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Credit Suisse shares sink to record low on recovery report – Business & Finance NewsPipa

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ZURICH: Shares in Credit Suisse plunged to record lows on Friday on reports of sweeping reforms after a spate of scandals.

Shares sank as much as nine percent before paring some losses to trade at 4.23 Swiss francs ($4.32).

On Thursday, the Financial Times reported that Credit Suisse plans to split its investment bank into three parts to curb capital growth.

There was also speculation that Switzerland’s second bank was looking to raise capital.

A bank spokeswoman denied other reports that Credit Suisse plans to exit the US market.

“Any reports suggesting otherwise are patently false and completely unfounded,” the spokesman told AFP in an email.

Credit Suisse declined to comment on other rumours, saying: “We said we would update on the progress of our comprehensive strategy review when we announce our third quarter earnings; Before then it would be premature to comment on any possible outcome.”

Ulrich Koerner took on the massive task of reviving Credit Suisse in early August as chief executive.

The bank was rocked by the collapse of British financial firm Greenseal, which committed nearly $10 billion through four funds, and then by the implosion of US fund Archegos, which cost more than $5 billion.

In October, US and British authorities also fined Mozambican state-owned companies $475 million for lending.

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