Credit Suisse is the next bank likely to suffer from the spreading banking contagion. According to reports, the Swiss bank suffered a 25% loss in its stock value as of trading this morning after its disclosure last night. Last night the now-troubled bank disclosed that it had found some problems in its reporting going back at least two years or more.
The bank is now asking both Swiss National Bank for a ‘public show of support’ as its shaky balance sheets begin to further unravel.
Credit Suisse shares on Wednesday recently changed hands at $2.08, giving the bank a valuation of just $8 billion. In recent months, the bank has suffered because customers are panicking and withdrawing their funds in large quantities.
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