Credit Suisse shares drop 72% in opening trade; UBS, European bank stocks fall
Credit Suisse shares CSGN, -63.22% dropped 72% in opening trade, after agreeing to be bought by rival UBS in a deal underwritten by Swiss authorities.
The steep share price drop came as Credit Suisse agreed to a discount, as well as the pressure for the drop in the value of UBS UBSG, -13.18% shares. The Euro Stoxx banks index SX7E, -5.21%, which doesn’t include UBS or Credit Suisse, fell 5%.
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