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
“Banking Market in the Baltics 2009-2011, CEE Banking Brief” report recently presented by Intelace Research states that, despite the current economic recession, Estonia, Latvia and Lithuania are still among the most advanced banking markets in Central and Eastern Europe (CEE).
more »
According to the unaudited data for three quarters 2009, AB Bank SNORAS earned LTL 4.1 million profit. Although the inter-banking market of the country fixed the banks’ asset decrease (- 4.6 per cent) since the beginning of the year, the assets of Bank SNORAS grew by LTL 249.3 million and were by 4 per cent higher than at the beginning of 2009.
more »
Taking into account changes on domestic money markets AB DnB NORD Bankas, a member of international financial group shall change individual and corporate time deposit rates from November 5.
more »
FL Technics, the leading aircraft maintenance, repair and overhaul (MRO) provider in Eastern Europe, has signed contracts with Air Italy and Air Slovakia for Boeing 737-300 aircraft base maintenance in Lithuania.
more »
Thales UK’s headquarters site in Weybridge has recently held a Halloween charity coffee morning, raising more than £280 for Marie Curie Cancer Care.
more »
New SaaS-Based Vulnerability-Scanning Solution Is Latest Addition to Company’s Application Security Program.
more »
Since 31 October 2009, only LTL 0.99 fee for accepting payments will be applied to clients while making payments for various services (utility fees, communication services, etc.) in all subdivisions of Bank SNORAS.
more »
AB DnB NORD Bankas, the country‘s leader in investment products market, offers a new possibility for the clients to make repurchase deals (repo deals) in the bank’s newly installed on-line trading platform.
more »
The benefits of the integration of eastern Europe’s financial systems into the world economy outweigh the costs that have been highlighted during the global economic crisis, the EBRD has concluded in a new report.
more »
On 22 October 2009, following the favourable opinion expressed in September by the Committee for Fisheries and Aquaculture, the Commission adopted a Regulation establishing the implementing rules for the 2008 Regulation to prevent, deter and eliminate illegal, unreported and unregulated (IUU) fishing.
more »