Credit Suisse To Deal With Heavy Losses In Shares

Credit Suisse shares continue to slide off as the bank recently reported its latest heavy losses and watching the situation “very closely.”

The bank’s shares were 1.1%  lower in premarket activity on the Swiss Market Index. Their stocks also fell 14.7% to ₣2.77, valuing the lender at 11.1 billion Swiss francs (CHF).

Credit Suisse warned that further “substantial” losses will be expected in 2023 as clients pulled out billions from the bank, which has been surrounded by a series of scandals and blunders.

Swiss regulator Finma said that while Credit Suisse’s liquidity buffers had a stabilizing effect on the bank and are being rebuilt, the Swiss regulator “monitors banks very closely during such situations.”

Other banks such as Morgan Stanley, Barclays, and RBS all cut their target prices and downgraded their outlook for Credit Suisse’s shares, adding to the negative sentiment around the bank.

Source: Inquirer.net