Saturday, 21st November 2009

 

26 January 2009 - Press Briefing

Credit Suisse repurchases some Lehman funds from customers

Credit Suisse on Sunday said it has repurchased some collapsed Lehman Brothers funds from customers for about SFr100m (€67m) after admitting that some clients were overexposed, according to a Dow Jones report.

"We made an offer to about 2,000 clients," Walter Berchtold, chief of private banking at the Swiss bank, told the NZZ am Sonntag newspaper. "Only 11 clients turned down this offer."

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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