Banks

Credit Suisse says it will borrow up to $53.7 bln from central bank

Credit Suisse announced yesterday that it would borrow almost $54 billion from the Swiss central bank to reinforce the group after a plunge in its share prices.

The disclosure came just hours after the Swiss National Bank said capital and liquidity levels at the lender were adequate for a "systemically important bank," even as it pledged to make liquidity available if needed.

Goldman Sachs raised the Likelihood of a US Recession

Goldman Sachs Group said the probability that the United States will enter a recession this year now stands at 35 percent, compared with 25 percent in the big investment bank's previous forecast.

The bank noted that the upwardly revised likelihood reflects "increased near-term uncertainty around the economic effects of the stress on small banks."

Credit Suisse will take out a Loan from the Swiss National Bank

The Swiss bank Credit Suisse will take a short-term loan of up to 50 billion Swiss francs from the Swiss National Bank.

The bank, whose shares collapsed yesterday on the Swiss stock exchange, announced in parallel a series of debt buybacks for around 3 billion Swiss francs. Yesterday, the bank's share price fell by 24.24 percent.

Greece hires advisers for Athens airport sale

Greece has hired Bank of America, Morgan Stanley and Deutsche Bank to act as advisers on its planned listing of a 30% stake in Athens airport, two officials close to the matter said on Monday.

Athens said last year it was considering listing a 30% stake in its biggest airport after an ownership review. Germany-based manager AviAlliance holds a 40% stake in the airport.

Credit Suisse could cut 10 pct of European investment bankers

Credit Suisse could slash more than 10 percent of its investment banking staff in Europe, the Financial Times newspaper reported, with the beleaguered Swiss lender declining to comment yesterday.

Switzerland's second-biggest bank "already let hundreds of staff go in London and Zurich last month," the British financial daily reported on Jan. 14.

New 10-year bond issue due

Greece is likely to make its 2023 market debut on Tuesday with a syndicated issue of a new 10-year bond, in the context of the front-heavy strategy by the Public Debt Management Agency, in view of the further interest rate increases expected by the European Central Bank, but also general elections, which may cause market volatility and instability.

Goldman Sachs to cut 3,200 jobs

Goldman Sachs plans to cut 3,200 jobs and could announce this as early as this week, a source close to the issue has said, confirming press reports.

A source close to the issue said there would be a maximum of 3,200 jobs eliminated-- less than the figure of 4,000 cited in the press last month - and that it could end up being slightly less.

Pages