Monday, 23rd November 2009

 

22 April 2009 - Press Briefing

Credit Suisse offers compensation to clients for Lehman losses

Credit Suisse on Tuesday offered cash reimbursement to nearly 1,700 of its wealthy clients who invested in financial products sold by Lehman Brothers, the bankrupt US bulge-bracket bank, according to a report in The Times, London.

In what is expected to be viewed as a landmark agreement, the Swiss bank offered to pay almost SFr50m (€33m) in cash to customers who purchased "capital-protected" products sold by Lehman.

To qualify for the compensation, clients must have had assets of up to SFr500,000 invested with Credit Suisse as at the end of August, the Times report said.

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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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