Credit Suisse Shares Fall Around 10% In Early Trading
October 3, 2022
Shares in beleaguered Swiss bank Credit Suisse fell around 10% in early trading, reflecting market concern about the group as it finalises a restructuring programme due to be announced on Oct. 27.
Credit Suisse has solid capital and liquidity, Chief Executive Ulrich Koerner told staff in a memo last week.
Credit Suisse executives spent the weekend reassuring large clients, counterparties and investors about its liquidity and capital position, the Financial Times reported on Sunday.
A spokesman for Credit Suisse declined to comment on the report when contacted by Reuters.
Executives made the calls after spreads Credit Suisse credit default swaps (CDS), which offer protection against a company defaulting, rose sharply on Friday in an indication of investor concerns.
Credit Suisse shares have fallen by more than half this year.
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