Credit Suisse plans to raise 4 billion Swiss francs from investors, cut thousands of jobs and shift its focus from investment banking towards rich clients as the bank attempts to put years of scandals behind it, sending its shares sliding.
Chairman Axel Lehmann dubbed the plan a “blueprint for success”, but it fell flat with investors after the bank’s unexpected 4 billion Swiss franc third-quarter loss.
The cost of insuring the bank’s debt against default, as measured by credit default swaps, rose during the day to 254 basis points versus 232 in the early morning, although lower than Wednesday’s close, according to S&P Global Market Intelligence.
Read more: Reuters
