Credit Suisse shares sink to record low over revamp reports

Shares of Credit Suisse plunged to a record low on Friday over reports about a massive revamp after a spate of scandals.

Shares sank as much as nine percent before paring back some losses to trade at 4.23 Swiss francs ($4.32).

On Thursday, the Financial Times reported that Credit Suisse was planning to split its investment bank in three to prevent a capital rise.

There was also speculation suggesting that Switzerland’s second bank was looking to raise capital.

A bank spokesperson rejected other reports that Credit Suisse was planning to exit the US market.

“Any reporting that suggests otherwise is categorically false and completely unfounded,” the spokesperson told AFP in an email.

Credit Suisse refused to comment on the other rumours, saying: “We have said we will update on progress on our comprehensive strategy review when we announce our third quarter earnings; it would be premature to comment on any potential outcomes before then.”

Ulrich Koerner took over as Credit Suisse’s chief executive at the start of August with the mammoth task of revitalising it.

The bank was rocked by the collapse of the British financial firm Greensill, in which some $10 billion had been committed through four funds, and then by the implosion of the US fund Archegos, which cost it more than $5 billion.

In October, it was also fined $475 million by the US and British authorities for its loans to state-owned companies in Mozambique. — Agence France-Presse

BRAFE GOLF set to tee off at at Forest Hills

The core group is composed of chairman JR Hernandez, Ting Yupangco, George Elazegui, Bong Africa, Roy Peña, Randy Nonato and BRAFE GOLF founder Albert MG Garcia, owner of the Megafiber brand.

BRAFE GOLF set to tee off at at Forest Hills

The core group is composed of chairman JR Hernandez, Ting Yupangco, George Elazegui, Bong Africa, Roy Peña, Randy Nonato and BRAFE GOLF founder Albert MG Garcia, owner of the Megafiber brand.