Credit Suisse Group has agreed to pay US$885m to settle lawsuits by the US Federal Housing Finance Agency (FHFA) over mortgages sold to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation – aka Fannie Mae and Freddie Mac.
Switzerland’s second-biggest bank said that it will book a charge of 275m Swiss francs (CHF) or US$312m after taxes in the fourth quarter of 2013, resulting in a restatement of results to a net loss of CHF8m for the period.
Credit Suisse was one of 18 lenders sued by the FHFA in 2011 to recoup losses on about US$200bn in mortgage-backed securities sold to the two government-sponsored companies before the 2008 financial crisis. Nine companies, including JPMorgan Chase, Deutsche Bank and UBS have agreed to pay more than US$9.2bn to settle similar lawsuits by FHFA.
Cash-flow based metrics now feature prominently alongside traditional revenue measures of business performance in the key figures or financial summary pages of any public company.
GTNews asks Pugsley about what advice she would give to treasurers dealing with mergers and acquisitions, what the key challenges for her year ahead will be and how she is selecting a treasury management system (TMS).
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
Tim de Knegt, strategic finance and treasury manager for the Port of Rotterdam, discusses how he is using blockchain, the challenges he will face in his role of treasury over the next 12 months and the advice he would give to someone starting out their career in treasury.