American owners ‘commencing a process to explore strategic alternatives;’ ministers to urge union chiefs to call off rail strikes over festive period
Credit Suisse has forecast a pre-tax loss of up to Sfr1.5bn (£1.3bn) in the fourth quarter, citing a “substantial” slowdown across the industry.
A month ago, the embattled lender unveiled sweeping plans to cut 9,000 jobs and to raise billions of pounds from investors in a Saudi-led funding round, following a series of scandals and a £3.5bn loss in the third quarter. Its new boss, Ulrich Körner, has been tasked with scaling back the investment bank and slashing costs, with plans to spin it off to focus on wealth management.
Credit Suisse began experiencing deposit and net asset outflows in the first two weeks of October 2022 at levels that substantially exceeded the rates incurred in the third quarter of 2022.
In wealth management, these outflows have reduced substantially from the elevated levels of the first two weeks of October although they have not yet reversed.
Manchester United is trading higher by almost 10% this morning after the Glazer family announced plans to potentially sell the club a day after Cristiano Ronaldo’s departure, which would bring their 17-year ownership to an end.
Investors are cheering the news amid hopes that this could be the beginning of a new era for the club after a disappointing performance over the last few years. The expectation is that there could be a number of potential deep pocketed bidders including Sir Jim Ratcliffe who expressed an interest in buying Man U in August. Although the club was recently valued at £3.75bn, the club has the potential to sell for much more than that.
