Credit Suisse Group said it will take a $33 million (57 million Swiss franc) charge in the first quarter to scrap its pan-European online brokerage as demand for these services dries up in Europe.
Published:
26 April 2001 y., Thursday
The bank, based here, will start talks with trade unions to find a "solution," which may include cutting about 100 jobs in Luxembourg, spokeswoman Ruth Stadelmann said. The company, which plans to keep its Swiss brokerage and its local Internet offerings, is sticking to its target of gaining 1 million online clients in five years, she said.
Credit Suisse is the latest European financial services company to scale back its Internet plans. Vontobel Holding last month laid off three top executives and shelved a share sale after a failed $100 million bid to start an Internet bank. Systracom Bank, a German online broker, is seeking a buyer after it was shut down by the country's banking regulator.
Credit Suisse's brokerage opened at a time when Europe's biggest brokerage shares slumped because client growth dried up along with falling stock markets. Shares in Comdirect Bank, the biggest European discount brokerage, have halved over the past months. The Commerzbank-controlled company expects to report a loss this year amid costs of expanding abroad.
Brokerages including Deutsche Bank's are trying to combine Internet services with providing advice. Deutsche Bank started Maxblue, its pan-European online brokerage, in Germany and Spain at the beginning of this month.
Šaltinis:
Bloomberg News
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
In its first meeting in 2010, the Gas Coordination Group, under the chairmanship of the Commission, has focused today on the assessment of the situation on security of gas supply in the EU-27 and countries of the Energy Community and discussed priorities for the work of the Group in 2010.
more »
Luc Van den Brande, President of the EU Committee of the Regions (CoR), has used his first meeting with the President of the European Council, Herman Van Rompuy, to underline the importance of consultation between local, regional and national authorities.
more »
Basile Nkwesi, Directeur Commercial of Multiprint, speaks for dozens of frustrated business managers in this busy enterprise center when he talks about Cameroon’s costly and unreliable electricity.
more »
During 2009, over 2400 new corporate clients, whose total number currently exceeds 16 thousand, began using Bank SNORAS services.
more »
In 2009, the European Investment Bank (EIB) provided EUR 2.5 billion in 16 credit lines for financing the investment projects of SMEs (EUR 1 955 million) and local authorities (545 million) in Spain.
more »
In 2009, the number of counterfeit euro coins removed from circulation was 172 100, down from 195 900 the year before.
more »
Haiti began participating in the International Monetary Fund’s General Data Dissemination System on December 28, 2009, marking a major step forward in the development of its statistical system.
more »
According to the data of NASDAQ OMX Vilnius Stock Exchange, the price of Bank SNORAS registered ordinary shares grew by more than 2.5 times.
more »
The European Commission has cleared under the EU Merger Regulation the proposed acquisition of Cadbury PLC of the UK by Kraft Foods Inc. of the US by way of public offer.
more »
Statistics Lithuania informs that construction input prices inNovember 2009, against October, dropped by 0.5 percent.
more »