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    CSGN   CH0012138530

CREDIT SUISSE GROUP AG

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Real-time Estimate Cboe Europe  -  03:56 2022-08-15 am EDT
5.453 CHF   -0.53%
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Bank sector rallies after passing stress test, Bank of America underperforms

06/24/2022 | 10:54am EDT
FILE PHOTO: The logo of Citi bank is pictured in Thailand

(Reuters) - Shares in the biggest U.S. banks were rising on Friday after they all passed the Federal Reserve's annual health check -- but Bank of America shares underperformed after the test implied it needs a larger-than-expected increase to its capital buffer, which could limit resources for share buybacks.

While the broader equity market rallied on Friday, U.S. shares of UBS Group AG and Credit Suisse Group AG were outperforming, along with Wells Fargo & Co, among the group of 34 financial institutions that underwent the Fed's so-called stress test.

While all the companies easily passed, the report implied a big variation in the size of required stress capital buffers (SCB): the amount of money they would need to keep aside in order to stay afloat in a hypothetical downturn.

Bank of America Corp shares were up 0.3% while Citigroup Inc shares were up 2.3% after the report, which came out after the market closed on Thursday. JPMorgan Chase & Co shares were up 2.1%.

Credit Suisse analyst Susan Roth Katzke said it wasn't a surprise that all the banks passed but that "the surprise (not a good one) was in the magnitude of the SCB increases concentrated in a few."

Roth Katzke cited SCB increases for Bank of America, Citi and JPMorgan among the group of banks she covers.

"On average, across our banks, higher SCBs translate to less excess capital -- less excess, but generally sufficient, if not ample capital," said the analyst.

UBS U.S. shares were last up 6.3% while Wells Fargo was up 6.6%, followed by Credit Suisse's 5.4% rise. Ally Financial was also up more than 5%, while Discover Financial was up 6.0%.

(Reporting by Sinéad Carew, Elizabeth Dilts Marshall and Pete Schroeder; editing by Jonathan Oatis)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALLY FINANCIAL INC. 0.34% 35.81 Delayed Quote.-24.78%
BANK OF AMERICA CORPORATION 1.09% 36.3 Delayed Quote.-18.41%
CITIGROUP INC. 0.70% 54.38 Delayed Quote.-9.95%
CREDIT SUISSE GROUP AG -0.55% 5.454 Delayed Quote.-38.21%
UBS GROUP AG 0.25% 16.135 Delayed Quote.-2.04%
WELLS FARGO & COMPANY 1.52% 45.94 Delayed Quote.-4.25%
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Financials
Sales 2022 16 517 M 17 512 M 17 512 M
Net income 2022 -2 524 M -2 676 M -2 676 M
Net Debt 2022 - - -
P/E ratio 2022 -6,12x
Yield 2022 1,62%
Capitalization 14 312 M 15 174 M 15 174 M
Capi. / Sales 2022 0,87x
Capi. / Sales 2023 0,74x
Nbr of Employees 51 410
Free-Float 96,3%
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Mean consensus HOLD
Number of Analysts 21
Last Close Price 5,48 CHF
Average target price 6,18 CHF
Spread / Average Target 12,7%
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Ulrich Körner Group Chief Executive Officer
David Richard Mathers Chief Financial & Information Officer
Axel P. Lehmann Chairman
Joanne Hannaford Chief Operating & Technology Officer
Thomas Grotzer Global Head-Compliance
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