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Credit Suisse shares pare losses after earlier plunging as much as 10%
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Credit Suisse shares pare losses after earlier plunging as much as 10%
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CREDIT SUISSE SHARES PARE LOSSES AFTER EARLIER PLUNGING AS MUCH AS 10%

Published Sun, Oct 2 202211:37 PM EDTUpdated 2 Hours Ago
Jihye Lee@TheJihyeLee
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Key Points
 * Shares of Credit Suisse took a swing after earlier plunging as much as 10%
   Monday as the Financial Times reported the Swiss bank’s executives are in
   talks with its major investors to reassure them amid rising concerns over the
   Swiss lender’s financial health.
 * Spreads of the bank’s credit default swaps, which provide investors with
   protection against financial risks such as default, rose sharply Friday.
 * They followed reports the Swiss lender is looking to raise capital, citing a
   memo from its chief executive, Ulrich Koerner.

In this article

 * CSG.N-CH-0.04 (-0.93%)

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A Swiss flag flies over a sign of Credit Suisse in Bern, Switzerland
FABRICE COFFRINI | AFP | Getty Images

Shares of Credit Suisse recovered their losses and ended the Monday trading
session down around 1% after a big market rally.

The shares had dropped as much as 10% at the start of trading after the
Financial Times reported the Swiss bank’s executives are in talks with its major
investors to reassure them amid rising concerns over the lender’s financial
health.


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One executive involved in the talks told the publication that teams at the bank
were actively engaging with its top clients and counterparties over the weekend,
adding that they were receiving “messages of support” from top investors.

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Citi says in a new note that concerns over Credit Suisse ‘is not 2008’
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Shares ended the trading session down around 1%.

In a statement to CNBC on Monday, the bank said it will provide updates on its
strategy review when it releases its third-quarter results, scheduled for Oct.
27.

“It would be premature to comment on any potential outcomes before then,” it
said.

Spreads of the bank’s credit default swaps, which provide investors with
protection against financial risks such as default, rose sharply Friday. They
followed reports the Swiss lender is looking to raise capital, citing a memo
from its chief executive, Ulrich Koerner.




CREDIT SUISSE PLUNGES TO RECORD LOW

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The stock is down about 60% year to date.

“I trust that you are not confusing our day-to-day stock price performance with
the strong capital base and liquidity position of the bank,” the CEO said in a
separate staff memo obtained by CNBC.

The FT said the executive denied reports that the Swiss lender had formally
approached its investors about possibly raising more capital, and insisted
Credit Suisse “was trying to avoid such a move with its share price at record
lows and higher borrowing costs due to rating downgrades.”

The bank told Reuters that it’s in the process of a strategy review that
includes potential divestitures and asset sales.

Credit Suisse has also been in talks with investors to raise capital with
various scenarios in mind, Reuters said, citing people familiar with the matter
as saying it includes a chance that the bank may “largely” exit the U.S. market.

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Squawk Box Asia


The latest from Credit Suisse signals a “rocky period” ahead but it could lead
to a change in the U.S. Federal Reserve’s direction, John Vail, chief global
strategist at Nikko Asset Management, said Monday on CNBC’s “Squawk Box Asia.”

“The silver lining at end of this period is the fact that central banks will
probably start to relent some time as both inflation is down and financial
conditions worsen dramatically,” Vail said. “I don’t think it’s the end of the
world.”


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“We struggle to see something systemic,” analysts at Citi said a report about
the possible “contagion impact” on U.S. banks by “a large European bank.” The
analysts did not name Credit Suisse.

“We understand the nature of the concerns, but the current situation is night
and day from 2007 as the balance sheets are fundamentally different in terms of
capital and liquidity,” the report said, referring to the financial crisis that
unraveled in 2007.

“We believe the U.S. bank stocks are very attractive here,” the report said.

Read the full Financial Times report here.


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