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Morning Briefing

Morning Briefing

Credit Suisse has reported its first full-year loss since the financial crisis in 2008 as a result of restructuring costs and an impairment charge for its investment banking operation.

"Market conditions in January 2016 have remained challenging and we expect markets to remain volatile throughout the remainder of the first quarter of 2016 as macroeconomic issues persist," said Tidjane Thiam, who became CEO of the bank last July.

The bank reported a net loss of 2.94 billion Swiss francs ($2.92 billion) for 2015 and booked a 3.84 billion Swiss francs goodwill impairment charge which largely related to the acquisition of Donaldson, Lufkin & Jenrette in 2000.

Montreal-based Blockstream has raised $55m in Series A funding as it continues to expand bitcoin's code base for commercial usage. The company's key technology is 'sidechains', which facilitates the creation of blockchains that can interact with other blockchains to validate data or transfer assets.

Inflation-plagued Venezuela ordered five billion bank notes from overseas companies in the latter half of 2015 and plans to order ten billion more, effectively doubling the amount of cash in circulation, according to the Wall Street Journal.

Some staff at Commonwealth Bank of Australia were allegedly complicit in a A$76 million Ponzi scheme which was ignored by the bank's management for nearly five years, according to the Sydney Morning Herald. The alleged architects of the scheme will face court in February 2017.

Down payments cut to boost China's housing market
Japanese bank creates MUFG Coin for distributed ledger experiment
Deutsche Bank must face U.S. lawsuit over $3.1 billion mortgage loss: judge
Digital transformation driving earnings at BBVA
Wells Fargo to Pay $1.2 Billion Over Faulty Mortgages

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