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
The financial and economic crisis has shown that reckless behaviour of banks and other financial institutions can have serious and costly consequences for Europe's economy and its people.
more »
Local services that create jobs and improve energy efficiency received a boost Thursday (2 September) when MEPs on the Industry, Research and Energy Committee approved plans for more investment.
more »
The European Commission approved the first financing decisions under the EUR 264 million 2010 allocation for the so-called Vulnerability FLEX mechanism to help the most vulnerable African, Caribbean and Pacific countries cope with the impact of the global financial crisis and economic downturn.
more »
The European Commission has today updated the list of airlines banned in the European Union to impose an operating ban on one air carrier from Ghana and to place operating restrictions on another air carrier from that country.
more »
The European Commission today approved an application from Denmark for assistance under the European Globalisation adjustment Fund (EGF).
more »
Algirdas Šemeta, EU Commissioner for Taxation, Customs Union, Anti-Fraud and Audit, will open tomorrow an international conference at the Shanghai World Expo 2010 on building bridges to facilitate trade between China and the EU.
more »
Moldova is set to receive an EU grant of up to €90 million to help it through the financial crisis, following a vote at Parliament's Committee on International Trade on Monday.
more »
Important notice: since May 2010 business surveys data are classified in accordance with an updated version of the Nomenclature of Economic Activities (NACE rev. 2) causing a potential break in series at this date.
more »
75% of Europeans think that stronger coordination of economic and financial policies among EU Member States would be effective in fighting the economic crisis, according to the Spring 2010 Eurobarometer, the bi-annual opinion poll organised by the EU.
more »
The European Commission has extended until the end of the year the liquidity support scheme for banks in Slovenia.
more »