Continued client outflows at Credit Suisse could spark speculation of a takeover of the embattled Swiss bank and may lead to the partial sale of its domestic unit, analysts at JPMorgan said on Thursday.
The logo of Swiss bank Credit Suisse is seen in Zurich, Switzerland October 26, 2022. REUTERS/Arnd Wiegmann/File Photocould spark speculation of a takeover of the embattled Swiss bank and may lead to the partial sale of its domestic unit, analysts at JPMorgan said on Thursday.as wealthy clients move assets elsewhere, while the bank battles to recover from a string of scandals by focusing more on its flagship wealth management franchise and pruning back investment banking.
JPMorgan said in a note to clients that it expected fourth-quarter outflows of 80 billion Swiss francs in wealth management and 107 billion francs in total compared to the 84 billion total for this year as of Nov. 11. "However, should outflows be ongoing ... M&A speculation likely to increase and may lead to an IPO of the CS Schweiz legal entity worth an estimated 14 billion francs, full closure of the investment bank, and retaining wealth management and asset management in the NewCo," it wrote.of trying to raise 4 billion francs to bolster its finances.
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