S&P 500   3,892.64 (-0.21%)
DOW   31,198.89 (-0.17%)
QQQ   286.41 (-1.09%)
AAPL   136.38 (-0.71%)
MSFT   250.13 (-1.19%)
FB   192.48 (+0.62%)
GOOGL   2,161.83 (-2.08%)
AMZN   2,141.45 (-0.23%)
TSLA   652.22 (-8.06%)
NVDA   164.07 (-4.19%)
BABA   86.63 (-1.21%)
NIO   16.23 (-2.58%)
AMD   92.09 (-4.74%)
CGC   5.48 (-6.64%)
MU   68.23 (-1.69%)
T   20.30 (+0.45%)
GE   74.94 (-1.06%)
F   12.44 (-3.19%)
DIS   101.84 (-1.26%)
AMC   11.83 (-9.56%)
PFE   52.28 (+3.22%)
PYPL   80.24 (-1.28%)
NFLX   184.52 (+0.57%)
S&P 500   3,892.64 (-0.21%)
DOW   31,198.89 (-0.17%)
QQQ   286.41 (-1.09%)
AAPL   136.38 (-0.71%)
MSFT   250.13 (-1.19%)
FB   192.48 (+0.62%)
GOOGL   2,161.83 (-2.08%)
AMZN   2,141.45 (-0.23%)
TSLA   652.22 (-8.06%)
NVDA   164.07 (-4.19%)
BABA   86.63 (-1.21%)
NIO   16.23 (-2.58%)
AMD   92.09 (-4.74%)
CGC   5.48 (-6.64%)
MU   68.23 (-1.69%)
T   20.30 (+0.45%)
GE   74.94 (-1.06%)
F   12.44 (-3.19%)
DIS   101.84 (-1.26%)
AMC   11.83 (-9.56%)
PFE   52.28 (+3.22%)
PYPL   80.24 (-1.28%)
NFLX   184.52 (+0.57%)
S&P 500   3,892.64 (-0.21%)
DOW   31,198.89 (-0.17%)
QQQ   286.41 (-1.09%)
AAPL   136.38 (-0.71%)
MSFT   250.13 (-1.19%)
FB   192.48 (+0.62%)
GOOGL   2,161.83 (-2.08%)
AMZN   2,141.45 (-0.23%)
TSLA   652.22 (-8.06%)
NVDA   164.07 (-4.19%)
BABA   86.63 (-1.21%)
NIO   16.23 (-2.58%)
AMD   92.09 (-4.74%)
CGC   5.48 (-6.64%)
MU   68.23 (-1.69%)
T   20.30 (+0.45%)
GE   74.94 (-1.06%)
F   12.44 (-3.19%)
DIS   101.84 (-1.26%)
AMC   11.83 (-9.56%)
PFE   52.28 (+3.22%)
PYPL   80.24 (-1.28%)
NFLX   184.52 (+0.57%)
S&P 500   3,892.64 (-0.21%)
DOW   31,198.89 (-0.17%)
QQQ   286.41 (-1.09%)
AAPL   136.38 (-0.71%)
MSFT   250.13 (-1.19%)
FB   192.48 (+0.62%)
GOOGL   2,161.83 (-2.08%)
AMZN   2,141.45 (-0.23%)
TSLA   652.22 (-8.06%)
NVDA   164.07 (-4.19%)
BABA   86.63 (-1.21%)
NIO   16.23 (-2.58%)
AMD   92.09 (-4.74%)
CGC   5.48 (-6.64%)
MU   68.23 (-1.69%)
T   20.30 (+0.45%)
GE   74.94 (-1.06%)
F   12.44 (-3.19%)
DIS   101.84 (-1.26%)
AMC   11.83 (-9.56%)
PFE   52.28 (+3.22%)
PYPL   80.24 (-1.28%)
NFLX   184.52 (+0.57%)

Credit Suisse chairman resigns after internal investigation

Monday, January 17, 2022 | Jamey Keaten, Associated Press


Then Abbey Bank's chief executive Antonio Horta-Osorio waits for his car to arrive after giving evidence to the Treasury Select Committee of British lawmakers at the Palace of Westminster in London, Wednesday, Jan. 11, 2009. Credit Suisse says its chairman Antonio Horta-Osorio has resigned following an internal probe that reportedly turned up that he had violated quarantine rules intended to fight the COVID-19 pandemic. The resignation of Horta-Osorio, a British-Portuguese national who took the job barely eight months ago, was announced shortly after midnight Monday, Jan. 17, 2022. (AP Photo/Alastair Grant, File)

GENEVA (AP) — Credit Suisse said Monday that its chairman has resigned following an internal investigation that reportedly found he violated quarantine rules intended to fight the COVID-19 pandemic.

The resignation of Antonio Horta-Osorio, a British-Portuguese national who took the job barely eight months ago, was announced shortly after midnight Monday. It is the latest upheaval at the top-drawer Swiss bank that has faced an array of recent troubles including bad bets on hedge funds and an internal spying scandal.

“I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally,” Horta-Osorio, 57, said in a statement from the bank, without elaborating.

“I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time.”

Axel Lehmann, a Swiss national and former executive at rival bank UBS who joined the Credit Suisse board in October, will take over as chairman.

Credit Suisse said Lehmann “succeeds Antonio Horta-Osório, who resigned following an investigation commissioned by the board.” It did not elaborate, and bank spokesman Dominik von Arx declined to comment beyond the news release.

Swiss media reported Monday that Horta-Osorio, a former CEO of Lloyds Banking Group in Britain, had violated quarantine rules, including traveling to Britain in December and to the Wimbledon tennis tournament over the summer.

Online news service finews.com, citing two sources familiar with the situation, reported in late December that Horta-Osorio was being investigated over allegations of breaking quarantine.

Leo-Philippe Menzel, a spokesman for the public prosecutor's office in the Swiss region of St. Gallen, confirmed that it had received a notice from Horta-Osorio that he might have breached COVID-19 rules and was in the process of examining it.


The resignation comes after another tough year for Credit Suisse. In October, it announced settlements totaling nearly $700 million with British and U.S. authorities over lending to Mozambique state-owned companies that Swiss regulators say violated anti-money laundering rules.

The Swiss financial markets authority in April announced an investigation and is looking into possible penalties against Credit Suisse after the bank announced it was taking a 4.4 billion Swiss franc ($4.7 billion) charge linked to a default on margin calls by U.S.-based Archegos Capital.

Credit Suisse did not identify what it called only a “U.S.-based hedge fund” — but the authority, known as FINMA, did.

FINMA also confirmed proceedings against the bank over its so-called supply chain finance funds, or financial instruments reserved for select clients. The bank announced a pause in redemptions and subscriptions in the funds over insolvency issues linked to partner Greensill Capital.

In 2020, bank CEO Tidjane Thiam resigned after nearly five years on the job, acknowledging that a spying scandal caused “anxiety and hurt” and tarnished the reputation of Credit Suisse. The scandal erupted in 2019 after its former wealth management chief, Iqbal Khan, said the bank was spying on him after he joined UBS.

___

Associated Press reporter Frank Jordans contributed from Berlin.


7 Small-Cap Stocks that Present Long-Term Growth Opportunities

Before you invest in small-cap stocks, you should be comfortable with the risk that they present. By definition, a small-cap stock is one that has a market capitalization of less than $2 billion. But this leaves them prone to volatility. And when the market goes through a sell-off or correction these stocks can suffer steep losses.

Those concerns are being amplified as the Federal Reserve is pledging to raise interest rates as part of their efforts to implement a less accommodative monetary policy. And that means if your investment timeline ends in the next few years, you may want to look elsewhere.

However, if you have a longer time horizon, quality small-cap stocks have historically provided investors with an opportunity for high growth.  In this special presentation, we're looking at seven small-cap stocks. Some have an interesting story that is playing out right now. Others have a narrative that should provide a catalyst for the stock once the economy is back on firm footing.

Here are seven small-cap stocks we believe deserve a closer look.



View the "7 Small-Cap Stocks that Present Long-Term Growth Opportunities".


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