The sale of Credit Suisse shares will continue – #sale #Credit #Suisse #shares #continue
Zurich, 10 February (Reuters) – Shares in Credit Suisse ( CSGN.S ) looked set to continue their slide on Friday after the bank reported its latest heavy losses on Thursday and the Swiss regulator said it was “monitoring the situation very closely”.
The bank’s shares were down 1.1% in premarket activity on the Swiss Market Index on Friday.
Shares in Credit Suisse fell 14.7% to 2.77 francs on Thursday, after results one shareholder described as “disastrous”, leaving the lender 11.1 billion valued at the Swiss franc.
Switzerland’s second-biggest bank also warned on Thursday that more “significant” losses were expected this year as customers pulled billions out of the bank, which has been hit by a series of scandals and blunders.
Swiss regulator Finma said in a statement on Thursday that while Credit Suisse’s liquidity buffers had a stabilizing effect on the bank and were being restructured, the regulator “monitors banks very closely in such situations”.
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A number of banks cut their forecasts for Credit Suisse shares on Friday. Morgan Stanley, Barclays and RBS lowered their target prices, contributing to negative sentiment around Credit Suisse.
By John Revill report; Edited by Jason Neely
Our standards: Thomson Reuters Trust Principles.
2023-02-10 12:43:49
Source – reuters
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