Credit Suisse attempts to reassure markets backfire as stock hits fresh low
CEO Ulrich Koerner had sought to calm employees and the markets over the weekend only to see his carefully worded memo have the opposite effect.
Credit Suisse Group AG’s gauge of credit risk rose to a record high while its stock hit a fresh low, adding to the turmoil after the bank’s attempts to reassure markets on its financial stability backfired.
The five-year credit default swaps price of about 293 basis points is up from about 55
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