FT News Briefing A new CEO for Credit Suisse
Jul 27, 2022
Walmart's profit warnings reveal stark differences in consumer behavior in the US amidst soaring inflation. The International Monetary Fund has downgraded its global growth forecast, raising concerns. Meanwhile, in Argentina, citizens scramble to exchange pesos for dollars in the black market as their economy worsens. The tumultuous reign of Credit Suisse's former CEO is recounted, highlighting major scandals that have impacted the bank's reputation and stability.
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Credit Suisse CEO Departure
- Credit Suisse CEO Thomas Gottstein's departure marks the end of a turbulent era.
- His tenure, marked by scandals like Greensill and Archegos, will be remembered as a challenging period.
Diverging US Consumer Behavior
- US consumer behavior is diverging, with lower-income households cutting back due to inflation.
- Wealthier consumers continue spending, creating mixed signals for the economy.
Argentina's Black Market Boom
- Argentinians are turning to the black market to exchange pesos for dollars due to economic instability and inflation.
- This is driven by a lack of dollar reserves and the resignation of the economy minister, Martin Guzman.