Bloomberg News

SWISS DAYBOOK: Credit Suisse, UBS, Sarasin, Clariant, Valora

October 31, 2011

Oct. 31 (Bloomberg) -- Credit Suisse Group AG, Switzerland’s second-biggest bank, may announce 1,000 more job cuts tomorrow as it reorganizes the investment bank, Tages- Anzeiger reported, without saying where it got the information.

The Zurich-based company may also say it plans to reduce risk-weighted assets by 100 billion Swiss francs ($114 billion) to prepare for stricter capital requirements, the newspaper said. Credit Suisse declined to comment.

EQUITIES: *Clariant expects the economic slowdown to continue in the fourth quarter and said there are “clear signs of further weakness” in demand in some regions and industries *UBS will aim to name a new chief executive officer by mid- November, when the Swiss bank holds an investor day and presents a new business strategy, Neue Zuercher Zeitung said, without saying where it got the information *If UBS has not reached a decision on who to appoint as its new chief executive officer before Dec. 15, then interim-CEO Sergio Ermotti will probably leave and the bank will appoint an external candidate, Der Sonntag reported, citing an unnamed person at the bank *Swiss Raiffeisen group is preparing a bid for Bank Sarasin & Cie which will be “definitely fixated in the coming days,” Der Sonntag reported without saying how it obtained the information *Valora is holding talks which could result in a “larger acquisition,” Chief Executive Officer Thomas Vollmoeller was cited as saying in an interview with Finanz und Wirtschaft

ECONOMY/POLITICS *SNB reported nine-month profit of 5.8 billion francs, helped by gold holdings

MARKETS: *The benchmark SMI climbed 0.5 percent to 5,852.66 *The SPI rose 0.4 percent to 5,317.48 *The Stoxx Europe 600 Index dropped 0.2 percent to 249.00 *The MSCI Asia-Pacific Index fell 3.3 percent at 7:25 a.m. Zurich time *Euro-franc traded at 1.2215 at 7:25 a.m. Swiss time

--Editor: Matthias Wabl

To contact the reporters on this story: Elena Logutenkova in Zurich at elogutenkova@bloomberg.net Carolyn Bandel in Zurich at cbandel@bloomberg.net

To contact the editor responsible for this story: Matthias Wabl at mwabl@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus