Credit Suisse in talks with underwriters as it weighs capital options – report

Must read

Iran’s Supreme leader pardons large number of prisoners linked to protests, state TV reports

© Reuters. FILE PHOTO: Iran's Supreme Leader Ayatollah Ali Khamenei speaks during a meeting with a group of girls who reached the...

Reactions to the death of former Pakistan President Musharraf

2/2 © Reuters. FILE PHOTO: Pakistan's President Pervez Musharraf arrives to meet Britain's Prime Minister Gordon Brown in Downing Street in...

Pope Francis wraps up South Sudan trip, urges end to ‘blind fury’ of violence

5/5 © Reuters. Pope Francis greets people during the Holy Mass at John Garang Mausoleum, during his apostolic journey, in Juba,...

Top 5 things to watch in markets in the week ahead

© Reuters By Noreen Burke Investing.com -- It’s set to be a much quieter week on the...

Investing.com - Financial Markets Worldwide

Please try another search

Stock Markets 12 minutes ago (Oct 14, 2022 04:06PM ET)

Credit Suisse in talks with underwriters as it weighs capital options - report © Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland October 4, 2022. REUTERS/Arnd Wiegmann

(Reuters) – Credit Suisse Group AG has held talks with a number of banks about underwriting a potential capital increase in case it needs to shore up its balance sheet, Bloomberg Law reported on Friday, citing people familiar with the matter.

The Swiss bank would prefer to avoid selling new shares at current depressed levels, but is making preparations should it be necessary, according to the report.

Credit Suisse declined to comment.

Zurich-based Credit Suisse’s Chairman Axel Lehmann pledged on Friday to reform the bank after a “horrible” 2021 in which it lost billions of dollars.

Switzerland’s second-largest bank is trying to recover from a series of scandals, including losing more than $5 billion from the collapse of investment firm Archegos last year, when it also had to suspend client funds linked to defunct financier Greensill Capital.

Reuters reported last month that Credit Suisse was sounding out investors for fresh cash, approaching them for the fourth time in around seven years as it attempts a radical overhaul of its investment bank.

Some analysts have said that the bank could be left with a capital shortfall of as much as 9 billion Swiss francs ($8.96 billion) in the coming years.

Credit Suisse is scheduled to release details of a much anticipated strategic review alongside third-quarter results on Oct. 27.

($1 = 1.0047 Swiss francs)

Related Articles

More articles

Latest article

Iran’s Supreme leader pardons large number of prisoners linked to protests, state TV reports

© Reuters. FILE PHOTO: Iran's Supreme Leader Ayatollah Ali Khamenei speaks during a meeting with a group of girls who reached the...

Reactions to the death of former Pakistan President Musharraf

2/2 © Reuters. FILE PHOTO: Pakistan's President Pervez Musharraf arrives to meet Britain's Prime Minister Gordon Brown in Downing Street in...

Pope Francis wraps up South Sudan trip, urges end to ‘blind fury’ of violence

5/5 © Reuters. Pope Francis greets people during the Holy Mass at John Garang Mausoleum, during his apostolic journey, in Juba,...

Top 5 things to watch in markets in the week ahead

© Reuters By Noreen Burke Investing.com -- It’s set to be a much quieter week on the...

Sri Lanka against Bitcoin adoption, rejects Draper’s anti-corruption pitch

Cryptocurrency 37 minutes ago (Feb 05, 2023 06:40AM ET) © Mundo Crypto PR On a recent...