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Economy | |
Credit Suisse stock plunges 25% amid fears of global banking contagion | |
2023-03-16 | |
[NYPOST] Shares of Credit Suisse plunged to all-time lows on Wednesday after its top shareholder said he would not plow more cash into the struggling Swiss banking giant — sparking fears that a global banking contagion is spreading. Credit Suisse reportedly has asked the Swiss National Bank for a “public show of support” as its shaky balance sheet — crippled by withdrawals from skittish customers in recent months — has sparked speculation that a government rescue is coming. The beleaguered bank has also turned to Swiss regulator Finma, but neither institution has yet decided to intervene publicly — with some sources citing fears of sparking a panic, according to the Financial Times, which cited unnamed sources close to the situation. Credit Suisse Chairman Axel Lehmann told CNBC on Wednesday that the bank was working to emphasize “de-risking” its balance sheet. Asked if the bank would accept government assistance, Lehmann replied: “That’s not the topic.” “We are regulated, we have strong capital ratios, very strong balance sheet,” he told CNBC. “We are all hands on deck. So that’s not the topic whatsoever.”
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Posted by:Fred |
#2 "Don't jump!" |
Posted by: swksvolFF 2023-03-16 13:50 |
#1 There goes the price of chocolate. |
Posted by: Super Hose 2023-03-16 11:53 |