Credit Suisse Stock Plunges To Record Low As Bank Concerns Grow

Credit Suisse Stock Plunges To Record Low As Bank Concerns Grow

Share to Linkedin Trading in Credit Suisse shares was halted as they fell as much as 21% on Wednesday, compounding nearly a week of consecutive losses and hitting a new all-time low as the Swiss bank struggles to overcome an array of controversies and a day after it acknowledged "material weaknesses" in its financial reporting. Credit Suisse shares hit a new low on Wednesday. The share plunge hit a new all-time low for the bank. The decline comes a day after it acknowledged "material weaknesses" in its financial reporting processes that could lead to "misstatements" in its financial reports and that clients had pulled billions from the bank. Chairman Axel Lehmann on Wednesday said the bank has a "very strong balance sheet" and is "all hands on desk" to address any problems. Lehmann dismissed the notion of any government assistance for the bank and said it is "not the topic whatsoever." The bank's top shareholder, Saudi National Bank, ruled out injecting more funds in the Swiss bank, according to Bloomberg. Ammar Al Khudairy, the Saudi bank's chair, said it would "absolutely not" be investing any more money in the beleaguered institution, not least for "regulatory and statutory" reasons. The fall