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Troubled Credit Suisse Slides To 52-Week After Report On Raising Fresh Capital

·1 min read
  • Credit Suisse Group AG (NYSE: CS) shares fell Friday premarket after reports that the company is looking to raise fresh capital.

  • The Swiss bank is approaching the investors for the fourth time in around seven years, Reuters reported, as it attempts a revamp of its beleaguered investment bank unit.

  • The report mentioned that various scenarios are under discussion for the investment bank, including the most drastic option of largely exiting the U.S. market.

  • Credit Suisse has raised almost CHF12 billion ($12.22 billion) since 2015, but it is unclear how much the investors are interested as the bank has been at the center of several scandals.

  • Including Friday's move, shares are down over 50% this year and are on track for their worst yearly performance since 2008.

  • According to recent reports, Credit Suisse was also weighing splitting its struggling investment bank business into three parts.

  • Separately, Bloomberg reported that Credit Suisse is looking to divest Latin American wealth management operations excluding Brazil as part of a broad review of which businesses it wants to keep after a planned restructuring.

  • The report also mentioned that Credit Suisse denied that it is considering exiting the U.S. market.

  • "Credit Suisse is not exiting the U.S. market. Any reporting that suggests otherwise is categorically false and completely unfounded," a representative for the bank said in a statement.

  • Price Action: CS shares are down 8.70% at $4.30 during the premarket session on the last check Friday.

  • Photo via Wikimedia Commons

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