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Sunday, September 19, 2021

Credit Suisse Board Weighs Sacking One Of Its Own As Shareholders Revolt

Credit Suisse has already fired a raft of senior-level employees (including head of risk-management Lara Warner) as CS scrambles to reform its risk-management protocols following one of the worst quarters in recent memory, where the parallel implosions of pioneering trade finance firm Greensill Capital and family office Archegos Capital Management saddled the bank with billions…

Credit Suisse Prime Brokerage Heads Fired Over Archegos Blowup

Apparently, firing half a dozen executives including its head of risk management (Lara Warner, also one of the most high-ranking women in the global financial services industry) hasn't done enough to quiet shareholders' demands for change atop Credit Suisse, the Swiss banking giant that reported a $4.7 billion loss from the collapse of Archegos Capital…

Biggest Beat On Record: Consumer Credit Explodes Higher As Americans Rediscover Their Love For...

Earlier this week, when looking at the latest BofA card spending data, we observed that "whereas previously the bulk of the upside spending game from debt card outlays, in recent weeks we have seen a solid increase in credit card spending as well as consumers turn more optimistic on their financial futures. This means that…

Capital One Cuts Credit Card Borrowing Limits As US Reduces Support For Unemployed Americans

One month after credit card giant Capital One Financial disappointed investors after reporting losses more than $1 billion for the second consecutive quarter (with 80% of revenue coming from net interest income, of which 60% comes from the card business, the top line was hit really hard), there was more bad news. According to Bloomberg,…

Social Credit Scores Are Already Here

Authored by Derrick Broze via The Last American Vagabond, People around the world are already being judged and denied access to financial services because of their social media data - and they don’t even realize it. By now many of our readers are aware of the ongoing rollout of a nationwide social credit system in…

Credit Suisse Probes Funds Linked To SoftBank ‘Circular Financing’ Scheme

Credit Suisse is apparently moving to ensure that a potentially lucrative new business doesn't become forever besmirched by its association with SoftBank, the Japanese telecoms conglomerate with a venture-capital arm attached that has seen bets on more than a dozen companies go sour since the collapse of the WeWork IPO, which helped destroy the reputations…

Credit Card Companies Are Cutting Limits For Riskier Customers As Millions Of Jobs Evaporate

Many large and public companies have already hoovered up much of the 'emergency liquidity' loans that were supposed to flow to small businesses, leaving small business owners with only one real option to salvage their livelihoods: putting it on the card. Thanks to the American consumers' insatiable love for debt, credit-card businesses endured boom year…

End of an Era: The Cult of Monetarism is Crumbling

From the Canadian Patriot Review By Carey List When the current hysteria around COVID-19 settles down there’s going to be a lot of things under the microscope. Did the media report accurately or did they often encourage panic and fear of the unknown? Was shutting down the economy of the entire world justified given the…

Stocks & Credit Crater As 10Y Treasury Yields Hit New Record Low

10Y Treasury yields have plunged back from yesterday small bounce, breaking to new record lows at 89bps... And that has sent stocks reeling, erasing a majority of yesterday's gains... Small Caps and Trannies have erased all of yesterday's gains... Meanwhile, credit has quietly blown out to its widest since 2016... This is not a good…

Coronavirus And Credit – A Perfect Storm

Authored by Alasdair Macleod via GoldMoney.com, This article posits that the spread of the coronavirus coincides with the downturn in the global credit cycle, with potentially catastrophic results. At the time of writing, analysts are still trying to get to grips with the virus’s economic impact and they commonly express the hope that after a…

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