David Mathers, Head of IB Finance at Credit Suisse, presented at the Goldman Sachs European Financials Conference. He discussed Credit Suisse's earnings power, disciplined risk reduction, strong capital and liquidity position, and adapting the originate and distribute model for the future. Key points included Credit Suisse benefitting from a diversified business, making progress reducing risky exposures, maintaining a strong capital position, and the changing competitive landscape requiring structural changes to the originate and distribute model, with implications for portfolio management and capital.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
2008-06-12 Goldman Sachs European Financials Conference, Berlin
1. Goldman Sachs European Financials
Conference
Panel: “Adapting the model: The originate and distribute
model of the future”
Berlin, Germany
June 12, 2008
David Mathers, Head of IB Finance
2. Cautionary statement
Cautionary statement regarding forward-looking and non-GAAP information
This presentation contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995.
Forward-looking statements involve inherent risks and uncertainties, and we might not be
able to achieve the predictions, forecasts, projections and other outcomes we describe
or imply in forward-looking statements.
A number of important factors could cause results to differ materially from the plans,
objectives, expectations, estimates and intentions we express in these forward-looking
statements, including those we identify in quot;Risk Factorsquot; in our Annual Report on Form
20-F for the fiscal year ended December 31, 2007 filed with the US Securities and
Exchange Commission, and in other public filings and press releases.
We do not intend to update these forward-looking statements except as may be required
by applicable laws.
This presentation contains non-GAAP financial information. Information needed to
reconcile such non-GAAP financial information to the most directly comparable measures
under GAAP can be found in Credit Suisse Group's first quarter report 2008.
Goldman Sachs European Financials Conference
Slide 2
3. Earnings Power
Disciplined Approach to Risk Reduction
Strong Capital and Liquidity Position
Adapting the Model: The Originate and Distribute
Model of the Future
Goldman Sachs European Financials Conference
Slide 3
4. Credit Suisse has significant earnings power
Benefit from a diversified and integrated global business
Private Banking continues to deliver good results
Solid results across most Investment Banking and Asset Management
businesses, masked by valuation reductions
Well positioned to create long-term value and seize
opportunities that arise from market dislocation
Goldman Sachs European Financials Conference
Slide 4
5. A diversified earnings mix
Private Banking Investment Banking Asset Management
CHF m
2,502
1,439 1,990
1,381 1,377 1,324
1,289
1)
527
1)
191
299
257 1)
6 45 98
(247)
(468)
(849)
(3,460)
1Q07 2Q07 3Q07 4Q07 1Q08 1Q07 2Q07 3Q07 4Q07 1Q08 1Q07 2Q07 3Q07 4Q07 1Q08
! Stable results in challenging ! Most businesses performing well; ! Stable recurring management fees
environment some at record levels ! Strong performance across most
! Good asset inflows and hiring ! Significant writedowns in leveraged businesses
momentum for Relationship finance and structured products ! Valuation adjustments on our money
Managers market assets
! Continued international expansion
1) Before losses from securities purchased from our money market funds
Goldman Sachs European Financials Conference
Slide 5
6. Fixed income revenues outside most affected areas
at same level as very strong 1Q07
Fixed income trading and debt underwriting revenues
CHF m
! Negative revenues in 1Q08
driven by valuation reductions in
structured products and
1,226 leveraged finance
4,325
1,659 1,647 ! Very strong results in global
rates and FX
! Strong results in emerging
markets and proprietary trading
! 1Q08 adjusted revenues include
(1,440)
fair value reductions of CHF 0.5
Add back
bn on corporate loan book
1Q08 Deduct 1Q08 1Q07
structured
revenues 1Q08 fair adjusted adjusted 2)
products and value revenues revenues
leveraged finance gains on
revenues 1) own debt
1) Total structured products and leveraged finance revenues excluding valuation adjustments of CHF 709 m reported in 'Other' revenues
2) Excluding revenues from structured products and leveraged finance businesses and converted into Swiss francs applying the 1Q08 average exchange rate to adjust for foreign exchange rate impact
Goldman Sachs European Financials Conference
Slide 6
7. Equity trading with solid performance in light of market
conditions
Equity trading net revenues
CHF m
! Stable client-related businesses
! Good results in the global cash business
driven by higher trading volumes,
increased client flows and strong AES
performance
2,475
2,171 2,068
! Prime Services achieved record revenues
1,379
in 1Q08 with strong growth in client
1,037
balances and new client mandates
! Losses in equity proprietary trading in
1Q07 2Q07 3Q07 4Q07 1Q08
1Q08 compared to a strong 1Q07
AES = Advanced Execution Services, our electronic trading platform
Goldman Sachs European Financials Conference
Slide 7
8. Disciplined approach to cost management in Investment
Bank
General & administrative expenses
CHF m
! Flexibility of cost base positions us well
in current markets and going forward
941
864
827
! Continued focus on reducing G&A
803 748
expense
(10)%
! Despite headcount growth, G&A
expense trend shows improvement
1Q07 2Q07 3Q07 4Q07 1Q08
Goldman Sachs European Financials Conference
Slide 8
9. Continued revenue diversification
Prime Services Quarterly Revenue Growth
! Record quarter with increased client balances and
new client mandates
125%
− Our chargeable balances are up 59% from the
beginning of 2007
! Credit Suisse viewed as a strong counterparty and
a “safe haven” in this market given strength and
stability of funding and liquidity
1Q07 2Q07 3Q07 4Q07 1Q08
Life Finance Quarterly Revenue Growth
! Dominant market position in trading and
distributing both longevity and mortality risk
! Trading in both physical (life settlements, premium
446% finance) and synthetic (swaps, structured notes)
forms
! Expanding internationally (Europe in 2008, Asia in
1Q07 2Q07 3Q07 4Q07 1Q08
2009)
Goldman Sachs European Financials Conference
Slide 9
10. Growing collaboration revenues
2007 collaboration revenues Key collaboration initiatives
in CHF bn and growth % vs. 2006
! Asset referrals
CHF 3.1 bn 1 ! Structured Investment Products
+5% 2 ! UHNW client solutions
Private Asset
! Increase penetration of Managed
Banking Management
Investment Products
2 ! Product innovation
CHF 2.3 bn CHF 0.5 bn
! Private Equity/Hedge Fund distribution
+43% 1 +54% 3
! Alternative investments distribution
Investment
! Pension / Insurance solutions
3
Banking
! Fund linked products & Hedge Fund
referrals
Grow collaboration revenues from CHF 5.9 bn in 2007
to over CHF 10 bn in 2010 (+20% p.a.)
Goldman Sachs European Financials Conference
Slide 10
11. Earnings Power
Disciplined Approach to Risk Reduction
Strong Capital and Liquidity Position
Adapting the Model: The Originate and Distribute
Model of the Future
Goldman Sachs European Financials Conference
Slide 11
12. Significant progress in reducing risk positions
Exposures and writedowns in CHF bn
Leveraged finance Commercial mortgages
Net writedowns: Net writedowns:
Origination- 59 2007 (0.8) 2007 (0.6)
-64% -46%
1Q08 (1.7) 1Q08 (0.8)
36
based
35 26
19
21
(exposures
Funded
shown gross)
Unfunded
3Q07 4Q07 1Q08 3Q07 4Q07 1Q08
Residential mortgages 1) CDO trading 2)
Net writedowns: Net writedowns:
Trading- 2007 (0.5) 2007 (1.3)
-66% -70%
16 1Q08 (0.1) 1Q08 (2.7)
2.3
based 3.9
1.6
9
(exposures 1.6
6 0.7
shown net) Subprime
1.1
Other
3Q07 4Q07 1Q08
3Q07 4Q07 1Q08
1) All non-agency business, including higher quality segments; global total 2) Year-end positions related to US subprime; total IB subprime is CHF 3.2 bn (across RMBS & CDOs)
Goldman Sachs European Financials Conference
Slide 12
13. Earnings Power
Disciplined Approach to Risk Reduction
Strong Capital and Liquidity Position
Adapting the Model: The Originate and Distribute
Model of the Future
Goldman Sachs European Financials Conference
Slide 13
14. Maintained strong capital position following transition to
Basel II
! Weakening of US dollar reduces both risk-
BIS Tier 1 ratio in %
weighted assets and capital position
Risk-weighted assets in CHF bn
! Managed to grow capital without having to
13.9
dilute existing shareholders
13.0 12.0
11.1
11.3
10.0 9.8
− Issued CHF 1.5 bn of hybrid tier 1 capital
! Reduced share repurchase activity
324
312 301
299
296
254 ! Strong capital base and conservative liquidity
233
position as competitive advantage
(7)%
! Continue to prudently manage our balance
sheet, exposures and capital
2005 2006 2Q07 3Q07 4Q07 4Q07 1Q08
Basel I Basel II
Goldman Sachs European Financials Conference
Slide 14
15. Earnings Power
Disciplined Approach to Risk Reduction
Strong Capital and Liquidity Position
Adapting the Model: The Originate and Distribute
Model of the Future
Goldman Sachs European Financials Conference
Slide 15
16. Adapting the model: The originate and distribute model of the
future
Changing competitive landscape
Shrinking universe of buyers, particularly in Europe
Reduced market size / simpler deal structures – “Back to the Future”
Higher proportion of deals retained capital cost implications / regulation?
Credit Suisse is well positioned when business recovers
due to franchise leadership and world class distribution
Goldman Sachs European Financials Conference
Slide 16
17. Revenue by business as a % of Credit Suisse Group revenues
2007 Credit Suisse Revenue1) 2006 Credit Suisse Revenue1)
Leveraged Finance C DO
C M BS
CMBS RM BS
3% 2% Leveraged Finance
4%
1% Asset Management 3%
7%
7%
Private Banking
33%
Private Banking
Investment Banking (ex.
39% Investm ent
CMBS and Lev Fin)
Banking (ex. SP
50%
and Lev Fin)
43%
Asset M anagem ent
8%
! RMBS, CMBS and Leveraged Finance are important businesses for Credit Suisse
Group
! However, IB has substantially diversified its business portfolio over the last five years,
both broadening its FID franchise and developing the market position, breadth and
financial performance of its Equity business
1) Based on Core Results
Goldman Sachs European Financials Conference
Slide 17
18. Adapting the model: Leveraged finance
! Fewer competitors, more rational
Competitive Landscape marketplace
! Changing buyer universe
! Average exposures (and resulting revenues)
“Back to the Future” will come down
! Target portfolio exposure $15-20bn
! Less aggressive deal structures
Implications for Credit Suisse Model
! Time to market / time to exit
Portfolio Management Orientation
! Probability of closing
! Managing distribution
Goldman Sachs European Financials Conference
Slide 18
19. Adapting the model: CMBS
! Shrinking investor base
Competitive Landscape
! Significant opportunities in emerging
markets, especially in Asia
! Liquidity recovering in US; European
markets remain slow
! Gradual ramp up in origination activity
“Back to the Future”
! Industry-wide focus on credit quality of
underlying real estate collateral
Implications for Credit Suisse Model
! Exit strategy: less reliance on securitization,
Structural Changes more on syndications, loan sales and private
placements
! Possibly need to retain higher percent of
capital structure to facilitate transactions with
consequent capital implications
! Credit Suisse has the people, industry
expertise and distribution in place
Goldman Sachs European Financials Conference
Slide 19
20. Adapting the model: RMBS
! Number of competitors down due to higher
Competitive Landscape capital costs of originate to distribute
! Non-agency market collapsed / conduit
model (originate to securitize) is gone
! Only portfolio lenders are originating
! Remaining players distressed trading and
agency lending
! Limited buyer universe
! Late 1990s issuance levels (approximately
“Back to the Future” half 2006 levels)
! Plain vanilla products / LTVs coming down
Implications for Credit Suisse Model
! Securitizations will re-emerge first for
Structural Changes portfolio lenders
! Retain a more significant portion of the risk
with consequent capital implications
Goldman Sachs European Financials Conference
Slide 20
21. Current market conditions validate Credit Suisse strategy
Importance of geographic and product diversity
Value of franchise leadership
Use of ERC model and appropriate charging for capital
Integrated Bank as differentiator
Importance of strong capital and liquidity position
Well positioned to create long-term value and seize
opportunities that arise from market dislocation
Goldman Sachs European Financials Conference
Slide 21