Credit Suisse shares hit new low – Reuters

ZURICH, March 13 (Reuters) – Credit Suisse (CSGN.S) shares hit a new record low in morning trading on Switzerland's stock exchange.
Bank shares in Europe and Asia plunged on Monday as the collapse of startup-focused Silicon Valley Bank continued to batter markets, while U.S. large banks failed to hold onto a brief premarket rally after authorities moved to stem the contagion.
The bank's shares tumbled over 12% and were trading at 2.20 Swiss francs ($2.41) per share, down from a previous low of 2.41 francs hit on Friday. They are down almost 20% year to date.
Credit Suisse's debt was also falling on Monday, with the lender's U.S. dollar perpetual bonds being hit most and declining between five and ten cents on the dollar, Refinitiv Eikon data showed.
Struggling to recover from a string of scandals, Switzerland's second-biggest bank has begun a major overhaul of its business, cutting costs and jobs and creating a separate business for its investment bank under the CS First Boston brand.
Last week it announced it was delaying the publication of its annual report following a call from the U.S. Securities and Exchange Commission.
Europe's STOXX bank index (.SX7P) was down 5.7%, having shed 3.78% on Friday, leaving it on track for its biggest two-day fall since Russia began its invasion of Ukraine in February 2022.
(This story has been refiled to add the dropped words "five and ten cents" in paragraph 4)
Our Standards: The Thomson Reuters Trust Principles.
U.S. safety authorities said on Friday they are investigating whether an advanced driver assistance system was in use when a Tesla struck a 17-year-old student that exited a school bus in North Carolina.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2023 Reuters. All rights reserved


Leave a Reply

Your email address will not be published. Required fields are marked *

Translate »