Credit Suisse investors spooked by latest concerns
- Hope King, author of Axios Closer
Shares of Credit Suisse, one of the top wealth management firms in the world, barely recovered its losses today after falling to a record low.
Driving the news: Senior executives including CEO Ulrich Körner have spent the past few days trying to reassure clients, investors and employees of the bank's financial health, FT reported. The efforts haven't done much to change investor confidence.
The big picture: Analysts don't believe Credit Suisse's problems will have a larger market impact.
Zoom in: The Swiss bank is still tallying up massive losses from the collapse of Greensill Capital on top of a recent $5.5 billion loss from the collapse of Archegos.
- It also has been steeped in scandals: executive surveillance, chairman misconduct, investor fraud allegations, an employee's ties to a cocaine-smuggling ring, and a data leak that revealed other alleged dirty money relationships.
What to watch: Credit Suisse is reportedly weighing ways to scale back its investment bank and is looking to sell some of its assets.
- The company is set to release its turnaround strategy officially on Oct. 27 when it reports third quarter results.