In Credit Suisse's 2013 Worry Barometer survey, the majority of Swiss people describe their personal economic situation as good, and more than three-quarters of them express confidence in the country's economic development. They have an accordingly positive opinion of political and economic decision-makers: Confidence in institutions and decision-makers has increased significantly since 2012. The respondents would like to see a more self-confident attitude toward other countries, however. As in previous years, unemployment is the main worry, although the urgency has decreased considerably. Some slight shifts occurred in the worries that were named, as compared to the last few years. The seven most-cited worries in 2013 have long been in the top ten.
Monitor Switzerland – Migration: Market versus contingents
Credit Suisse economists today published the second issue of the quarterly publication ‘Monitor Switzerland’. They have left the current growth forecast for gross domestic product (GDP) unchanged at 2,0% for 2014. In view of the continued low interest rate environment, the real estate market remains overheated in some areas, and growth in mortgage lending still exceeds GDP growth by a significant margin. They therefore expect an increase in the countercyclical capital buffer. By contrast, the low interest rate environment is not providing much of a stimulus for capital spending on machinery and equipment. As far as the immigration debate is concerned, a statistical analysis conducted by Credit Suisse economists shows that a migration system based on supply and demand helps to strengthen the efficiency of the Swiss economy while, at the same time, alleviating the problem of unemployment during economic downturns. A quota-based system would be clearly disadvantageous on both counts.
Credit Suisse agrees to sell domestic private banking business booked in Germany to ABN AMRO
Credit Suisse today announced the sale of its domestic private banking business booked in Germany to ABN AMRO. This follows earlier statements about Credit Suisse’s plans to evaluate its private banking client service model in Western Europe.
Credit Suisse Group announces plan to evolve its legal entity structure
Credit Suisse today announces key components of its program to evolve the Group’s legal entity structure. The program addresses developing and future regulatory requirements. Subject to final analysis and approval by our key regulators, implementation of the major components is planned from mid-2015.
Salary Increases for Bank Employees for the year 2014
The Staff Council and employer representatives of Credit Suisse Group in Switzerland have reached a final agreement on the salary negotiations for 2014. The social partners have agreed to increase the aggregate salary sum by 0.75% for individual and performance-based salary increases for 2014.
Credit Suisse Announces November Monthly Coupon Payments of $0.1269 per ETN on its Gold Shares Covered Call ETN (ticker symbol "GLDI") and $0.2189 per ETN on its Silver Shares Covered Call ETN (ticker symbol "SLVO")
On November 11, 2013, Credit Suisse declared $0.1269 per ETN monthly Coupon Payment for the Gold Shares Covered Call ETN (the "GLDI ETN") and declared $0.2189 per ETN monthly Coupon Payment for the Silver Shares Covered Call ETN (the "SLVO ETN"). The respective Coupon Payments are payable on November 25, 2013 to holders of record on November 20, 2013. The ex-dividend date is November 18, 2013.