Credit Suisse sounding out investors for fresh cash - report
Credit Suisse Group
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07:46 20/03/24
Credit Suisse tumbled on Friday following a report the bank is sounding out investors for fresh cash.
Reuters cited two people familiar with the matter as saying that Credit Suisse was approaching investors for the fourth time in roughly seven years as it attempts a radical overhaul of its investment bank.
It was understood the bank had started to speak to investors about the move in recent weeks. Various scenarios are under discussion for the investment bank, including the most drastic option of largely exiting the US market, the sources said.
They told Reuters no decisions have been made, and did not elaborate on how much cash the bank would seek to raise.
A Credit Suisse spokesperson told Reuters: "We have said we will update on progress on our comprehensive strategy review when we announce our third-quarter earnings. It would be premature to comment on any potential outcomes before then."
The spokesperson added: "Credit Suisse is not exiting the US market."
At 0850 BST, the shares were down 6.6% at CHF4.34.