Wall Street: Credit Suisse falls short of the minimum required to go public

The New York Stock Exchange has notified Credit Suisse that does not meet the necessary requirements to be listed on the US stock market, which requires companies to maintain the individual price of their shares at at least one dollar for thirty consecutive trading days.

Despite its purchase by UBS on March 19, Credit Suisse continues to be listed separately both on the Zurich Stock Exchange and, in an associated way, on Wall Street, through the so-called American Depositary Shares (depository shares) associated with the shares in the swiss market.

Both the shares in Switzerland and their counterparts on Wall Street have been below the dollar since the purchase by UBS, hovering between 60 and 90 Swiss franc cents (or US cents) per share, roughly.

Credit Suisse, which received this notification on May 1, said today that this “deficiency” in the New York stock market will be resolved when the integration process into UBS is completed, which both entities expect to complete in 2023.

“UBS will be the surviving entity, the common shares supporting the depositaries will be exchanged for a fraction of the shares in UBS, and as a result of all this Credit Suisse will cease to be listed on the New York Stock Exchange,” said a statement from the Zurich bank. .

Credit Suisse: massive loss of employees

On the other hand, the Swiss bank suffered the departure of between 150 and 200 employees every week since the purchase operation took place in March, according to sources inside the entity told the Swiss press.

An unidentified source from the entity confirmed to the Swiss economic agency AWP that his colleagues at Credit Suisse would be leaving the bank due to the uncertainty in which it is immersed.

Last March, UBS took over its rival bank in Switzerland after it was on the verge of bankruptcy.

According to Credit Suisse, the workforce has been reduced from 50,480 employees at the end of 2022 to about 48,000 in April. UBS and Credit Suisse expect to finalize their integration later this year.