Credit Suisse shares plunged in early trade Friday after Swiss authorities said the bank will borrow up to 50 billion Swiss francs from the Swiss National Bank. The shares were trading 4.6% lower by 10:18 a.m. London time. The slide to Wednesday’s low came after top investor the Saudi National Bank revealed it would not provide the bank with any more cash due to regulatory requirements. The bank is undergoing a massive strategic overhaul aimed at restoring stability and profitability after a litany of losses and scandals. The restructure involves the spin-off of the investment bank to form U.S.-based CS First Boston, a steep reduction in exposure to risk-weighted assets, and a $4.2 billion capital raise funded in part by the 9.9% stake acquired by the Saudi National Bank. However, capital markets and stakeholders appear unconvinced. The share price has fallen sharply over the last year and Credit Suisse has seen huge outflows in assets under management
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