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我是梦幻金钱战士
2023-03-16

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What is the outcome of the Credit Suisse crisis? JPMorgan envisions three scenarios

瑞信的危机最可能以该公司被对手瑞银收购告终。

What is the outcome of the Credit Suisse crisis? JPMorgan envisions three scenarios

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JPMorgan envisions three scenarios","url":"https://stock-news.laohu8.com/highlight/detail?id=1149330042","media":"华尔街见闻","summary":"瑞信的危机最可能以该公司被对手瑞银收购告终。","content":"<p><html><head></head><body>Author: Han Xuyang</p><p>Regarding how the Credit Suisse crisis will develop in the future, JPMorgan Chase envisages three plans, and believes that the Credit Suisse crisis is most likely to end with the company being acquired by rival UBS.</p><p>On Wednesday, JPMorgan analyst Kian Abouhossein and others put forward three scenarios for the future of Credit Suisse.<b>The most likely one is to be acquired by rival UBS</b>。 Analysts also said that given the market concentration of Credit Suisse and UBS, the Swiss banking business worth 10 billion Swiss francs (about 10.8 billion US dollars) may be listed or spun off after UBS buys Credit Suisse.</p><p>Abouhossein said in a note that Credit Suisse's capital position is not a problem, but the current situation is that the market's confidence in its investment banking strategy continues to have problems and its business continues to erode. \"Maintaining the status quo is no longer an option\".</p><p>Abouhossein is cautious on Credit Suisse, with a Neutral or Underweight rating on the stock for nearly two years. He warned last month that the bank was deteriorating faster than expected, and the stock has fallen 26% since then.</p><p>The media quoted people familiar with the matter as saying that in the negotiations between Credit Suisse and Swiss authorities on how to stabilize the bank, the long-term cooperation between Credit Suisse and UBS is one of the options discussed. UBS CEO Ralph Hamers on Wednesday declined to answer any \"hypothetical\" questions about Credit Suisse.</p><p>Credit Suisse CEO Ulrich Koerner said in a memo to employees on Thursday that the bank will remain focused on its turnaround transformation plan, citing an improvement in Credit Suisse's liquidity coverage ratio and recent financing.</p><p>Furthermore,<b>JPMorgan Chase also listed a possible scenario for Credit Suisse to close its investment banking business, but at the same time said that this move may not be enough to alleviate market concerns. The last possible scenario is for the Swiss National Bank to step in, provide full deposit guarantee or inject equity, but analysts also point out that this will seriously dilute the rights and interests of existing shareholders.</b></p><p>KBW analysts also support the view that Credit Suisse is undergoing a major restructuring. The most likely outcome, they wrote, is a spin-off, with further asset sales to \"simplify the bank.\"</p><p>Bank of America analyst Alastair Ryan believes that,<b>The support from the Swiss National Bank is a clear signal that Credit Suisse will continue to operate in its current form.</b>Alastair Ryan said: \"In effect, the regulatory authorities provided support through this statement, but did not change the structure or the nature of Credit Suisse's continuing operations. Bank of America is one of only two companies that still give Credit Suisse a\" buy \"rating.</p><p></body></html></p>","source":"live_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What is the outcome of the Credit Suisse crisis? JPMorgan envisions three scenarios</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat is the outcome of the Credit Suisse crisis? JPMorgan envisions three scenarios\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2023-03-16 22:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author: Han Xuyang</p><p>Regarding how the Credit Suisse crisis will develop in the future, JPMorgan Chase envisages three plans, and believes that the Credit Suisse crisis is most likely to end with the company being acquired by rival UBS.</p><p>On Wednesday, JPMorgan analyst Kian Abouhossein and others put forward three scenarios for the future of Credit Suisse.<b>The most likely one is to be acquired by rival UBS</b>。 Analysts also said that given the market concentration of Credit Suisse and UBS, the Swiss banking business worth 10 billion Swiss francs (about 10.8 billion US dollars) may be listed or spun off after UBS buys Credit Suisse.</p><p>Abouhossein said in a note that Credit Suisse's capital position is not a problem, but the current situation is that the market's confidence in its investment banking strategy continues to have problems and its business continues to erode. \"Maintaining the status quo is no longer an option\".</p><p>Abouhossein is cautious on Credit Suisse, with a Neutral or Underweight rating on the stock for nearly two years. He warned last month that the bank was deteriorating faster than expected, and the stock has fallen 26% since then.</p><p>The media quoted people familiar with the matter as saying that in the negotiations between Credit Suisse and Swiss authorities on how to stabilize the bank, the long-term cooperation between Credit Suisse and UBS is one of the options discussed. UBS CEO Ralph Hamers on Wednesday declined to answer any \"hypothetical\" questions about Credit Suisse.</p><p>Credit Suisse CEO Ulrich Koerner said in a memo to employees on Thursday that the bank will remain focused on its turnaround transformation plan, citing an improvement in Credit Suisse's liquidity coverage ratio and recent financing.</p><p>Furthermore,<b>JPMorgan Chase also listed a possible scenario for Credit Suisse to close its investment banking business, but at the same time said that this move may not be enough to alleviate market concerns. The last possible scenario is for the Swiss National Bank to step in, provide full deposit guarantee or inject equity, but analysts also point out that this will seriously dilute the rights and interests of existing shareholders.</b></p><p>KBW analysts also support the view that Credit Suisse is undergoing a major restructuring. The most likely outcome, they wrote, is a spin-off, with further asset sales to \"simplify the bank.\"</p><p>Bank of America analyst Alastair Ryan believes that,<b>The support from the Swiss National Bank is a clear signal that Credit Suisse will continue to operate in its current form.</b>Alastair Ryan said: \"In effect, the regulatory authorities provided support through this statement, but did not change the structure or the nature of Credit Suisse's continuing operations. Bank of America is one of only two companies that still give Credit Suisse a\" buy \"rating.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3684219\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/875d82c9e8c668ce8d421b0f139c1129","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3684219","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1149330042","content_text":"作者：韩旭阳对于瑞信危机后续如何发展，摩根大通设想了三个方案，并认为瑞信的危机最可能以该公司被对手瑞银收购告终。周三，摩根大通分析师 Kian Abouhossein 等对瑞信的未来提出了三种设想，其中最有可能的是被对手瑞银集团收购。分析师们还表示，鉴于瑞信和瑞银的市场集中度，在瑞银收购瑞信后，价值100亿瑞士法郎（约合108亿美元）的瑞士银行业务可能会上市或分拆。Abouhossein 在一份报告中称，瑞信的资本状况不是问题，但目前的情况是，市场对其投资银行战略的信心持续出现问题，其业务也在持续受到侵蚀，“维持现状不再是一种选择”。Abouhossein 对瑞士信贷持谨慎态度，近两年来对该股的评级为中性或减持。他上个月警告称，该银行的恶化速度快于预期，此后该股已经下跌了26%。媒体援引知情人士透露，在瑞信与瑞士当局就如何稳定该行的谈判中，瑞信与瑞银的长期合作是讨论的选项之一。瑞银首席执行官 Ralph Hamers 周三拒绝回答有关瑞信的任何“假设性”问题。瑞信首席执行官 Ulrich Koerner 周四在给员工的备忘录中表示，该行将继续专注于其扭亏为盈的转型计划，理由是瑞信的流动性覆盖率有所提高，而且最近进行了融资。此外，摩根大通还列出了一种可能情况是瑞信关闭投行业务，但同时表示，此举可能不足以减轻市场的担忧。最后一种可能情况是瑞士央行介入，提供全额存款担保或注入股本，但分析师也指出，这将严重稀释现有股东的权益。KBW 分析师也支持瑞信正在进行重大重组的观点。他们写道，最有可能的结果是分拆，进一步出售资产以“简化银行”。而美国银行分析师 Alastair Ryan 认为，来自瑞士央行的支持是一个明确的信号，即瑞信将以目前的形式继续经营下去。Alastair Ryan 称：“实际上，监管部门通过这份声明提供了支持，但没有改变瑞信的结构或继续经营的性质。”美国银行是仅有的两家仍给予瑞信“买入”评级的公司之一。","news_type":1,"symbols_score_info":{"CS":0.9}},"isVote":1,"tweetType":1,"viewCount":2289,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}