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TRENDING TAGS
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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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Credit Suisse Reportedly Near U.S. Mortgage Settlement
Credit Suisse and the U.S. Department of Justice may reach an agreement as soon as this week to settle the federal investigation into the bank’s handling of mortgage-linked securities before the 2008 financial crisis. CS is confident it can reach a resolution for less than the $5-$7 billion that the DOJ has demanded. Just last week, CEO Tidjane Thiam met with U.S. Attorney General Loretta Lynch last week.
A large settlement could complicate Thiam’s overhaul of the Zurich-based firm. He has already pulled back from investment banking, cut thousands of jobs this year in New York and London, all in an effort to free up capital and focus on wealth management. The bank has reportedly set aside almost $2.1 billion in general litigation provisions, mainly for mortgage-related matters.
In any case, things could be worse. The DOJ has demanded $14 billion from Deutsche Bank, which is also reported to be nearing a settlement.
