Things looked pretty bad for Credit Suisse after announcing its fifth profit warning in six quarters. They look a good deal worse after a sixth in seven, and they’re absolutely dire if you happen to work for the bank.
The Swiss bank is considering headcount reductions across divisions including investment banking and wealth management in multiple regions…. The dismissals are likely to come as the bank prepares to update investors on risk, compliance, technology and wealth management on June 28, said the people. The final tally of cuts is still to be decided, they said.
Of course, by then Credit Suisse could be on its way to not being Credit Suisse anymore, per this rather buried lede.
Swiss blog Inside Paradeplatz reported State Street Corp. could make a bid for Credit Suisse, citing a single “insider….” Inside Paradeplatz said that an offer for Credit Suisse at about 9 francs a share could come within days. A State Street representative said the firm is preparing a response to the report, while analysts were skeptical about a deal, citing the lack of strategic rationale for the US firm.
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