News Karnataka
Wednesday, February 28 2024

Shares of Swiss bank Credit Suisse plunge to record low

Shares of Swiss bank Credit Suisse plunge to record low
Photo Credit : IANS

London: Shares of embattled Swiss bank Credit Suisse fell to a record low on Tuesday after a report that regulators are reviewing comments the lenders chairman made about the health of its finances, according to a media report.

The bank’s stock plunged as much as 9 per cent to trade at 2.52 Swiss francs ($2.73), before recovering slightly, CNN reported.

The latest cloud to emerge over Credit Suisse follows news earlier this month that the bank had suffered its biggest annual loss since the depths of the financial crisis in 2008.

Credit Suisse said customers had withdrawn 111 billion Swiss francs ($120 billion) in the final quarter of 2022, when the bank was hit by social media speculation that it was on the brink of collapse, CNN reported.

The rumors, which sparked a selloff in the lender’s shares, followed a series of missteps and compliance failures that cost Credit Suisse billions.

The bank is now in the middle of a major restructuring plan that entails cutting 9,000 full-time jobs, spinning off its investment bank and focusing on wealth management. It expects to make another substantial loss in 2023, CNN reported.

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