Shares in Credit Suisse plunged on Monday as fears mount over the financial health of the Swiss bank. Its shares fell by about 10%, after the bank’s boss failed to reassure investors.
Last week, chief executive Ulrich Koerner insisted in a memo to staff that Credit Suisse’s financial position was solid. It comes ahead of a restructuring plan due when the bank reports results at the end of October.
Sources close to the bank confirmed a report in the Financial Times that executives at the Swiss bank spent much of the weekend seeking to calm key stakeholders about its financial strength.
A Credit Suisse spokesperson refused to comment. In last week’s memo, Mr Koerner told staff: “I trust that you are not confusing our day-to-day stock price performance with the strong capital base and liquidity position of the bank.
“We are in the process of reshaping Credit Suisse for a long-term, sustainable future – with significant potential for value creation.
“I am confident we have what it takes to succeed.”
Source: bbc.com
