/cloudfront-us-east-2.images.arcpublishing.com/reuters/TPXK52SPNBKYJMIDZETUY33QNU.jpg)
ZURICH, March 13 (Reuters) - Credit Suisse (CSGN.S) shares hit a new record low in morning trading on Switzerland's stock exchange.
Bank shares in Europe and Asia plunged on Monday as the collapse of startup-focused Silicon Valley Bank continued to batter markets, while U.S. large banks failed to hold onto a brief premarket rally after authorities moved to stem the contagion.
The bank's shares tumbled over 12% and were trading at 2.20 Swiss francs ($2.41) per share, down from a previous low of 2.41 francs hit on Friday. They are down almost 20% year to date.
Credit Suisse's debt was also falling on Monday, with the lender's U.S. dollar perpetual bonds being hit most and declining between five and ten cents on the dollar, Refinitiv Eikon data showed.
Struggling to recover from a string of scandals, Switzerland's second-biggest bank has begun a major overhaul of its business, cutting costs and jobs and creating a separate business for its investment bank under the CS First Boston brand.
Last week it announced it was delaying the publication of its annual report following a call from the U.S. Securities and Exchange Commission.
Europe's STOXX bank index (.SX7P) was down 5.7%, having shed 3.78% on Friday, leaving it on track for its biggest two-day fall since Russia began its invasion of Ukraine in February 2022.
(This story has been refiled to add the dropped words "five and ten cents" in paragraph 4)
Our Standards: The Thomson Reuters Trust Principles.
"low" - Google News
March 13, 2023 at 05:58PM
https://ift.tt/rdip72u
Credit Suisse shares hit new low - Reuters.com
"low" - Google News
https://ift.tt/28KR6de
Bagikan Berita Ini
0 Response to "Credit Suisse shares hit new low - Reuters.com"
Post a Comment