HSBC, Europe's biggest bank, is selling its private bank in Japan to Swiss peer Credit Suisse for an undisclosed sum. |||
HSBC, Europe's biggest bank, is selling its private bank in Japan to Swiss peer Credit Suisse for an undisclosed sum, part of a strategy to cut $3.5 billion annual costs by quitting businesses or countries where it lacks scale. HSBC's Japanese private bank arm fits that bill, having made a profit of just $2 million in the first half.
Richard X. Bove, the banking analyst at Rochdale Securities, downgraded the Swiss banks UBS and Credit Suisse to "neutral" from "buy" on Friday, citing "a deteriorating situation in Europe's financial community" for the cut. Read Post
BlackRock, the giant money management firm, agreed on Thursday to buy the exchange-traded fund business of the Swiss bank Credit Suisse for an undisclosed price. The unit has around $17.3 billion of assets under management, and the ... Read Post