Credit Suisse shares tank on restructuring, capital concerns
Shares of Credit Suisse plunged nearly 10% in Europe’s morning session, after the Financial Times reported the Swiss bank’s executives are in talks with its major investors to reassure them amid rising concerns over the Swiss lender’s financial health.
Spreads of the bank’s credit default swaps, which provide investors with protection against financial risks such as default, rose sharply Friday.
They followed reports the Swiss lender is looking to raise capital, citing a memo from its chief executive, Ulrich Koerner.
(US.CS)