Swiss banking giant’s top shareholder said he would not plow more money into his stake, which has shed a third of its value in just three months.
The cost of insuring the company’s bonds against default also shot up.
Five-year credit default swaps on Credit Suisse debt widened to 533 basis points from 549 bps at last close, according to data from S&P Global Market Intelligence. Credit Suisse on Tuesday published its annual report for 2022 saying the bank had identified “material weaknesses” in controls over financial reporting and not yet stemmed customer outflows.
Switzerland’s second-biggest bank is seeking to recover from a string of scandals that have undermined the confidence of investors and clients.Axel Lehmann, the chairman of Credit Suisse,Shares of Credit Suisse were trading at near-record lows for a second consecutive day on Wednesday.When asked if the bank would accept government assistance, Lehmann replied: “That’s not the topic.”“We are all hands on deck. So that’s not the topic whatsoever.
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