Swiss bank clears chief executive Tidjane Thiam of any responsibility An extraordinary corporate espionage scandal has deepened at Credit Suisse after the Swiss bank admitted a second executive had been tracked by private detectives.The bank has confir…Read more
Jair Bolsonaro, Jared Kushner and David Cameron among attendees at Saudi summitPresidents, prime ministers and many of the world’s most important business leaders have been arriving in Saudi Arabia for “Davos in the desert”, a year after the kingdom’s …Read more
Retail partnership’s cull of one in three top managers seems risky, but there could be some easy winsIf the big reorganisation of the John Lewis Partnership falls flat, who would incoming chair, Sharon White, fire?Well, it won’t be the chief executive …Read more
Bank rules surveillance of outgoing head of wealth management Iqbal Khan was ‘wrong and disproportionate’Credit Suisse has sacked its chief operating officer over an “extraordinary” James Bond-style corporate espionage scandal in which the bank hired p…Read more
Glassdoor says total packages at best-paying companies equate to around £90,000Three City banks, a German software business and Facebook pay their staff the most in the UK, according to a new survey, while staff working at Domino’s Pizza and the shop c…Read more
Trio arrested in London on US charges as calls grow for debt claim against Mozambique to be droppedThree former Credit Suisse bankers have been arrested in London on US charges of alleged involvement in a fraud involving $2bn (£1.6bn) in loans to state…Read more
Government urged to impose tough measures following controversial London flotation of Oleg Deripaska’s En+ groupLabour has called on ministers to toughen the scrutiny and regulation of City flotations as a matter or urgency following the controversial …Read more
Credit Suisse report highlights increasing gap between the super-rich and the remainder of the globe’s population
The globe’s richest 1% own half the world’s wealth, according to a new report highlighting the growing gap between the super-rich and everyone else.
The world’s richest people have seen their share of the globe’s total wealth increase from 42.5% at the height of the 2008 financial crisis to 50.1% in 2017, or $140tn (£106tn), according to Credit Suisse’s global wealth report published on Tuesday.Read more
Draft law would force intermediaries to reveal cross-border financial schemes, though hard Brexit may exempt UKBanks, accountants and law firms that facilitate offshore tax schemes face a Europe-wide crackdown, according to a leak of draft legislation….Read more
Move is aimed at heading off political anger and a shareholder revolt at Swiss bank’s looming AGM
Credit Suisse bosses have cut their bonuses by 40% in the hope of avoiding an embarrassing protest by shareholders and politicians at the bank’s forthcoming annual meeting.
The bank’s executives, led by chief executive Tidjane Thiam, had proposed paying themselves bonuses totalling 78m Swiss francs (£62m) despite the Swiss bank losing SFr2.7bn last year.Read more