Home News EU50.F: After Credit Suisse’s good news, EU50.F.

EU50.F: After Credit Suisse’s good news, EU50.F.


Will the “too big to fail” myth be busted? Credit Suisse It is the second-largest bank in Switzerland, and one of the largest banks in the West. On March 14, Credit Suisse Group admitted in its annual report that the internal control reported for the 2022 and 2021 fiscal years was invalid, and there were “major defects” in the entity’s statements. As soon as the news came out, the bank’s stock price plummeted immediately, hitting new lows several times in just one month. cnbc. The bank’s shares were down 24% through Wednesday’s close , the biggest one-day sell-off. Its five-year CDS reached a record of 476 basis points, indicating that the market’s expectations of the bank’s default continued to ferment.

Credit Suisse has been criticized for numerous scandals over the years (recently high-profile money laundering cases). cnbcArchegos  Greensill Incidents, as well as other legacy risks, compliance failures The guardian . Investor confidence has been greatly affected by the bank’s loss of billions in assets last year. Credit Suisse’s annual loss was the most severe since 2008, which has also led to a decline in its stock price.

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