FirstFT: Credit Suisse Considers Splitting Investment Bank and More News

Published by
Peter Kavinsky

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Good morning. Credit Suisse has drawn up plans to split its investment bank into three parts and resurrect a “bad bank” holding on to risky assets as the Swiss lender struggles to emerge from three years of scandals.

Under proposals presented to the group’s board of directors, Credit Suisse hopes to sell profitable divisions such as securitized products in a bid to stave off damaging capital gains, people familiar with the plans say.

Chairman Axel Lehmann appointed Ulrich Körner as chief executive in July, tasked with conducting a sweeping reshuffle at the bank, which has been hit by a corporate espionage scandal, investment fund closures, record trading losses and a slew of lawsuits in recent years.

According to the latest proposals, the investment bank will be divided into three parts: an advisory business, which can be spun off later; a “bad bank” for holding high-risk assets that will be folded; and other things.

The board and executive team plan to unveil the strategy, which is expected to include cutting thousands of jobs, with the bank’s third-quarter results on October 27.

Thank you for reading FirstFT Europe/Africa. Here’s the rest of today’s news – Jennifer

1. Vladimir Putin mobilizes reserves for war with Ukraine The Russian president yesterday ordered the mobilization of army reservists to support his failed campaign in Ukraine and warned that he would use the country’s nuclear arsenal if its “territorial integrity” was “threatened.” Western officials, however, brushed aside the nuclear “bluff”.

Thanks to everyone who took part in yesterday’s poll. 83% of respondents said that Russia should be forced to pay reparations for the war in Ukraine, while 12% said that this should not be done.

2. Jay Powell refuses to rule out a US recession The Federal Reserve Chairman’s grim comment came after the central bank raised its benchmark interest rate by 0.75 percentage points for the third consecutive time to a target range of 3 to 3.25 percent and signaled it would maintain a tight monetary policy for fight against rising inflation. .

“We must leave inflation behind. I wish there was a painless way do it” – Jay Powell

  • Market reaction: US equities fell, with S&P 500 losses reaching 20.5% for the year, and two-year Treasury yields hovering around a 15-year high.

  • Opinion: Rising US borrowing costs have spillover effects on the rest of the world, causing a global backlash against the Fed, writes Claire Jones.

3. Liz Truss Seeks NI Protocol Settlement The British Prime Minister wants to resolve the conflict over Northern Ireland after Brexit before the 25th anniversary of the peace agreement on Good Friday next Easter. Truss tried to de-escalate the issue during a 75-minute meeting with US President Joe Biden in New York yesterday.

4. Somerset Capital for Sale The boutique fund manager, who co-founded business secretary Jacob Rees-Mogg and manages roughly $5 billion, is looking into a sale as CEO Dominic Johnson prepares to step down ahead of a potential move into politics.

5. Seven people died during the protests against wearing the hijab in Iran. At least seven people have been killed in protests across Iran in recent days, officials said, after thousands took to the streets in anger over the death of a young woman who was arrested allegedly for not following an Islamic dress code in recent days.

The next day

Bank of England rate decision Traders are betting that the Bank of England’s Monetary Policy Committee will act more aggressively than it did in August, when it raised interest rates by 0.5 percentage points to 1.75%.

NHS work plan Patients can expect to be offered an appointment with a GP within two weeks, with the most urgent appointments the same day, in line with a plan to strengthen England’s cash-strapped health care system to be presented by Teresa Coffey, Minister for Health and Social Protection .

Economic indicators The European Commission is releasing consumer confidence data for September, after falling to an 18-month low a month earlier. The European Central Bank publishes its latest economic bulletin, while the US Department of Labor publishes weekly jobless claims that have been declining for five weeks. (FT, WSJ)

United Nations Security Council meeting Diplomats prepare for a confrontation as the US and Western powers denounce Russia for its invasion of Ukraine at a meeting expected to be attended by Moscow’s Foreign Minister Sergei Lavrov.

NASA Asteroid Defense Mission The US space agency is holding a media briefing on the world’s first test of technology to protect the Earth from asteroids or comets. On Monday, it should collide with a target asteroid that poses no threat.

FT Business Book of the Year Shortlisted for the most compelling and enjoyable look at the modern business of the year, with £30,000 awarded to the winner and £10,000 to each runner-up. Check out the long list here.

What else do we read

What far-right Italy means for Europe Polls suggest Sunday’s general election will result in a far-right government led by Georgia Meloni of the comparatively inexperienced Brothers of Italy. While the leaders of the right-wing coalition may be fiercely Eurosceptic, Rome and Brussels need a functional relationship.

UK gaping current account deficit With a growing gap between consumption and production, the pound can only maintain its value if foreigners are willing to lend to the UK or buy up assets such as land, housing or companies. But what happens if confidence drops?

You see a snapshot of the interactive graphics. This is most likely because you are offline or have JavaScript disabled in your browser.

Bitcoin cannot be separated from crypto Why do “Bitcoin Maximalists” claim that Bitcoin is not a cryptocurrency? One can understand why they might seek to distance themselves from cryptocurrency scams. But their arguments don’t stand up to scrutiny, writes Jemima Kelly.

UK’s ‘big four’ supermarkets have trouble with Aldi This time it should have been different: Tesco, Sainsbury, Asda and Morrisons learned the lessons of the financial crisis. This decline should be related to high prices, not profits. But discounted rivals Aldi and Lidl are quickly gaining momentum, writes Kat Rutter Pooley.

Irish youth look abroad The country’s history of emigration has about 10 million people who have left since 1800. While in the past many were forced to leave the country due to famine and economic crises, young people are now attracted to work abroad or the freedom to live in a more open society.

food, drink

Lobster thermidor, Michelin-starred chefs and non-disclosure agreement recipes: peek into the test kitchens of the world’s most experimental airlines.

As airlines scramble for profits, first class meals are becoming more refined and of high quality. © Kenneth Lam

shattered times – Documenting business and economic changes between Covid and conflict. Sign here

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