In an announcement on Tuesday, Credit Suisse Group AG (ETR: CSX) said it will take a hit worth £3.41 billion attributed to dealings with the New York investment fund, Archegos Capital Management. Credit Suisse opened at £8.04 per share on Tuesday and closed the regular session at £7.84 per share after touching an intraday low of £7.72 per share. In comparison, the stock had started the year at £8.83 per share. If you want to invest in the stock market online, you’ll need a reliable stockbroker – here’s a list of the top few to make selection easier for you. Credit Suisse expects a loss of £697 million in Q1 Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today. Credit Suisse now forecasts roughly £696.85 million loss for the first quarter. The financial services company also slashed its dividend by about 66% and suspended its stock repurchase plans. In comparison, the global wealth manager had posted £2.09 billion of annual net profit last year. The scandal-hit bank resorted to scrapping stock worth more than £1.44 billion to end exposure to Bill Hwang-run Archegos Capital Management. Credit Suisse also said on Tuesday that Brian Chin (investment banking head) and Lara Warner (Chief Risk and Compliance Officer) will be stepping down. Chief Executive Thomas Gottstein commented on the news on Tuesday and said: “The significant loss in our Prime Services business relating to the failure of a U.S.-based hedge fund is unacceptable. Serious lessons will be learned.” In separate news from Europe, France raised its stake by over 100% in Air France-KLM on Tuesday – a move that brought the airline holding company under the government’s wing. Tip: looking for an app to invest wisely? Trade safely by signing-up with our preferred choice, eToro: visit & create account Credit
A Times poll shows large majorities back spending on roads, ports, broadband and more. But Republicans aim to make corporate tax increases the issue.President Biden’s $2.3 trillion infrastructure plan has yet to win over a single Republican in Congress, but it is broadly popular with voters nationwide, mirroring the dynamics of the $1.9 trillion economic aid bill that Mr. Biden signed into law last month.The infrastructure proposal garners support from two in three Americans, and from seven in 10 independent voters, in new polling for The New York Times by the online research firm SurveyMonkey. Three in 10 Republican respondents support the plan, which features spending on roads, water pipes, the electrical grid, care for older and disabled Americans and a range of efforts to shift to low-carbon energy sources.That support is essentially unchanged from a month ago, when SurveyMonkey polled voter opinions on a hypothetical $2 trillion Biden infrastructure package, despite Republican attacks since the president outlined his American Jobs Plan in Pittsburgh at the end of March. And there is near-unanimous support for the plan from Democrats, whose confidence in the nation’s economic recovery has surged in the first months of Mr. Biden’s administration.“What we’ve seen with all