All quotes delayed a minimum of 15 minutes. Archegos Capital Management has collapsed, leaving most of its bankers with a combined loss of $10bn. Whats a Robo-Advisor, and Do I Need One? Further boosting profit, its Ebitda margin improved to 18.4% from 16.7%. for a number of reasons, such as keeping FT Sites reliable and secure, Fears exist that job losses could occur to cope with reduced profits and to reduce expenses. Try full digital access and see why over 1 million readers subscribe to the FT, FT print edition delivered Monday - Saturday along with ePaper access, Premium FT.com access for multiple users, with integrations & admin tools, Credit Suisse issues third profit warning this year, Purchase a Trial subscription for $1 for 4 weeks, You will be billed $69 per month after the trial ends, Purchase a Digital subscription for $7.22 per week, You will be billed $40 per month after the trial ends, Purchase a Print subscription for $5.75 per week, You will be billed $50 per month after the trial ends, Purchase a Team or Enterprise subscription for per week, You will be billed per month after the trial ends, Pelosis Taiwan visit will inflame US-China crisis, analysts warn, Emerging markets hit by record streak of withdrawals by foreign investors, Is the US in recession? Higher oil prices hurt the current account, add to inflationary pressures and increase sensitivity to Fed rate hikes," said Credit Suisse. personalising content and ads, providing social media features and to As a result, the firm raised its full-year sales outlook to between EUR86 billion to EUR89 billion, up from between EUR74 billion to EUR77 billion. John Kirby, spokesman for the National Security Council, said the administration believes the tariffs imposed during a trade war under former president Donald Trump are not working, but that Biden has yet to settle on a next move. Haleon completed its demerger from GSK on July 18. Credit Suisse declined to comment on potential staffing cuts. IndusInd Bank reported a 61 per cent jump in net profit at Rs 1,631.02 crore for the quarter ended June 2022, mainly due to a fall in bad loans. Tata Power posted a nearly 90 per cent jump in its consolidated net profit to Rs 883.54 crore for the April-June quarter of the current fiscal driven by higher income. Then $69 per monthNew customers onlyCancel anytime during your trial. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. "Similarly to cost measures executed in the past, the consequence is likely to be a further erosion in staff morale and therefore another negative impact on revenues," Vontobel analyst Andreas Venditti said in a note. Credit Suisse has a target price of Rs 775 on Bharti Airtel and a target of Rs 2,020 on Reliance Industries. For reprint rights: Syndications Today, Credit Suisse considers more cost cuts after dismal quarterly results: Report. Revenue in the fourth quarter rose to USD51.87 billion from USD46.15 billion. Switzerland's second-biggest bank has been hit by a string of costly scandals and the exit of Chairman Antonio Horta-Osorio after he flouted COVID-19 quarantine rules. The second-quarter earnings season was in full flow in the US and Europe, and investors also were awaiting a key US interest rate decision on Wednesday. US President Joe Biden has still not decided whether to end some trade tariffs on China ahead of a phone call expected this week with his Chinese counterpart Xi Jinping, a senior official said Tuesday. Gold: up at USD1,723.44 per ounce (USD1,717.77), Oil (Brent): down at USD105.00 a barrel (USD105.24), (currency and commodities changes since previous London equities close). The bank said it now planned to operate at a group-wide Common Equity Tier 1 ratio, its key capital metric, of around 13.5% "in the near term", below its 2024 target for above 14% and its 2021 and first-quarter CET1 ratios of 14.4% and 13.8% respectively. 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For six months to June 30, the London-based cigarettes, tobacco and other nicotine products maker said pretax profit fell 30% to GBP3.06 billion from GBP4.38 billion at the same time last year as expenses swelled. Twitter is planning a shareholder vote to approve Elon Musk's takeover of the social media platform - despite the tech billionaire's attempts to back out of the deal. The consumer confidence index was down to 94.8 points from 98.3 points in June, missing market expectations of 96.6. You currently DO NOT have javascript enabled, to view our site this must be enabled. "We use the funds freed from India to raise China from Market Weight to Overweight. Credit Suisse's 2021 was marked by the collapse of $10 billion in supply chain finance funds linked to insolvent British finance firm Greensill and a $5.5 billion trading loss from the implosion of the Archegos investment fund. Reckitt recommended an interim dividend of 73 pence, unchanged year-on-year. Underlying profit before the impairment was up 34% to GBP4.1 billion in the first half, driven by strong net income growth. However, pretax profit fell 13% to USD3.83 billion from USD4.39 billion. Stock markets were rising globally on Wednesday, with the Nasdaq Composite index in New York called to open 1.6% higher, while the dollar was mixed. To address growing concerns around the banks performance, Credit Suisse has announced an overhaul to help improve profitability within the company through scaling back investment banking and reducing overall costs. For the first half as a whole, net revenue fell 36% to CHF8.06 billion from CHF12.68 billion a year prior. In the three months to June 30, net income increased slightly to USD16.74 billion from USD16.46 billion a year prior. Credit Suisse slumped to a loss in the second quarter, it said on Wednesday, with results weighed down by its investment banking business. read more. The revenue figure came in below a CNN cited forecast of USD69.9 billion. Investment banking revenues have seen declines across Wall Street over the last quarter, most recently with UBS reporting a fall in revenues by 14%. Analysts expect a reported net loss of 398 million Swiss francs ($414.02 million) for the quarter, Refinitiv data shows. The Quantitative Fair Value Estimate is calculated daily. For reprint rights: How long will the latest bull run last? Cookie Settings, The Morningstar Star Rating for Stocks is assigned based on an analyst's estimate of a stocks fair value. REUTERS/Arnd Wiegmann. Morgan Stanley, which has a target price of Rs 1,300, is equal weight on the IT bluechip as it believes that earnings risk is likely to keep a check on the re-rating prospects of the company. During the quarter, the tech giant noted extended production shutdowns in China led to a "deteriorating PC market" and resulted in a USD300 million hit to Windows revenue. Food inflation quickened to 7.0% in July from 5.6% in June. Smurfit Kappa reported a "strong" half-year performance as profit rose significantly on a double-digit revenue jump and robust margins. Our Standards: The Thomson Reuters Trust Principles. The bank has described 2022 as a "transition" year in which it is trying to turn the page on costly scandals that brought a near-total reshuffle of top management and a restructuring seeking to curtail risk-taking, particularly in its investment bank. Economy & Finance Minister Daniele Franco told a cabinet meeting Tuesday that Italy's debt is due to be about EUR14.3 billion lower than expected in 2022, due to an increase in tax revenues in the first six months. Stepping up to lead the company is Ulrich Korner, who currently heads up the asset management business. A strategic review is underway to move the bank more toward wealth management and asset management and away from investment banking. It is a projection/opinion and not a statement of fact. The growth momentum in the Indian economy is quite strong and those numbers can be beaten quite handsomely.. Ads help us provide you with high quality content at no cost to you. Discussions on the cuts are at an advanced stage, the paper said, though it is uncertain whether they will be announced when Credit Suisse reports second-quarter earnings on Wednesday. It is projection/opinion and not a statement of fact. Copyright 2022 Bennett, Coleman & Co. Ltd. All rights reserved. A second successive 75-basis-point rate hike, taking the funds rate to 2.25% to 2.50%, is widely expected. The payments company posted a USD717 million in litigation provisions, compared to a USD2 million release a year earlier. Lloyds said it set aside GBP377 million to cover a possible increase in loan defaults as UK interest rates rise to combat rampant inflation. Anyone can read what you share. The bank lost 1.59 billion Swiss francs, or about $1.65 billion, in the quarter, compared with a profit of 253 million Swiss francs a year earlier, it said. All Rights Reserved. Gain a global perspective on the US and go beyond with curated news and analysis from 600 "On the back of our excellent performance and a more supportive interest rate environment, we have improved our 2022 guidance, an important step in the delivery of our three-year plan," said Chief Executive Officer Andrea Orcel. Credit Suisse also announced Chief Executive Officer Thomas Gottstein is set to depart on Monday. It swung to a pretax loss of CHF1.17 billion, from a pretax profit of CHF813 million, with a net loss of CHF1.59 billion compared to a net profit of CHF253 million. The statistics office noted a deterioration across most consumer confidence index components. Writing in the Financial Times, the EU's top diplomat Josep Borrell said: "This text represents the best possible deal that I, as facilitator of the negotiations, see as feasible. Investments in securities are subject to market and other risks. Past performance of a security may or may not be sustained in future and is no indication of future performance.