Banks

Job cuts and smaller bonuses loom for Wall Street amid collapse in IPOs and stock issuance

Job cuts and smaller bonuses loom for Wall Street amid collapse in IPOs and stock issuance

People walk by the New York Stock Exchange on May 12, 2022 in New York City. Spencer Platt | Getty Images News | fake images Investment bankers hit by a collapse in equity and debt issuance this year are in line for bonds that are up to 50% lower than in 2021, and they’re the …

Job cuts and smaller bonuses loom for Wall Street amid collapse in IPOs and stock issuance Read More »

Credit Suisse names Ulrich Koerner as CEO, launches strategic review as losses deepen

Credit Suisse names Ulrich Koerner as CEO, launches strategic review as losses deepen

Credit Suisse announced on Wednesday that CEO Thomas Gottstein would step down after the bank reported a massive second-quarter loss as underperforming investment banks and rising litigation provisions hit profits. The beleaguered Swiss bank posted a net loss of 1.593 billion Swiss francs ($1.66 billion), well below consensus expectations among analysts for a loss of …

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