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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%
01:55aCREDIT SUISSE : is well on track with its comprehensive strategic review
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U.S., European banks could lose over $5 bln from risky buyout loans

08/17/2022 | 05:23pm EDT

NEW YORK, Aug 17 (Reuters) - Major U.S. and European banks are facing tougher times in the riskiest parts of the loan market.

The biggest U.S. lenders, including Bank of America and Citigroup, wrote down $1 billion in the second quarter on leveraged and bridge loans as rising interest rates made it tougher for banks to offload debt to investors and other lenders.

Below is a compilation of write-downs that global banks took during the second quarter:

BANK OF AMERICA

Bank of America said it took mark-to-market losses related to leveraged finance positions in the second quarter.

Chief Financial Officer Alastair Borthwick said the market turmoil and abrupt slowdown in the second quarter sparked a downturn in leveraged finance markets, causing a number of deals to get marked down.

CITIGROUP

Citigroup Inc wrote down $126 million in the second quarter.

CFO Mark Mason said leveraged finance was under considerable pressure, but noted that Citigroup was not a big player in the market.

WELLS FARGO

Wells Fargo & Co took a $107 million write-down due to a widening of credit spreads.

CREDIT SUISSE

Credit Suisse said it suffered mark-to-market losses of 235 million Swiss Francs ($247.45 million) in leveraged finance.

JPMORGAN

JPMorgan took a $257 million markdown on its book of bridge loans.

"I think we made conscious choices here to dial back our risk appetite and accepted some share losses in leveraged finance," CFO Jeremy Barnum said.

DEUTSCHE

Deutsche Bank also took a hit on its leveraged loans book as the dealmaking outlook turned sour with rising interest rates and extreme market volatility caused by the Russian invasion of Ukraine.

Deutsche took a write-down of 150 million euros in the quarter.

BARCLAYS

Barclays marked down some leverage finance transactions as it managed its deal pipeline, said Anna Cross, the bank's finance director. ($1 = 0.9497 Swiss francs) (Reporting by Saeed Azhar; Editing by Richard Chang)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION -2.37% 31.73 Delayed Quote.-28.68%
BARCLAYS PLC -2.65% 161.86 Delayed Quote.-13.44%
CITIGROUP INC. -2.90% 44.26 Delayed Quote.-26.71%
CREDIT SUISSE GROUP AG -12.40% 4.071 Delayed Quote.-54.11%
DEUTSCHE BANK AG -4.44% 8.632 Delayed Quote.-21.66%
WELLS FARGO & COMPANY -2.67% 40.41 Delayed Quote.-15.78%
All news about CREDIT SUISSE GROUP AG
01:55aCREDIT SUISSE : is well on track with its comprehensive strategic review
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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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Mean consensus HOLD
Number of Analysts 21
Last Close Price 4,07 CHF
Average target price 6,16 CHF
Spread / Average Target 51,3%
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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
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