Credit Suisse shares fall around 10% in early trading
2022.10.03 04:07
© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland September 2, 2022. REUTERS/Arnd Wiegmann/File Photo
ZURICH (Reuters) -Shares in beleaguered Swiss bank Credit Suisse fell around 10% in early trading, reflecting market concern about the group as it finalises a restructuring programme due to be announced on Oct. 27.
Credit Suisse has solid capital and liquidity, Chief Executive Ulrich Koerner told staff in a memo last week.
Credit Suisse executives spent the weekend reassuring large clients, counterparties and investors about its liquidity and capital position, the Financial Times reported on Sunday.
A spokesman for Credit Suisse declined to comment on the report when contacted by Reuters.
Executives made the calls after spreads Credit Suisse credit default swaps (CDS), which offer protection against a company defaulting, rose sharply on Friday in an indication of investor concerns.
Credit Suisse shares have fallen by more than half this year.
