Credit Suisse share price hits fresh low on annual report
Credit Suisse’s shares continue to drop after its annual report and comments from its CFO. IGTV’s Angeline Ong takes a look at why the Swiss bank’s woes may now come via external rather than internal forces.
Share slide
Credit Suisse Group AG (CH) shares continue to fall and it is now down more than 3%. Let's have a look at the chart here for you. Here you can see the share price movement today, there's a downward there at 222, moving perhaps to the next level here, which could bring us to around the 200 mark. Now, this adds to the 9.6% drop on Monday, which pushed Credit Suisse shares to a new record low.
Fresh low
Behind the latest leg down for the Swiss bank, its 2022 annual report, in which it had said customer outflows had stabilized to much lower levels, but had not yet reversed. Credit Suisse bonds also tumbled further after those comments. The annual report originally scheduled for release last week, was delayed at the request of the SEC. Now, all this raises questions about the bank's earlier financial statements. Customers of the Swiss bank have been withdrawing funds in the fourth-quarter as well, following a string of scandals.
External headwinds
So far, most of Credit Suisse's issues have been internal. Now, it looks like external forces could be a bigger worry. The collapse of SVB and Signature Bank have caused the cost of insuring against a default to go through the roof. This can only be bad for the wider banking industry and Credit Suisse, which is already in an embattled state.
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