Credit Suisse Offers Higher Rates to Rebuild Depleted Assets
(Bloomberg) --
Credit Suisse Group AG bankers are trying to entice
rich clients with higher-yield notes and bonus deposit rates in a bid to quickly recoup as much as possible of the almost $90 billion recently pulled from the bank.Most Read from BloombergPutin Calls Russian Nukes Deterrent...
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Credit Suisse Group AG bankers are trying to entice rich clients with higher-yield notes and bonus deposit rates in a bid to quickly recoup as much as possible of the almost $90 billion recently pulled from the bank.
The head of the Swiss lender’s wealth unit, Francesco de Ferrari, is mobilizing his 1,800 relationship managers in a mass calling campaign with offers including a lowered threshold on balances entitled to an interest rate of 5% to 6%, according to people familiar with the matter, who asked not to be identified as the plans are private. In addition, the bank is offering notes that pay a fixed rate of close to 7% to compensate investors for lending their
cash for a number of months, the people said.
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Some desks have been restricted from making new
loans to fund clients’ leveraged
investments until the next quarter due to a lower level of liquidity, the people said. Those teams are being told that new loans cannot be made until the client has brought back assets, paid off old loans, or promised to do new business with the bank, they added.
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Damn this bank is desperate. If I got a call from a Credit Suisse relationship manager I would pull all my money out the same day....smells of desperation. Why take even a 1% risk when UBS is across the road
. The bank is also still under investigation by US.... You never want to be last out the door.
Credit Suisse Faces US Tax Probe, Senate Inquiry Over Accounts
(Bloomberg) -- The Justice Department is investigating whether Credit Suisse Group AG continued to help US clients hide assets from authorities, eight years after the bank paid a $2.6 billion tax-evasion settlement and pledged to tackle the issue. Most Read from BloombergHere’s How Weird Things...
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