The actions of Credit Suisse bank fell this Monday during the trading day to its lowest historical levellosing 9% shortly after the opening of the session, although they later managed to partially recover and close on Monday with a decline of 0.93% in a scenario of doubts about the restructuring of the entity.
The sharp fall in the shares of the Credit Suisse bank, the second largest in Switzerland, have reminded us of the bankruptcy of Lehman Brothers in the United States, which caused a global financial crisis in 2008.
Doubts about the future of the Swiss banking giant are growing in the markets, in business and political circles.
These movements on the Zurich Stock Exchange, where it is mainly listed, are due to the uncertainty that has settled in the markets due to the supposed idea that its executives would have of opting for a capital increase to balance the company’s finances.
So far this year, the bank’s shares have lost 56% of their value.
Credit Suisse reiterated today that it will not offer details of the plans it is finalizing for its restructuring until the next day 27coinciding with the announcement of its results for the third quarter.
Message of tranquility in the midst of crisis
According to an internal document quoted by the Swiss news agency AWP, the bank’s CEO, Ulrich Körner, addressed a circular last Friday to employees to reassure them and assure them that the restructuring will have a long-term perspective and a sustainable future.
In that letter, the executive would have recognized that the bank is at a critical moment, although “in the right direction” since it has a solid level of own funds and liquidity.
Financial media have indicated that representatives of the bank maintained this weekend contacts with its most important investors to indicate that the situation is under controlalthough the markets remain nervous as indicated by the sharp increase in the cost faced by the bank to insure against the risk of default.
In 2021, a journalistic investigation revealed that Credit Suisse had billions of dollars of funds housed for several decades funds linked to crime and corruption. Shortly after, the bank assured that 90% of the accounts it reviewed in the face of these complaints were already closed or in the process of being closed when it was informed of these inquiries. (YO)