Credit Suisse shares hit record low after report bank is looking to raise cash

Credit Suisse shares hit record low after report bank is looking to raise cash
© Reuters. FILE PHOTO: Switzerland’s national flag flies in front of the headquarters of Swiss bank Credit Suisse in Zurich, Switzerland July 27, 2022. REUTERS/Arnd Wiegmann/File Photo

LONDON (Reuters) – Credit Suisse shares dropped to a record low on Friday after a Reuters report said the company is looking to raise fresh cash.

Credit Suisse has started sounding out investors for a capital hike for the fourth time in seven years as it attempts a radical overhaul of its investment bank, which could include exiting the U.S. market, two sources told Reuters.

Shares in Credit Suisse fell over 7% in early trade to a record low of 4.26 francs.

Including Friday’s move, shares are down over 50% this year and are on track for their worst yearly performance since 2008.

Source: Reuters