Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #1  
Old 23.09.2022, 16:12
Geminder's Avatar
Member
 
Join Date: Jan 2009
Location: The Dark Side
Posts: 224
Groaned at 11 Times in 8 Posts
Thanked 114 Times in 61 Posts
Geminder has become a little unpopularGeminder has become a little unpopular
Who else is about to close their Credit Suisse account?

Spoken to a couple of people recently and based on the endless scandals, current share price and all the 'unknowns' they've had enough of it.

Where is better to go next?
neon? zkb? usb?
Reply With Quote
  #2  
Old 23.09.2022, 16:16
Forum Legend
 
Join Date: Aug 2015
Location: Zurich City
Posts: 6,876
Groaned at 528 Times in 300 Posts
Thanked 8,427 Times in 3,867 Posts
ZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond repute
Re: Who else is about to close their Credit Suisse account?

Quote:
View Post
Spoken to a couple of people recently and based on the endless scandals, current share price and all the 'unknowns' they've had enough of it.

Where is better to go next?
neon? zkb? usb?
I strongly believe they should standardize everything to usb-c.
Reply With Quote
The following 18 users would like to thank ZuriRollt for this useful post:
  #3  
Old 23.09.2022, 16:22
TonyClifton's Avatar
Forum Veteran
 
Join Date: Sep 2019
Location: Hopefully soon to be Aargau
Posts: 2,173
Groaned at 1,011 Times in 568 Posts
Thanked 5,385 Times in 2,403 Posts
TonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond repute
Re: Who else is about to close their Credit Suisse account?

Judging by the share price, it's not a bad idea
Reply With Quote
  #4  
Old 23.09.2022, 16:34
Axa's Avatar
Axa Axa is offline
Forum Legend
 
Join Date: Oct 2019
Location: Suhr, Aargau
Posts: 5,303
Groaned at 103 Times in 94 Posts
Thanked 7,752 Times in 3,641 Posts
Axa has a reputation beyond reputeAxa has a reputation beyond reputeAxa has a reputation beyond reputeAxa has a reputation beyond reputeAxa has a reputation beyond reputeAxa has a reputation beyond repute
Re: Who else is about to close their Credit Suisse account?

There are also rumors about closing doors on the USA.

https://www.cnbc.com/2022/09/22/cred...us-market.html

But, this is all about the investment bank. Boring retail banking should be fine.
Reply With Quote
  #5  
Old 23.09.2022, 16:35
Forum Legend
 
Join Date: Aug 2015
Location: Zurich City
Posts: 6,876
Groaned at 528 Times in 300 Posts
Thanked 8,427 Times in 3,867 Posts
ZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond reputeZuriRollt has a reputation beyond repute
Re: Who else is about to close their Credit Suisse account?

Jokes aside - I worked for a couple of years on the „too big to fail“ Programme of UBS - and the size of and investment into this Programme was enormous. I worked previously at Credit Suisse in their Asset Management as an external, and the best tip I was given is „gin helps“. I designed much of the investment IT architecture that ZKB took over from Swisscanto, and they made great profits this year in relation to the other two candidates.

Anyways - you have to spread your assets across banks, because you are only insured up to CHF 100‘000 losses by any of them if they go down.

As to the SMI share prices - well times have been turbulent this week.
Reply With Quote
The following 2 users would like to thank ZuriRollt for this useful post:
  #6  
Old 23.09.2022, 21:53
Forum Legend
 
Join Date: Apr 2008
Location: Zurich
Posts: 4,130
Groaned at 80 Times in 59 Posts
Thanked 4,414 Times in 2,377 Posts
rainer_d has a reputation beyond reputerainer_d has a reputation beyond reputerainer_d has a reputation beyond reputerainer_d has a reputation beyond reputerainer_d has a reputation beyond reputerainer_d has a reputation beyond repute
Re: Who else is about to close their Credit Suisse account?

I feel bad for all the "normal" CS employees.

Most are probably giving their best. It must be so frustrating to see the pennies made in retail being blown out by the billions in investment-banking.

I think I'd either go totally numb or become an extreme cynic.
Reply With Quote
The following 3 users would like to thank rainer_d for this useful post:
  #7  
Old 23.09.2022, 22:03
Member
 
Join Date: Sep 2016
Location: zürich
Posts: 166
Groaned at 5 Times in 3 Posts
Thanked 50 Times in 32 Posts
patrickk has no particular reputation at present
Re: Who else is about to close their Credit Suisse account?

your deposits are safe... there are many billions of capital and "capital like" to be wiped out before a single cent of deposits is touched.
Reply With Quote
  #8  
Old 23.09.2022, 22:24
Junior Member
 
Join Date: Sep 2022
Location: Zurich
Posts: 30
Groaned at 3 Times in 1 Post
Thanked 34 Times in 16 Posts
pelfe has no particular reputation at present
Re: Who else is about to close their Credit Suisse account?

Quote:
View Post
Spoken to a couple of people recently and based on the endless scandals, current share price and all the 'unknowns' they've had enough of it.

Where is better to go next?
neon? zkb? usb?
technically, your money is with Credit Suisse (Schweiz) AG which is the local company and which , if I remember correctly, is probably the only profitable company of the group right now.

Are you really considering neon which is not really a bank but is partnering with Hypothekarbank Lenzburg which is the actual bank behind it ?!
Reply With Quote
  #9  
Old 24.09.2022, 00:29
Jim2007's Avatar
Forum Legend
 
Join Date: Jun 2006
Location: Kt. Bern
Posts: 5,695
Groaned at 344 Times in 259 Posts
Thanked 9,422 Times in 4,104 Posts
Jim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond repute
Re: Who else is about to close their Credit Suisse account?

Quote:
View Post
Spoken to a couple of people recently and based on the endless scandals, current share price and all the 'unknowns' they've had enough of it.

Where is better to go next?
neon? zkb? usb?
How does any of this criteria impact a bank's ability to service you as a member of the public?

Have you considered the colour of the logos? It makes as much sense if you are going to use the above criteria.... actually may be a bit since a particular colour would help make their correspondence stand out in you bunch of documents....
Reply With Quote
  #10  
Old 24.09.2022, 00:38
Murloc's Avatar
Forum Veteran
 
Join Date: Aug 2010
Location: Bern
Posts: 559
Groaned at 5 Times in 5 Posts
Thanked 608 Times in 308 Posts
Murloc has an excellent reputationMurloc has an excellent reputationMurloc has an excellent reputationMurloc has an excellent reputation
Re: Who else is about to close their Credit Suisse account?

To be honest, if I was a client I would consider this as well, even if the swiss saver business is not directly touched and <100k money is safe. It's still mismanaged from the top and companies think more about stuff if there are consequences.

Quote:
View Post
technically, your money is with Credit Suisse (Schweiz) AG which is the local company and which , if I remember correctly, is probably the only profitable company of the group right now.

Are you really considering neon which is not really a bank but is partnering with Hypothekarbank Lenzburg which is the actual bank behind it ?!
what's wrong with the hypotherkarbank lenzburg?
Reply With Quote
  #11  
Old 24.09.2022, 09:02
Never TheLess's Avatar
Member
 
Join Date: Jun 2021
Location: Around and about
Posts: 198
Groaned at 7 Times in 3 Posts
Thanked 208 Times in 97 Posts
Never TheLess has an excellent reputationNever TheLess has an excellent reputationNever TheLess has an excellent reputationNever TheLess has an excellent reputation
Re: Who else is about to close their Credit Suisse account?

Nothing wrong with HL or Neon, which I have been with for several years.
Reply With Quote
  #12  
Old 24.09.2022, 10:10
Jim2007's Avatar
Forum Legend
 
Join Date: Jun 2006
Location: Kt. Bern
Posts: 5,695
Groaned at 344 Times in 259 Posts
Thanked 9,422 Times in 4,104 Posts
Jim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond repute
Re: Who else is about to close their Credit Suisse account?

Quote:
View Post
what's wrong with the hypotherkarbank lenzburg?
Nothing, that is until we read something in the paper, but they are a bank and pretty much every bank runs into a scandal or two, it’s the nature of the business, but none of these things render the bank unable to service the public.

The OP mentioned share price as a criteria… well around 2007 the UBS share price was in the 70s and it fell to around 15, so he rule it out….

On the other hand, banks that got into trouble all had weak T1s, yet it’s not in his criteria, in fact he probably does not know what it is, never mind how to calculate it.
__________________
"There is no passion to be found playing small - in settling for a life that is less than the one you are capable of living." - Nelson Mandela
Reply With Quote
  #13  
Old 01.10.2022, 09:56
Axa's Avatar
Axa Axa is offline
Forum Legend
 
Join Date: Oct 2019
Location: Suhr, Aargau
Posts: 5,303
Groaned at 103 Times in 94 Posts
Thanked 7,752 Times in 3,641 Posts
Axa has a reputation beyond reputeAxa has a reputation beyond reputeAxa has a reputation beyond reputeAxa has a reputation beyond reputeAxa has a reputation beyond reputeAxa has a reputation beyond repute
Re: Who else is about to close their Credit Suisse account?

Well, I eat my words downplaying CS troubles. It's time to run. Assertions of strength are usually followed by...other outcomes.

Quote:
(30.09.2022) Credit Suisse has strong capital base and liquidity -CEO memo
https://www.reuters.com/business/fin...mo-2022-09-30/

I'm joking because retail banking is insured. But if you have deposits above the insured amount, this is not a joke.

Last edited by Axa; 01.10.2022 at 10:08.
Reply With Quote
The following 3 users would like to thank Axa for this useful post:
  #14  
Old 01.10.2022, 12:32
TonyClifton's Avatar
Forum Veteran
 
Join Date: Sep 2019
Location: Hopefully soon to be Aargau
Posts: 2,173
Groaned at 1,011 Times in 568 Posts
Thanked 5,385 Times in 2,403 Posts
TonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond repute
Re: Who else is about to close their Credit Suisse account?

Quote:
View Post
Well, I eat my words downplaying CS troubles. It's time to run. Assertions of strength are usually followed by...other outcomes.



https://www.reuters.com/business/fin...mo-2022-09-30/

I'm joking because retail banking is insured. But if you have deposits above the insured amount, this is not a joke.
Rumors they've already gone bust, CDS at Lehman Brothers levels, share price heading to penny stock status. Reports in the news that they're going to start with job cuts (despite having over 1500 open positions on their website). And they treat their employees like c**p too!

Will the government step in this time though?
Reply With Quote
  #15  
Old 02.10.2022, 19:05
soswiss's Avatar
Member
 
Join Date: Jun 2015
Location: Zurich
Posts: 123
Groaned at 1 Time in 1 Post
Thanked 47 Times in 27 Posts
soswiss has made some interesting contributions
Re: Who else is about to close their Credit Suisse account?

Quote:
Dear Colleagues,

I am conscious that there is lots of uncertainty and speculation both outside and within the company. While you will appreciate that I am unable to share details of our transformation plans before October 27, I also want to make sure that you hear from me directly during this challenging period. I will therefore be sending a regular update to you all until then.

In these notes I will share some of my thoughts on where the bank is heading, my management priorities and observations from speaking with you at your desks and meetings with key stakeholders. I will also use the communication to recognize some of the work we are accomplishing for clients. And, as a recurring feature, I will endeavor to respond to some of your questions.

I begin by thanking all of you for your great dedication and hard work. As Axel and I wrote to you recently, this is a critical moment for the whole organization, and we appreciate your commitment to ensuring Credit Suisse remains a trusted partner for our clients. We also told investors and the media this week that we are “well on track” with our strategic review. We are.

No doubt there will be more noise in the markets and the press between now and the end of October. All I can tell you is to remain disciplined and stay as close as ever to your clients and colleagues. I know it’s not easy to remain focused amid the many stories you read in the media – in particular, given the many factually inaccurate statements being made. That said, I trust that you are not confusing our day-to-day stock price performance with the strong capital base and liquidity position of the bank.

Earlier this week, I had the pleasure to speak at the Wealth Management Global UHNWI Forum, which was themed “Rising like a Phoenix.” It is an apt metaphor for what we want to accomplish. As I told our colleagues, we are in the process of reshaping Credit Suisse for a long-term, sustainable future - with significant potential for value creation. Given the deep franchise we have, with a long-standing focus on serving some of the world’s most successful entrepreneurs, I am confident we have what it takes to succeed.

To that end, I would like to congratulate: the IBCM team in APAC, which secured a suite of awards from Asiamoney, for their work in Indonesia, Malaysia, the Philippines, Vietnam and, for the first time ever, Cambodia.

We should also recognize the team that led the Blue Bond for the Government of Barbados, which allows the country to redirect some of its sovereign debt service into ocean conservation funding.

I wish you a good end of the week.

Ulrich Körner
Chief Executive Officer
https://www.ft.com/content/6104a699-...5-a9a2f8ff92d2
Reply With Quote
  #16  
Old 02.10.2022, 19:31
komsomolez's Avatar
Forum Legend
 
Join Date: Jan 2008
Location: SZ
Posts: 3,988
Groaned at 381 Times in 271 Posts
Thanked 8,466 Times in 3,608 Posts
komsomolez has a reputation beyond reputekomsomolez has a reputation beyond reputekomsomolez has a reputation beyond reputekomsomolez has a reputation beyond reputekomsomolez has a reputation beyond reputekomsomolez has a reputation beyond repute
Re: Who else is about to close their Credit Suisse account?

Rising like a Phoenix

In my limited encounters with CS, it has always struck me how they feel like they belong up there with Goldman and Morgan Stanley when it seems obvious what a train wreck this bank is.

Deutsche Bank is the same in my view.

PS: I have been reading to much about wars lately. I briefly thought that CS have an ICBM team ...
Reply With Quote
This user would like to thank komsomolez for this useful post:
  #17  
Old 02.10.2022, 21:12
TonyClifton's Avatar
Forum Veteran
 
Join Date: Sep 2019
Location: Hopefully soon to be Aargau
Posts: 2,173
Groaned at 1,011 Times in 568 Posts
Thanked 5,385 Times in 2,403 Posts
TonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond repute
Re: Who else is about to close their Credit Suisse account?

“Trust me Bro”

Friendly reminder that 100,000 francs of account balances per customer and bank are guaranteed by the state. If anyone has more than that with CS then tomorrow might be a good time to think about moving it elsewhere.
Reply With Quote
The following 3 users would like to thank TonyClifton for this useful post:
  #18  
Old 02.10.2022, 21:25
sonnenhund's Avatar
Member
 
Join Date: Nov 2018
Location: Aargau
Posts: 245
Groaned at 11 Times in 8 Posts
Thanked 384 Times in 144 Posts
sonnenhund has an excellent reputationsonnenhund has an excellent reputationsonnenhund has an excellent reputationsonnenhund has an excellent reputation
Re: Who else is about to close their Credit Suisse account?

Quote:
View Post
I feel bad for all the "normal" CS employees.

Most are probably giving their best. It must be so frustrating to see the pennies made in retail being blown out by the billions in investment-banking.

I think I'd either go totally numb or become an extreme cynic.
I worked there a while, the vast majority of people just check out mentally because there is so much bureaucracy, so many rules, and so many managers terrified of even the slightest mistake.

In the first job I took after working for about a year at CS, I accomplished more on the first day than one year at CS.

But what you describe is entirely accurate - those who weren't numb and checked out were some of the most wonderfully cynical people I've ever known.
Reply With Quote
  #19  
Old 02.10.2022, 22:52
Forum Legend
 
Join Date: Oct 2014
Location: SG
Posts: 10,588
Groaned at 650 Times in 471 Posts
Thanked 14,358 Times in 7,500 Posts
Urs Max has a reputation beyond reputeUrs Max has a reputation beyond reputeUrs Max has a reputation beyond reputeUrs Max has a reputation beyond reputeUrs Max has a reputation beyond reputeUrs Max has a reputation beyond repute
Re: Who else is about to close their Credit Suisse account?

Quote:
View Post
“Trust me Bro”

Friendly reminder that 100,000 francs of account balances per customer and bank are guaranteed by the state. If anyone has more than that with CS then tomorrow might be a good time to think about moving it elsewhere.
Not true. The entire emergency is 6bln only (last time I checked), and when that is depleted you're just like any other creditor of the same rank. Before it is available again it has to be replenished by the same banks that profit from it, but that would have to happen in a situation where CS has gone bankrupt and therefore not a single bank has even one Rappen to spare. Ain't gonna happen anytime soon in such a situation.

What happens is, your first 100k get upranked, IIRC to creditor rank 4, the same priority as suppliers. That ranks after taxes, social security contributions (1st and 2nd pillar), and salaries. Don't hang me up on the details, if they ever become relevant the brown stuff has risen above our eyes anyways.

The available and liquid assets are used to meet the obligations, by descending rank order. If, say, all assets were used to satisfy ranks 1-3, and the 6 bln in the emergency fund are confronted with 18 bln credits in rank 4 (your rank), you only get made good for 33k in the short term, for 1/3 of what you thought you would get immediately.

Your priority should be to avoid those risks entirely.
Move your assets to a (cantonal) bank with "Staatsgarantie", be cartain to get made good by the respective Canton for the entirety of your (net) assets. And remember to have you mortgage with a different bank, because usually your contract states that your assets, including your stock portfolio and bonds, can be used immediately to pay for the mortgage whenever the brown stuff hits the fan.

Any subsequent bankrupcy, if any, will have to be managed without the emergency fund because it's been emptied by the above, and not replenished yet.

Nonetheless you're completely right, TC, in that you should think at least twice before you provide credit to any bank, i.e. before you open any version of an account with them. They are not your friend, you're the cow they milk to finance their business.

Last edited by Urs Max; 02.10.2022 at 23:06.
Reply With Quote
The following 4 users would like to thank Urs Max for this useful post:
  #20  
Old 03.10.2022, 09:03
TonyClifton's Avatar
Forum Veteran
 
Join Date: Sep 2019
Location: Hopefully soon to be Aargau
Posts: 2,173
Groaned at 1,011 Times in 568 Posts
Thanked 5,385 Times in 2,403 Posts
TonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond reputeTonyClifton has a reputation beyond repute
Re: Who else is about to close their Credit Suisse account?

Quote:
View Post
Not true. The entire emergency is 6bln only (last time I checked), and when that is depleted you're just like any other creditor of the same rank. Before it is available again it has to be replenished by the same banks that profit from it, but that would have to happen in a situation where CS has gone bankrupt and therefore not a single bank has even one Rappen to spare. Ain't gonna happen anytime soon in such a situation.

What happens is, your first 100k get upranked, IIRC to creditor rank 4, the same priority as suppliers. That ranks after taxes, social security contributions (1st and 2nd pillar), and salaries. Don't hang me up on the details, if they ever become relevant the brown stuff has risen above our eyes anyways.

The available and liquid assets are used to meet the obligations, by descending rank order. If, say, all assets were used to satisfy ranks 1-3, and the 6 bln in the emergency fund are confronted with 18 bln credits in rank 4 (your rank), you only get made good for 33k in the short term, for 1/3 of what you thought you would get immediately.

Your priority should be to avoid those risks entirely.
Move your assets to a (cantonal) bank with "Staatsgarantie", be cartain to get made good by the respective Canton for the entirety of your (net) assets. And remember to have you mortgage with a different bank, because usually your contract states that your assets, including your stock portfolio and bonds, can be used immediately to pay for the mortgage whenever the brown stuff hits the fan.

Any subsequent bankrupcy, if any, will have to be managed without the emergency fund because it's been emptied by the above, and not replenished yet.

Nonetheless you're completely right, TC, in that you should think at least twice before you provide credit to any bank, i.e. before you open any version of an account with them. They are not your friend, you're the cow they milk to finance their business.
This is a very good point, tbh I've never read beyond the headline guarantee. One assumes this being Switzerland that it would very unlikely ever need to be used. Now would be a good time to check the t&cs!

As bad as the numbers look for CS, I'm still unsure if they will be allowed to go under. What with Blackrock, Qatar's sovereign wealth fund and the SNB backing them up.
Reply With Quote
Reply

Tags
banking, credit suisse, dumpster fire, scandal




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
how to close credit suisse premium account aceofdiamonds Finance/banking/taxation 5 23.02.2020 12:03
Opening a Credit Suisse Account ReggieLolz Finance/banking/taxation 5 14.02.2016 15:47
Moving to US - but could do with keeping our Credit Suisse account. LaurieHK Leaving Switzerland 10 15.02.2013 13:09
Closing my Credit suisse account yamo Finance/banking/taxation 5 15.09.2012 12:06
opening a Credit Suisse account in the US abright1dea Finance/banking/taxation 4 06.03.2012 16:49


All times are GMT +2. The time now is 19:27.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2023, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0