Japan Approves Shots; Push for Global Certificates: Virus Update msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Credit Suisse Races to Contain Archegos Hit With Capital Raising
Bloomberg 4 hrs ago Patrick Winters and Marion Halftermeyer
(Bloomberg) Credit Suisse Group AG moved to contain the fallout from two of the worst hits in its recent history with a surprise capital increase and a sweeping overhaul of its business with hedge funds.
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Switzerland’s second-largest bank is raising $2 billion from investors to shore up capital depleted by $5.5 billion in losses from the collapse of Archegos Capital Management. Chief Executive Officer Thomas Gottstein, who until recently had brushed off concerns that Credit Suisse was taking excessive risks, struck a humble tone Thursday, vowing to slash lending in the hedge fund unit at the center of the losses by a third.
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Mike Mayo had a triumphant tone on the Citi earnings call.
The Wells Fargo analyst has been calling for Citi to divest its Asian consumer businesses with such regularity and belligerence that it had become something of a running gag in the industry.
Yesterday, he got his way, as new chief executive Jane Fraser announced plans to get out of 13 Asian and EMEA consumer franchises – including China.
“What are you, 45 days in the job?” he asked Fraser. “I guess you’re not wasting any time.” He would later call it the boldest step since Sandy Weill was CEO.
Biden Budgets Challenge Agency That Kept Predicting Deficit Doom msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Billionaire Lemann Is Stepping Down From Kraft Heinz’s Board
Bloomberg 3/4/2021 Felipe Marques
(Bloomberg) Jorge Paulo Lemann is leaving the board of Kraft Heinz Co., the giant consumer company he helped put together with Warren Buffett that’s since lost half its value.
Lemann “has decided to reduce his travel commitments and will not seek re-election”, the company said in a regulatory filing. The decision “is not the result of any disagreement with management or the board.”
As co-founder of private equity firm 3G Capital Partners, Lemann, 81, has orchestrated some of the biggest consumer deals in history. He has interests in Anheuser-Busch InBev NV, the world’s largest brewer, and Restaurant Brands International, the company behind Burger King, and is worth $22 billion, according to the Bloomberg Billionaires Index, making him the richest person in Brazil.