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    CSGN   CH0012138530

CREDIT SUISSE GROUP AG

(CSGN)
  Report
Delayed Swiss Exchange  -  11:32 2022-09-23 am EDT
4.071 CHF   -12.40%
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Exclusive-Credit Suisse sounds out investors about capital hike - sources

09/22/2022 | 11:04am EDT
FILE PHOTO: Logo of Swiss bank Credit Suisse is seen in Zurich

FRANKFURT (Reuters) - Credit Suisse is sounding out investors for fresh cash, two people familiar with the matter said, approaching them for the fourth time in roughly seven years as it attempts a radical overhaul of its investment bank.

Credit Suisse started in recent weeks to speak to shareholders about the move, the people said. Various scenarios are under discussion for the investment bank, including the most drastic option of exiting the U.S. market, two sources said.

No decisions have been made, they added.

The sources did not say how much cash the bank would seek to raise.

A Credit Suisse spokesperson said: "We have said we will update on progress on our comprehensive strategy review when we announce our third-quarter earnings. It would be premature to comment on any potential outcomes before then."

Under restructuring launched under Chairman Axel Lehmann, and previously outlined, the bank envisions shrinking its investment bank to focus even more on its flagship wealth management franchise.

Quarterly results are due on Oct. 27.

Deutsche Bank analysts in August estimated a capital shortfall of at least 4 billion francs, corresponding to about a third of the group's market value.

(Writing by Michael Shields and John O'Donnell; Editing by Elisa Martinuzzi and Edmund Blair)

By Oliver Hirt


© Reuters 2022
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Analyst Recommendations on CREDIT SUISSE GROUP AG
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Financials
Sales 2022 16 476 M 16 798 M 16 798 M
Net income 2022 -2 482 M -2 531 M -2 531 M
Net Debt 2022 - - -
P/E ratio 2022 -4,54x
Yield 2022 2,15%
Capitalization 10 628 M 10 836 M 10 836 M
Capi. / Sales 2022 0,65x
Capi. / Sales 2023 0,56x
Nbr of Employees 51 410
Free-Float 98,4%
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Technical analysis trends CREDIT SUISSE GROUP AG
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 21
Last Close Price 4,07 CHF
Average target price 6,16 CHF
Spread / Average Target 51,3%
EPS Revisions
Managers and Directors
Ulrich Körner Group Chief Executive Officer
David Richard Mathers Chief Financial & Information Officer
Axel P. Lehmann Chairman
Joanne Hannaford Chief Technology Officer
Francesca Jane McDonagh Chief Operating Officer
Sector and Competitors