<<<- CS continues to drop after attempt to reassure employees is leaked
CS, dropped about 7.5% in Zurich trading, extending the decline of the past month to 26%, and 60% for the past year. American depositary receipts of Credit Suisse fell 7% in premarket trading. The cost of insuring the firm’s debt against default rose the highest since the financial crisis in 2009 last week.
Koerner, who started as CEO in July, told employees on Friday that the bank is at a critical moment before outlining plans for a revamp on Oct. 27. In a memo leaked over the weekend of talking points for clients and shareholders, the bank said it has capital buffer of close to $100 billion and expects a 13% to 14% ratio for its highest quality equity capital this year, according to The Wall Street Journal.
Credit Suisse has endured a string of setbacks over the past few years, including the collapse of family firm Archegos Capital Management that cost the bank $5.1 billion.
Credit Suisse has pledged to overhaul its investment bank and exit other businesses to become less risky. It has a large domestic business as well as competing globally in wealth management and asset management.
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