{"id":42162,"date":"2022-06-08T17:00:22","date_gmt":"2022-06-08T17:00:22","guid":{"rendered":"https:\/\/harchi90.com\/credit-suisse-shares-spike-on-reported-state-street-takeover-interest\/"},"modified":"2022-06-08T17:00:22","modified_gmt":"2022-06-08T17:00:22","slug":"credit-suisse-shares-spike-on-reported-state-street-takeover-interest","status":"publish","type":"post","link":"https:\/\/harchi90.com\/credit-suisse-shares-spike-on-reported-state-street-takeover-interest\/","title":{"rendered":"Credit Suisse shares spike on reported State Street takeover interest"},"content":{"rendered":"<div>\n<p data-testid=\"primary-image-caption\" id=\"primary-image-caption\" class=\"text__text__1FZLe text__medium-grey__3A_RT text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__caption__3L8vY article-body__primary-image-caption__WHVnb\">The logo of Swiss bank Credit Suisse is seen at its headquarters at the Paradeplatz square in Zurich, Switzerland October 1, 2019. REUTERS \/ Arnd Wiegmann<\/p>\n<div class=\"registration-prompt__container__2jf5K column article-body__aside-registration-prompt__2ivER\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h6 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_6__1qUJ5 heading__base__2T28j heading__heading_6__RtD9P registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h6>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<\/div>\n<div>\n<p data-testid=\"paragraph-0\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">MILAN, June 8 (Reuters) &#8211; Shares in Credit Suisse (CSGN.S) turned sharply higher on Wednesday afternoon, with traders citing an Inside Paradeplatz report that US-based State Street (STT.N) is planning a takeover bid for the troubled lender, though some in the industry doubt the claim.<\/p>\n<p data-testid=\"paragraph-1\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Credit Suisse shares ended up 3.8% in Zurich after jumping following the report in the Swiss financial blog.  From lows hit earlier in the day, the shares were up more than 14%.  The broader European stock market (.STOXX) was down 0.7%.<\/p>\n<p data-testid=\"paragraph-2\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The stock dropped close to its lowest in over 20 years during the session after the company warned of a likely second-quarter loss as volatility hit its investment bank.  read more <\/p>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI article-body__inline-registration-prompt__1-N9W\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p data-testid=\"paragraph-3\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Shares in State Street (STT.N) fell more than 5%, underperforming the wider market.<\/p>\n<p data-testid=\"paragraph-4\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Citing one unidentified source, Inside Paradeplatz said State Street would bid 9 Swiss francs a share, a premium of more than 30% to Tuesday&#8217;s closing price.  That would value Credit Suisse at 23 billion francs ($ 23.6 billion).<\/p>\n<p data-testid=\"paragraph-5\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;We are not going to respond to an earlier news report,&#8221; State Street said in a statement.  &#8220;As we have previously discussed, we are focused on our pending acquisition of Brown Brothers Harriman&#8217;s Investors Services business.&#8221;<\/p>\n<p data-testid=\"paragraph-6\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Credit Suisse declined to comment.<\/p>\n<p data-testid=\"paragraph-7\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Analysts were skeptical.<\/p>\n<p data-testid=\"paragraph-8\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;For many reasons, we see this combination as highly unlikely,&#8221; wrote Jefferies analysts, citing State Street&#8217;s pending deal to buy Brown Brothers Harriman&#8217;s investor services business and the Swiss bank&#8217;s legal \/ business challenges.<\/p>\n<p data-testid=\"paragraph-9\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">A top US brokerage, in a message to clients, questioned the rationale of any State Street interest for the Swiss bank, citing unclear synergies for the US custodian, along with the risk of capital costs, job cuts and litigation risks.<\/p>\n<p data-testid=\"paragraph-10\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The deal speculation comes as Credit Suisse on Wednesday delivered a third consecutive quarterly profit warning.<\/p>\n<p data-testid=\"paragraph-11\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The bank has described 2022 as a &#8220;transition&#8221; year in which it is trying to turn the page on costly scandals that brought a near total reshuffle of top management and a restructuring seeking to curtail risk-taking, particularly in its investment bank.<\/p>\n<p data-testid=\"paragraph-12\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Beyond the challenges of the macroeconomic environment, Credit Suisse is contending with an overhaul after a series of setbacks that have shaken investor confidence.<\/p>\n<p data-testid=\"paragraph-13\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Top-ten shareholder Artisan Partners told Reuters last month that Credit Suisse should start looking for a new CEO, the first major investor to publicly call for such a move.  read more <\/p>\n<p data-testid=\"paragraph-14\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Separately, sources told Reuters last week that Credit Suisse is in the early stages of weighing options to bolster its capital after a string of losses eroded its financial buffers.  read more <\/p>\n<p data-testid=\"paragraph-15\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">($ 1 = 0.9739 Swiss francs)<\/p>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__default__UPMUu sign-off__text__PU3Aj\">Reporting by Danilo Masoni;  Additional reporting by Niket Nishant;  Editing by Ira Iosebashvili, Elaine Hardcastle and Richard Chang<\/span><\/p>\n<p data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Our Standards: The Thomson Reuters Trust Principles.<\/p>\n<\/div>\n<p>    .<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The logo of Swiss bank Credit Suisse is seen at its headquarters at the Paradeplatz square in Zurich, Switzerland October 1, 2019. REUTERS \/ Arnd Wiegmann Register now for FREE unlimited access to Reuters.com Register MILAN, June 8 (Reuters) &#8211; Shares in Credit Suisse (CSGN.S) turned sharply higher on Wednesday afternoon, with traders citing an &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/harchi90.com\/credit-suisse-shares-spike-on-reported-state-street-takeover-interest\/\"> <span class=\"screen-reader-text\">Credit Suisse shares spike on reported State Street takeover interest<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[56,429,77,78,79,80,81,1008,3260,25,3549,58,74,84,85,434,6913,6914,1355,435,438,4766,439,3552,64,44,48,285,75,57,53],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/www.reuters.com\/resizer\/zYFE7qSHB2GkAhVpfCy0K_SpIxo=\/1200x628\/smart\/filters:quality(80)\/cloudfront-us-east-2.images.arcpublishing.com\/reuters\/OOTMZT2DURKEZBYDQLVY5J3SJY.jpg","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/42162"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=42162"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/42162\/revisions"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=42162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=42162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=42162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}