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Credit Suisse hit a new low.

 Shares in the bank have hit a new low after a report that a reg­u­lator is examin­ing com­ments by chair

Credit Suisse

Axel Lehmann over how much cli­ents had with­drawn. The renewed weak­ness in the stock fol­lowed a statement by Reu­ters that Finma was invest­ig­at­ing the accur­acy of com­ments made by Axel Lehmann to the Fin­an­cial Times on Decem­ber 1, and to Bloomberg a day later, in which he claimed out­flows had stead­ied and in some cases reversed. The com­ments by Lehmann came at a crit­ical time for the bank as it sought to raise SFr4bn of fresh cap­ital from share­hold­ers. Lehmann told the FT on Decem­ber 1 that out­flows had «com­pletely flattened out and . »

A day later, in an inter­view on Bloomberg TV, Lehmann said out­flows had «basic­ally stopped». The bank revealed in its full-year res­ults this month that out­flows con­tin­ued throughout Decem­ber and into Janu­ary across the group, though there were areas of the busi­ness that had net inflows, such as Switzer­land and Asia-Pacific region. Cus­tom­ers with­drew SFr111bn from the group in the final three months of 2022, with two-thirds of the out­flows com­ing in Octo­ber when the bank was the sub­ject of rumours on social media about its fin­an­cial health. The wealth man­age­ment busi­ness accoun­ted for SFr92.7bn of the out­flows in the quarter, sur­pass­ing the SFr61.9bn expec­ted by ana­lysts.

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  1. Maxwell22 February 2023 at 11:48

    Credit Suisse is probably going under. I don't see things turning around for them. They are way in over their heads at this moment.

    ReplyDelete
    Replies
    1. Abraham22 February 2023 at 13:22

      Yes and it's obvious their chair Axel Lehman has to lie about certain things in an attempt to salvage the bank. If people knew the truth then 90% of them would withdraw their money.

      Delete

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