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Shareholders reject executive compensation, says Credit Suisse

Axel Lehmann was narrowly reelected as the last chairman of an independent Credit Suisse Group AG and shareholders rejected the compensation for the executive board, at the end of an emotional final annual meeting for the Swiss lender. ....

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UBS Aims to Boost Its Dealmaker Ranks, Not Spin Out First Boston

(Bloomberg) UBS Group AG wants to cherry pick top dealmakers from Credit Suisse Group AG’s investment bank instead of supporting Michael Klein’s plan to build a new independent firm, according to people familiar with the discussions. UBS executives have told their Credit Suisse counterparts that they prefer selectively bolstering their own investment bank while dumping the riskier operations, the people said, asking for anonymity because the review has just begun and no final decisions have been made. In initial talks, the acquiring bank indicated little interest in continuing the planned effort for a CS First Boston carveout that would create a new competitor, the people said. All this means Klein’s dream of leading a new investment bank under the revived CS First Boston brand looks increasingly unlikely. Still, some Credit Suisse staff are holding out hope that Klein and banking chief David Miller can line up an alternative plan, the people said. Some executives have reached ....

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Credit Suisse in Crisis Taps $54 Billion From Central Bank

(Bloomberg) Credit Suisse Group AG tapped the Swiss National Bank for as much as 50 billion francs ($54 billion) and offered to repurchase debt, seeking to stem a crisis of confidence that has sent shockwaves across the global financial system. The troubled lender will borrow the money from a central bank liquidity facility and is making a tender offer to buy back up to three billion francs of dollar- and euro-denominated debt, according to a statement released around 1:45 a.m. Zurich time Thursday. The announcement followed a frantic trading session in which worries about Credit Suisse’s financial health roiled global markets, alarmed regulators across Europe and the US and prompted some firms to reassess their exposure to the bank. The moves - unprecedented at a major Swiss lender since the 2008 financial crisis - are the biggest yet to shore up finances at Credit Suisse. The bank’s shares slumped by as much as 31% on Wednesday in Zurich trading, and its bonds fell to levels th ....

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