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Credit Suisse Stock Plunges 14% To New Record Low

Credit Suisse Stock Plunges 14% To New Record Low

Credit Suisse has lost 81 per cent of its value since March 2021. (File)


Shares in Credit Suisse plunged more than 14 per cent today as markets worried about European banks following the collapse of US lender SVB hit a new historic low.

Shares of Switzerland’s second largest bank fell sharply on the Swiss Stock Exchange, falling 14.30 percent to 2.139 Swiss francs.

Other European banks were beaten, with Germany’s Commerzbank down 12 per cent, Spain’s Santander down 7.4 per cent and the Netherlands’ ING down 8.3 per cent.

Credit Suisse has lost 81 per cent of its value since the bankruptcy of British financial firm Greensill in March 2021 – the first in a series of scandals that have weakened the Zurich-based bank.

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Those shocks forced Credit Suisse to launch a major restructuring effort, but the bank has seen its value erode in the stock market.

Under the weight of those restructuring costs, the bank in early February reported a net loss of 7.3 billion Swiss francs ($7.76 billion) for the 2022 fiscal year.

This came against the backdrop of massive withdrawal of funds by its customers, including in the wealth management sector – one of the activities the bank is looking to refocus on.

(Except for the headline, this story has not been edited by Our Source staff and is published from a syndicated feed.)

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