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Credit Suisse shares fall 26% to record low as top shareholder rules out investing more
![Credit Suisse shares fall 26% to record low as top shareholder rules out investing more]()
Credit Suisse shares have tumbled further, by 26% to a new record low of 1.68 Swiss francs, as the selloff gathered pace. Credit Suisse shares fall 26% to record low as top shareholder rules out investing more
Credit Suisse shares have tumbled further, by 26% to a new record low of 1.68 Swiss francs, as the selloff gathered pace.
The bank’s chairman, Axel Lehmann, said this morning that government assistance “isn’t a topic” for the lender as the scandal-hit Swiss bank seeks to shore up confidence among clients, shareholders and regulators, Bloomberg News reported.
Speaking at the Financial Sector Conference in Saudi Arabia, Lehmann said it wouldn’t be accurate to compare Credit Suisse’s current problems with the recent collapse of Silicon Valley Bank (SVB), particularly because the banks are regulated differently.
We have strong capital ratios, a strong balance sheet.
We already took the medicine,
he said, referring to the extensive restructuring programme announced in October, to turn it into “the new Credit Suisse”.
