Credit Swiss - Michael Klein Is Incredibly Important

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Michael Klein's role is very much about creating value out of an investment bank that has really been undervalued by the market. If credit rating agencies downgrade it with one S&P, these would have huge ramifications and would potentially derail this destruction plan. At the moment, it seems like that plan is okay. It's in sound footing, but it's a long, long painful journey to get where they need to be.

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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