Oil prices continued their slide on Wednesday after another banking fallout unsteadied the market further. WTI plunged 4.21% on Wednesday, falling below US$ 70 for the first time since December 2021 to US$ 68.33 per barrel ET. Brent Crude fell over 3.94% to US$ 74.40, for a loss of US$ 3.05 per barrel.
Fearing of doing business with politically-exposed clients in a sanctions-hit country, Credit Suisse Group AG has cut relationships with a number of Venezuela’s wealthy.
A research by Argentine investigator Pedro Filipuzzi revealed a list of 12,000 Nazis in Argentina that apparently have money in accounts at the Zurich-based Credit Suisse investment bank, the Simon Wiesenthal Center said in a statement.
Russian bank VTB is suing a Mozambique state-owned company over US$ 535 million it extended as part a series of loans now at the centre of a US$ 2 billion debt scandal. An online court filing dated Dec. 23 shows VTB has lodged a lawsuit in Britain’s High court against the Mozambique state and Mozambique Asset Management, which borrowed the money from VTB as part of a costly project that U.S. authorities say was an elaborate front for a bribery and kickback scheme.
Credit Suisse will start charging wealthy clients with large cash deposits in Swiss francs, the latest Swiss bank to pass on negative interest rates to customers. Individual and business customers will be charged a rate of -0.75per cent on cash balances above 2 million Swiss francs (US$2.02 million), Switzerland's second-biggest lender said. Balances of less than 2 million francs will be unaffected.
Brexit is driving a much heralded jobs boom and expansion in the financial services industry – in Luxembourg. According to lobby group Luxembourg for Finance, 47 banks, insurers, wealth managers and investment firms have plans to move some business activities to the Grand Duchy in order to cope with potential disruption from Britain’s impending departure from the European Union.
Three former Credit Suisse bankers have been arrested over their alleged role in a US$ 2bn fraud scheme connected to firms in Mozambique, according to US authorities. The men have been released on bail in London while the US seeks their extradition.
Credit Suisse plans to move about 250 banker jobs out of London under its first phase of Brexit planning, according to reports. Employees in areas such as trading and mergers and acquisitions were likely to be relocated to Frankfurt or Madrid, Bloomberg reported. The Swiss bank employs about 5,500 staff in London. A spokesman said Credit Suisse continued to investigate its options.
The Swiss banking giant Credit Suisse has pleaded guilty to helping some US clients avoid paying taxes to the US government and agreed to pay a 2.6bn fine. It is the biggest bank to plead guilty to criminal charges in the US in more than 20 years.
Finance minister Guido Mantega said the latest release from investment bank Credit Suisse forecasting Brazil’s 2012 GDP growth at 1.5%, was “a joke”.