Yahoo Finance's Akiko Fujita breaks down the move in Credit Suisse stock as the bank attempts to quell investor concerns.
AKIKO FUJITA: Well, time for our trending ticker today, and we are watching shares of Credit Suisse closely here as the company's attempts to reassure investors backfires. The decline in its stock coming after new CEO Ulrich Korner sent a letter to investors reassuring them of Credit Suisse's liquidity position in capital strength. It comes alongside a much anticipated restructuring plan and strategy update expected at the end of the month.
Now, the bank says it has a strong capital and liquidity position and balance sheet. In their words, share price developments do not change this fact. That failed to quiet concerns around the Swiss bank, though, plagued by scandals. Reuters reports the firm is in the process of reviewing potential asset sales and divestitures amid its struggles, while also talking with investors about an additional capital raise. Shares of Credit Suisse have fallen more than 60% so far this year.