Credit Suisse reeling as fears for future mount
The Zurich-based lender, which dates back to 1856 but has seen its reputation sullied in recent years by a string of scandals, saw its stock tank another 11.5%.
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The Zurich-based lender, which dates back to 1856 but has seen its reputation sullied in recent years by a string of scandals, saw its stock tank another 11.5%.
The collapse in the share price of Credit Suisse amid increased market volatility and a looming recession will pressure its bankers and the Swiss government.
For decades, the investment banking business was the Swiss bank's power base. With another capital increase looming, its only use now is to save the crisis-ridden institution.
Thomas Gottstein’s departure ends a tumultuous period for the Swiss bank.
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