Credit Suisse shares sink to record low
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Credit Suisse shares sink to record low after troubled lender begins polling shareholders for cash
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Credit Suisse shares plunged to a record low after the troubled lender began polling shareholders for cash.
The Swiss bank, embroiled in scandals, is trying to strengthen its balance sheet.
Distressed: Swiss bank embroiled in scandal is trying to strengthen its balance sheet
Shares slid to an all-time low of 4.07 Swiss francs yesterday, down 13.66 percent.
Credit Suisse is reviewing options for its investment bank, which could mean splitting it and selling its most profitable parts. A drastic option is to shut down most of its US operations.
Christian Schmidiger, an analyst at ZKB, said Credit Suisse needed up to an additional £3.7 billion, adding that this would mean “significant dilution for existing shareholders” as investors pour money into it.
The bank’s reputation has been tarnished by scandals, including corporate espionage and its investment in collapsed Greensill Capital.