FirstFT: Credit Suisse shareholders aim for vice-presidency


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Credit Suisse investors have warned they will try to block any move to extend the term of the bank’s longtime Vice Chairman Severin Schwan as the scandal-hit lender faces mounting pressure to rebuild his reputation.

The future of Schwan, who is also chief executive of the Swiss pharmaceutical group Roche, is under the spotlight as Credit Suisse tries to restore investor confidence after the abrupt departure last month of chairman António Horta-Osório for repeated violations of coronavirus quarantine rules.

Two scandals last year involving supply chain finance firm Greensill Capital and family office Archegos damaged the Swiss lender’s reputation for risk management. Its shares have fallen more than 60% since Schwan joined the board in 2014.

Schwan intended to leave before the April annual meeting, according to three people familiar with the matter. But other board members have asked him to reconsider his stance to maintain stability under new chairman Axel Lehmann, who joined the board in October.

However, two of the top 10 shareholders told the Financial Times they would vote against Schwan if he was nominated for re-election.

“If he stands for election, there will be a fight” – a top 10 shareholder

Thank you for reading FirstFT Europe/Africa. Do you have any comments on the newsletter? Share your thoughts with me at [email protected]. Here’s the rest of today’s news — Jennifer

1. SoftBank seeks listing on the Nasdaq Arm Japan’s SoftBank plans to list Arm Holdings in New York after a $66 billion sale to Nvidia collapsed, sparking a political and trade battle over the future of one of Grande’s most successful tech companies Britain, while the UK is experiencing deep insecurities about its ability to retain local tech champions. .

2. Macron: Putin promises not to “aggravate” the Ukrainian crisis The French president said his Russian counterpart had assured him there would be no “aggravation or escalation” of the crisis after more than five hours of talks in Moscow. Emmanuel Macron was speaking on the way to Kiev, where he met Ukrainian President Volodymyr Zelensky yesterday.

3. Jacob Rees-Mogg tasked with proving the benefits of Brexit The new ‘minister for Brexit opportunities’, who previously said it would take half a century to fully feel the benefits of leaving the EU, has been delegated by Boris Johnson to prove some benefits now as part of of a mini-reshuffle of his government.

  • It’s another story in La Manche: Ports such as Dover could ‘come to a standstill’ for traders and travelers this summer following post-Brexit border controls, the UK’s leading trade logistics body has warned.

4. US arrests two and seizes $3.6 billion in crypto from Bitfinex hack The Justice Department arrested New York-based Ilya Lichtenstein, 34, and his wife, Heather Morgan, 31, and confiscated more than $3.6 billion worth of cryptocurrency it says was stolen in the highly publicized 2016 government hack of 119,754 bitcoins. the agency’s biggest financial grab.

5. UK’s SME support scheme suffers from slow uptake The government’s flagship plan to boost small business productivity has drawn less than a tenth of its target, leading to criticism that the Help to Grow scheme is excluding many businesses it aims to support.

Summary of coronavirus

  • the we emerges from the “full-fledged” pandemic phase, said Anthony Fauci. The country has seen an entrepreneurial renaissance during Covid-19, especially in black communities.

  • Investors are increasingly concerned that if the European Central Bank signals an overly aggressive tightening of monetary policy, it could trigger the kind of bond market turmoil that aggravated the eurozone debt crisis a decade ago.

  • NHS waiting lists will continue to grow for two years in England and, in some scenarios, could more than double to 14 million, despite increased tax-funded funding.

  • Housing rents are rising at their fastest pace in 13 years, the average UK tenant facing a bill of nearly £1,000 a month, according to research by Zoopla.

  • Rather than following the lead of the US Federal Reserve, emerging economies such as Brazil and Russia could be nearing the end of their rate hike cycle.

Line graph of the 10-year yield spread over Germany (percentage points) showing soaring eurozone bond yields

The day ahead

Economic data Russia releases consumer price index figures as economists expect its central bank to hike rates by 100 basis points to rein in inflation. Germany has trade balance data for December, while Italy has industrial production data. The Swedish Riksbank holds its monetary policy meeting in Stockholm.

  • In the UK, the Bank of England’s chief economist, Huw Pill, will speak at the annual conference of the Society of Professional Economists. (Bloomberg, FT)

business profits Walt Disney is expected to post an increase in revenue in the first quarter thanks to a recovery in its theme parks and higher-paying streaming subscribers. Other reporting companies include ABN Amro, Dunelm, Equinor, GlaxoSmithKline, L’Oréal, Maersk and Uber. Samsung’s latest Galaxy Unpacked event is expected to include upcoming releases of its flagship Galaxy S smartphones.

Abrn vote delayed The FTSE 100 asset manager will announce the postponement of a vote on its proposed £1.5bn acquisition of retail fund platform Interactive Investor due to a paper shortage.

What else we read

Economic punishments come in battalions The UK might have hoped that the disappearance of the pandemic clouds would leave a sunny economy. But events stood in the way, with the Bank of England predicting the slowest growth in real after-tax labor incomes in more than 70 years. People, the economy and government are going through tough times, writes Martin Wolf.

Martin Wolf: “High inflation, steep energy cost hikes and a weakening economy are now with us”

Martin Wolf: “High inflation, soaring energy costs and a weakening economy are now with us” © James Ferguson

Tearing down our past is vandalism How do we deal with buildings created for industries or transportation or belief systems that have fallen into disuse? How much of a nation’s history is expressed in the structures it has created? Under this British government, “leveling up” industrial architecture simply means leveling up, writes Jonathan Meades.

Instagram doesn’t know what to do with your 13-year-old daughter Those under 13 are not permitted on the Meta-owned platform, in part to comply with US privacy laws. Nevertheless, a survey of over 2,000 minors published last year found that 65% of children aged 9-12 have used the app at least once, and 40% use it at least once a day. . Do you think kids under 13 should use Instagram? Vote in our poll.

Can the Chinese Starbucks win back investors? In less than five years of existence, Luckin Coffee has been a symbol of the dynamism of Chinese capitalism, the subject of a huge fraud scandal, and now – its leaders insist – a comeback story that could test US-American relations. Chinese.

The BBC at 100the past and future of a British institution Part broadcasting history, part social history, David Hendy’s new work The BBC: A People’s History looks back at the company’s idealistic beginnings and traces its development to today’s crossroads.


Wordle may not seem to have much in common with Grand Theft Auto, but it takes several game design principles and subverts them. What can developers learn from its titanic success?

Wordle on a mobile phone

‘Wordle’ has become a shared digital experience for millions © Ted Hsu/Alamy

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