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CREDIT SUISSE GROUP AG

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Credit Suisse : can weather Archegos fallout, says IMF mission chief

04/07/2021 | 11:51am EDT
FILE PHOTO: Logo of Swiss bank Credit Suisse is seen in Zurich

ZURICH (Reuters) - Credit Suisse should be able to weather a $4.7 billion loss from the Archegos hedge fund and the collapse of $10 billion worth of Greensill funds, with no meaningful risk to the Swiss financial sector's health from the episodes, the IMF's country mission head said.

Shares in Credit Suisse have dropped by 25% in the space of a month, with Switzerland's second biggest bank reeling from its exposure to the collapse first of Greensill Capital and then Archegos Capital Management.

"Our assessment is that the incidents are not systematic and they remain manageable by Credit Suisse," Mark Horton told reporters after the International Monetary Fund (IMF) published its report on Switzerland.

"Credit Suisse took a number of actions; to change its management team, to limit dividends and to have some external assessments of some of the developments that have taken place," Horton said on Wednesday.

"We don't see this as damaging to Switzerland in a meaningful way either to its financial sector or to the economy as a whole," he added.

Credit Suisse entered the coronavirus crisis with strong capital and in a strong position, Horton said, adding that it had sufficient resources to manage its problems.

"It is seen as an internal matter that the bank itself needs to address and has begun to do so," he said.

(Reporting by John Revill; Editing by Alexander Smith)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG -3.38% 9.43 Delayed Quote.-14.39%
S&P GSCI GOLD INDEX 0.39% 1035.5731 Delayed Quote.-6.57%
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Financials
Sales 2021 20 188 M 22 070 M 22 070 M
Net income 2021 1 615 M 1 765 M 1 765 M
Net Debt 2021 - - -
P/E ratio 2021 13,7x
Yield 2021 2,25%
Capitalization 23 484 M 25 664 M 25 673 M
Capi. / Sales 2021 1,16x
Capi. / Sales 2022 1,05x
Nbr of Employees 48 770
Free-Float 97,3%
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 11,87 CHF
Last Close Price 9,76 CHF
Spread / Highest target 105%
Spread / Average Target 21,6%
Spread / Lowest Target -27,6%
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Managers and Directors
NameTitle
Thomas Gottstein Chief Executive Officer
David Richard Mathers Chief Financial Officer
Urs Rohner Chairman
James Walker Chief Operating Officer
Thomas Grotzer Global Head-Compliance
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