Oct
08
Credit Suisse Drops on Report of Capital Raising Plan
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Credit Suisse CEO has pledged to be `ruthlessly selective’
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Switzerland has some of the toughest global capital rules
Credit Suisse Group AG is preparing a “substantial” share sale that will be announced when the company presents its strategic overhaul, the Financial Times reported, without saying how it obtained the information. The shares dropped.
The fresh funds will be used to absorb losses the bank will incur as it reorganizes, the FT said. The people cited a Goldman Sachs Group Inc. survey last week that found 91 percent of investors expect the Zurich-based bank to raise more than 5 billion Swiss francs ($5.2 billion) in new equity, the report said…
Credit Suisse Drops on Report of Capital Raising Plan
