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Energy : Energy Equipment & Services | Small Cap Growth
Company profile

RPC, Inc. is a holding company of Cudd Energy Services, Cudd Pressure Control, Thru Tubing Solutions and Patterson Services. The Company provides a range of oilfield services and equipment primarily to independent and oilfield companies, which is engaged in the exploration, production and development of oil and gas properties throughout the United States, including the Gulf of Mexico, mid-continent, southwest, Appalachian and Rocky Mountain regions, and in selected international markets. It has two segments. Technical Services segment includes its oil and gas services, which utilizes people and equipment to perform value-added completion, production and maintenance services directly to a customer well. Support Services segment includes all of the services, which provides equipment offered off the well site without it personnel and services, which are provided in support of customer operations off the well site such as classroom and computer training, and other consulting services.

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Credit Suisse mulling investment bank split into three: report

5:12 am ET September 22, 2022 (MarketWatch)

By Anviksha Patel

Swiss bank Credit Suisse is reportedly considering splitting its investment bank into three as part of a new strategy to save itself from years of scandal.

The Financial Times reports that the lender's proposal entails dividing the group into three parts: an advisory part of the business, a "bad bank" to hold risky assets, and everything else. Credit Suisse (CSGN.EB) is planning to reveal the new strategy at its third-quarter results on Oct 27, which the FT reports will include thousands of job cuts.

Credit Suisse shares slipped 1% in Zurich trade. The stock has slumped 45% this year.

Ulrich Körner was appointed chief executive during the summer to shake-up the bank after a number of scandals rocked the bank's public image. The bank had already announced it would make an update on its strategy at the results. The bank told MarketWatch it would be "premature to comment on any potential outcomes" before then.

Earlier this month, Bloomberg reported that the board could revive its First Boston brand and was considering offering investment bankers an equity stake in the business, a proposal raised at an internal town hall.

But the FT cited sources close to the board's discussion that the idea was not a priority.

The board has also reportedly discussed bringing back a strategic resolution unit -- used under former chief executive Tidjane Thiam -- which would combine the high-risk assets and non-core businesses and allow the bank to wind down challenging positions and sell its profitable securitised products business.

Scandals galore

Körner was appointed to replace Thomas Gottstein during the summer after a number of scandals, lawsuits and poor trading rocked the reputation of Europe's largest bank.

Credit Suisse has racked up losses as it deals with the fallout from the implosion at Archegos Capital Management as well as the collapse at Greensill Capital.

Former head honcho Tidjane Thiam stepped down in February 2020 for failing to manage a corporate spying scandal.

This month, Credit Suisse Groupannounced it would sell its Singapore global trust business, as it faced a $1.27 billion damages claim from Georgia's former prime minister Bidzina Ivanishvili who accused the bank unit for failing to protect his investments.

-Anviksha Patel


(END) Dow Jones Newswires

September 22, 2022 05:12 ET (09:12 GMT)

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