For years the bank provided a safe haven for wealthy American clients to hide assets from the IRS - even when it was arrested and charged with doing the same over a decade ago, according to two former Credit Suisse bankers.
Deutsche Bank is facing investor panic over its stability despite posting 10 quarters of profit and undergoing restructuring. Research firm Autonomous dismissed concerns over its US commercial real estate exposures and derivatives book. JPMorgan identified three causes for Credit Suisse's collapse, including governance failures, challenging market conditions, and liquidity risk, leading to depositor outflows. They emphasized the importance of transparency in liquidity measures and confidence in management.
The layoffs were announced on Tuesday and have affected some of the top manufacturers, including several bankers who took out loans that exceeded $100 million last year and attended an insider sales meeting for recent successful people, according to sources familiar with the situation.
On Tuesday, HSBC reported fourth-quarter 2022 results, beating analysts' expectations. Bank's reported pre-tax profit for the three months ending December was $5.2 billion, up 108% from $2.5 billion a year earlier and better than the bank's estimate of $4.97 billion. HSBC said its fourth-quarter results reflected strong revenue growth and lower operating costs.
Federal prosecutors announced Thursday that an Akron, Ohio woman who worked as a third-party customer service representative for US bank was charged with stealing banking information and stealing $1.1 million from customers.
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