Credit Suisse

Credit Suisse is challenging an arbitrator's decision to award $1.3 million to a former advisor, who accused the bank of holding back his deferred compensation after it shuttered the U.S. wealth management unit in 2015.

The bank's lawyer said in a Singapore court on Thursday that Credit Suisse had agreed to compensate its ultra-wealthy client for failing to "police the perimeter" of his wealth from theft.

The move is part of a broad shakeup that will create a rebranded Credit Suisse First Boston.

Credit Suisse Group executive Yves-Alain Sommerhalder is leaving, adding to top-level departures as the firm seeks to get back on its feet amid a massive restructure.

The troubled Swiss bank is breaking up its investment bank, separating the advisory and capital markets unit and selling the majority of a trading business.

The troubled bank is still worth more than investors now value it.

A billionaire from post-Soviet Georgia and the giant Swiss bank are duking it out in Singapore over the failure of a trust company owned the financial institution to catch shady transactions.

The role of Switzerland as a place for Russia’s wealthy to stash their money is coming under increased examination.

The bank was seeking to overturn some $400,000 in attorney fees awarded to four advisors as part of a $2 million case.

Talk about European banking consolidation has been heating up as the coronavirus pandemic adds to challenges such as negative interest rates that have weighed on profitability for years.

Credit Suisse has discovered fraud at its international wealth management business, two years after it was criticized by a regulator in a similar case that rattled the bank and raised questions about controls.

While the money held in delisted products is a fraction of the overall exchange-traded market, analysts warn those billions could be time bombs.

A court ruling may also potentially help dozens of other advisors in their efforts to claim what they say is millions in deferred compensation they are due.

The industry outranked asset classes including private equity and venture capital, which have historically ranked higher in a Credit Suisse survey.

Talks had focused on plans to attract $15 billion of assets under management, mostly from wealthy Latin Americans, according to people familiar with the matter.

The firm plans to reshape how it lends to billionaire clients, especially loans that are backed by hard-to-sell assets.

The wealthiest clients require teams of professionals leveraging the highest touch service with a global reach, Markus Lammer, COO of Credit Suisse’s UHNW business in the U.S., explains in an episode of Financial Planning’s Invest Podcast.

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The client, Moises Cosio, is a filmmaker and the scion of a Mexican banking and real estate fortune.

The defeat is the most recent for Credit Suisse in an ongoing deferred compensation fight in which ex-advisors have won millions.