Trading in Credit Suisse shares was halted as they fell by as much as 21% in Zurich on Wednesday.
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.The share plunge hit a new all-time low for the bank.“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.
Lehmann dismissed the notion of any government assistance for the bank and said it is “not the topic whatsoever.”accordingAmmar 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 on Wednesday sets Credit Suisse up for its seventh consecutive day of losses.
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