Laurie Orlando is being blamed for the debacle, but no one has seen her.
    Eddie Jones predicts changes for England's Six Nations clash with Italy

    Eddie Jones predicts changes for England's Six Nations clash with Italy

    England made it 16 victories on the bounce, putting them three short of overtaking New Zealand's world-record figure, as wing Elliot Daly's 75th-minute try broke Welsh hearts.
  • United Kingdom  clothing retail prices offset January inflation rise

    United Kingdom clothing retail prices offset January inflation rise

    A "double whammy" of oil prices and sterling weakness has seen consumer inflation rise to 1.8 per cent in January. It is the fourth consecutive month that the rate has risen and takes inflation to its highest since June 2014.
    Andromeda will have 'meaningful' sidequests akin to The Witcher, says game producer

    Andromeda will have 'meaningful' sidequests akin to The Witcher, says game producer

    But BioWare says that the quests have been carefully tailored to be more meaningful-not unlike CD Projekt RED's magnum opus RPG. All squad members would have their own loyalty missions as strings of objectives rather than one single mission.

    We Should Have Known Bruno Mars Would Nail the Prince Tribute

    He sang while playing a guitar and even channeled Prince by performing a simple but catchy choreography with guitar on his hand. The Star Tribune report notes that Mars spent weeks toiling over what he would perform, before settling on his choice.
  • Aetna and Humana Abandoned Their $37 Billion Deal of Combination

    Aetna and Humana Abandoned Their $37 Billion Deal of Combination

    Ana Gupte, an analyst with Leerink Partners wrote the deal was viewed "as completely dead at this point" in a note last week. Cigna says it is rejecting Anthem's proposed $48 billion acquisition bid and suing the Blue Cross-Blue Shield insurer.

    Adele Confirms Marriage To Simon Konecki

    In another of her acceptance speeches, the star thanked her long-tome manager Jonathan Dickins, saying: "I owe you everything". The wedding will be in one of the school holidays so Simon's daughter can attend.
    New Google Maps Lists Feature Starts Rollout to Everyone Today

    New Google Maps Lists Feature Starts Rollout to Everyone Today

    The smartphone users who have upgraded their Google Maps application would be able to use the feature in complete functionality. The ability to see icons saved on the map will also come in handy for friends looking for places when on a road trip.
  • Planned Parenthood offices are scene of protests for and against abortion

    Planned Parenthood offices are scene of protests for and against abortion

    A handful of Planned Parenthood employees, clad in bright pink vests, stood watch. Since 19 years old, Planned Parenthood was Harrington's only means of healthcare.
    As MP chief minister, tortured rapists till they begged, claims Uma Bharti

    As MP chief minister, tortured rapists till they begged, claims Uma Bharti

    Crimes against women in India have been in the spotlight since the brutal gang-rape and murder of a student in 2012 in Delhi. And in the case of molestation the state also had the highest statistic, reporting 6,848.
    Trumpian Politics Take Center Stage Across Speeches — BAFTA Awards

    Trumpian Politics Take Center Stage Across Speeches — BAFTA Awards

    Stephen Fry is set as main host of the event for the 12th time . "If there's something you've got to say, then say it". Director Ken Loach's gritty I, Daniel Blake , a stinging critique of Britain's welfare system, was up for five awards.