Credit Suisse stock

2023 - 3 - 15

Credit Suisse shares slide 24%, trading halted after Saudi backer ... (CNBC)

Shares of embattled bank Credit Suisse hit another all-time low for a second consecutive day as the bank's biggest backer says it can't provide more ...

We are all hands on deck. Trading in the bank's plummeting shares was halted several times throughout the morning. London time, but was still down more than 20% on the day. "We cannot because we would go above 10%. Meanwhile, speaking to CNBC's Hadley Gamble during a panel session in Riyadh on Wednesday morning, Credit Suisse Chairman Axel Lehmann declined to comment on whether his firm would need any sort of government assistance in the future. - Speaking to CNBC's Hadley Gamble during a panel session in Riyadh on Wednesday morning, Credit Suisse Chairman Axel Lehmann declined to comment on whether his firm would need any sort of government assistance in the future.

Credit Suisse Stock Plunges To Record Low As Bank Concerns Grow (Forbes)

Trading in Credit Suisse shares was halted as they fell by as much as 21% in Zurich on Wednesday.

[delayed](https://www.cnbc.com/2023/03/09/credit-suisse-to-delay-its-2022-annual-report-after-a-late-call-with-the-sec.html) annual report for 2022 on Tuesday, Credit Suisse revealed high cash outflows and [said](https://www.forbes.com/sites/siladityaray/2023/03/14/credit-suisse-finds-material-weaknesses-in-its-financial-reporting-process/?sh=265824bb419e) it found weaknesses in its financial reporting. banks Silicon Valley Bank and Signature. The bank’s poor performance in 2022 follows years of controversies including links with investment firm Archegos and supply chain financing firm Greensill Capital—which collapsed and cost the bank [billions](https://www.forbes.com/sites/isabeltogoh/2021/11/04/credit-suisse-burned-by-archegos-and-greensill-scandals-shifts-focus-to-wealth-management-in-overhaul/?sh=2016c9052488)— [revelations](https://www.theguardian.com/news/2022/feb/20/credit-suisse-secrets-leak-unmasks-criminals-fraudsters-corrupt-politicians) numerous clients were involved with corruption, torture, trafficking and other serious crimes and a [spying](https://www.forbes.com/sites/isabeltogoh/2019/10/01/credit-suisse-executive-resigns-over-spy-scandal-that-has-rocked-switzerlands-banks/?sh=63fb620c137e) scandal. [Another Credit Suisse Crisis: Bank Finds 'Material Weaknesses' In Its Financial Reporting](https://www.forbes.com/sites/siladityaray/2023/03/14/credit-suisse-finds-material-weaknesses-in-its-financial-reporting-process/?sh=265824bb419e) (Forbes) Shares of BNP Paribas and Société Générale fell more than 10% in Paris, Santander more than 7% in Madrid and Deutsche Bank 8% in Frankfurt. [acknowledged](https://www.forbes.com/sites/siladityaray/2023/03/14/credit-suisse-finds-material-weaknesses-in-its-financial-reporting-process/?sh=265824bb419e) “material weaknesses” in its financial reporting processes that could lead to “misstatements” in its financial reports and that clients had pulled billions from the bank.

Credit Suisse stock plunges to new record low. What's going on? (Globalnews.ca)

The head of Credit Suisse Group's largest shareholder, Saudi National Bank (SNB), said on Wednesday it would not buy more shares in the Swiss bank on ...

“In the last couple of days as you might expect we’ve seen inflows,” Hamers said. The cost of insuring the company’s bonds against default shot up. Credit Suisse CEO Ulrich Koerner moved to calm nerves, saying the bank’s liquidity base remained strong and was well above all regulatory requirements. Swiss financial regulator FINMA and the nation’s central bank said on Wednesday that the Swiss National Bank would provide Credit Suisse CSGN.S liquidity “if necessary,” a first for a global bank since the financial crisis. “The Credit Suisse situation is for the Swiss authorities to deal with,” Borne said in the French Senate. Shares in Credit Suisse, which is battling to recover from a string of scandals that have undermined the confidence of investors and clients, were down about 17 per cent in early afternoon trading, after shedding as much as 30 per cent to a new record low.

Credit Suisse shares lose a quarter of their value as fears about ... (CBC.ca)

Battered shares of Credit Suisse lost more than one-quarter of their value Wednesday, hitting a record low after its biggest shareholder — the Saudi ...

"Credit Suisse was widely seen as the weakest link among Europe's large banks, but it is not the only bank which has struggled with weak profitability in recent years." The turmoil prompted an automatic pause in trading of Credit Suisse's shares on the Swiss market and sent shares of other European banks plunging by as much as double digits. That fanned new doubts about the bank's ability to weather the recent storm. When asked if he would rule out government assistance in the future, he said "that's not a topic. The shares have suffered a long, sustained decline: In 2007, they were trading at more than 80 francs each. Credit Suisse stock dropped more than 27 per cent, to about 1.6 Swiss francs ($2.39 Cdn), in mid-afternoon trading on the SIX stock exchange Wednesday.

Credit Suisse shares plunge, drag down European lenders (PBS NewsHour)

Shares in the globally connected Swiss bank Credit Suisse plunged and dragged down other major European lenders.

The Credit Suisse parent bank is not part of EU supervision but it has entities in several European countries that are. “Credit Suisse was widely seen as the weakest link among Europe’s large banks, but it is not the only bank which has struggled with weak profitability in recent years.” failures, that the bank would “very likely” increase its benchmark rates by a half percentage point to press its The central bank is considered less likely than national supervisors to look the other way at developing problems. A day earlier, Credit Suisse reported that managers had identified “material weaknesses” in the bank’s internal controls on financial reporting as of the end of last year. Credit Suisse stock dropped more than 27 percent, to about 1.6 Swiss francs ($1.73), before clawing back to a 22 percent loss at 1.75 francs ($1.89) on the SIX stock exchange. The turmoil prompted an automatic pause in trading of Credit Suisse shares on the Swiss market and sent shares of other European banks tumbling, some by double digits. The turbulence came a day ahead of a policy meeting by the European Central Bank. investment bank Lehman Brothers in 2008, analysts said, by transferring supervision of the biggest banks to the European Central Bank. The stock has suffered a long, sustained decline: In 2007, the bank’s shares traded at more than 80 francs ($86.71) each. Germany’s Deutsche Bank was down 8 percent, and Britain’s Barclays Bank was down nearly 8 percent. [WATCH: High inflation complicates Federal Reserve’s response to bank failures](https://www.pbs.org/newshour/world/eu-forecasts-recession-this-year-amid-persistent-inflation)

Credit Suisse stock slump triggers close monitoring by regulators (Financial Post)

ZURICH — Credit Suisse shares slumped by as much as 30% on Wednesday after its largest shareholder said it could not provide further support, prompting the…

Five-year credit default swaps on Credit Suisse debt widened to 574 basis points from 549 bps at last close, based on data from S&P Global Market Intelligence, a new record high. The cost of insuring the company’s bonds against default shot up. “In the last couple of days as you might expect we’ve seen inflows,” Hamers said. Credit Suisse CEO Ulrich Koerner moved to calm nerves, saying the bank’s liquidity base remained strong and was well above all regulatory requirements. Article content