Following the SVB crisis, already precarious Credit Suisse has struggled to hold the confidence of investors. UBS has agreed to acquire.
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Credit Suisse is leading a blockchain project seeking to develop a blockchain-based platform for syndicated loans; Emmanuel Aidoo from Credit Suisse is leading the project which began last fall and is expected to launch in 2018; the platform would involve more efficient processing of syndicated loans which involve multiple lenders providing capital to a corporate borrower; the parties involved believe that a blockchain-based syndicated loan platform could increase deal flow by reducing costs and processing time, making syndicated loans a more attractive investment for lenders. Source
Credit Suisse plans to reduce its workforce by 6,500 jobs; the Zurich-based lender has reported significant losses primarily the result of a $2 billion provision for a settlement with the US Department of Justice over mortgage portfolios; the firm has already cut 7,250 jobs in 2016 and is focused on a new strategy under CEO Tidjane Thiam who was appointed in 2015. Source
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