A day after the chief executive pleaded for patience to execute his overhaul, shares of the Swiss lender suffered their worst slump ever.
| Markets are threatening to deprive Ulrich Koerner of what he says he needs most to execute his major overhaul of Credit Suisse: Time.
Mr Koerner has insisted there is nothing he can do about the share price as he focuses on executing his strategy for the bank to regain investor confidence after a series of setbacks and scandals at the institution. But the wild week is raising questions about how much longer the CEO, who was appointed in July, has to persuade stakeholders.
Mr Koerner sought to calm concerns, saying on Tuesday that Credit Suisse saw inflows of deposits when markets opened after the collapse of Silicon Valley Bank. Credit Suisse shares at one point lost 31 per cent on Wednesday, the most in Bloomberg records going back to 1989. Its bonds fell to levels that signal deep financial distress. Though Credit Suisse’s American depositary receipts pared losses after Swiss authorities offered assurances, the price was still down 14 per cent at the close of regular trading in New York.
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