Credit Swiss's Wealth Management Division Is Taking a Big Hit, Owen?

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Owen: The big dominant story coming into these results is a huge outflow of assets from its wealth business. He says the root cause of that was some incredibly damaging social media rumors right at the start of October. So they're really suffering at all angles at this point, he says. Owen: Credit Swiss's plan for investment banking will be to spin off the bank. But first step with that plan is to buy a boutique advisory firm called M-Cline and Company.

China has pulled back from an internet pipeline connecting Asia with Europe, activist investor Nelson Peltz has called off his fight against Disney, and Americans are expected to wager a record $16bn on Sunday’s Super Bowl. Plus, the FT’s Owen Walker talks about Credit Suisse’s worse-than-expected earnings report and the bank’s plan to save itself.

Mentioned in this podcast:

China pulls back from global subsea cable project amid US tensions

Nelson Peltz calls off Disney proxy fight

Credit Suisse slumps to biggest annual loss since financial crisis

US gamblers expected to bet record amounts on Superbowl

Sound credit: CNBC: Activist investor Nelson Peltz declares Disney proxy fight is over after Iger unveils restructuring

Sound Credit: Ad Age's Super Bowl Archive

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The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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