Shares of Credit Suisse plunged to a fresh all-time low for the second consecutive day.
Credit Suisse CEO Ulrich Koerner on Wednesday sought to defend the bank's liquidity basis, saying it is "very, very strong," Reuters reported, citing an interview with CAN.Meanwhile, speaking to CNBC's Hadley Gamble during a panel session in Riyadh, Saudi Arabia, on Wednesday morning, Credit Suisse Chairman Axel Lehmann declined to comment on whether his firm would need any sort of government assistance in the future.
Investors are also continuing to assess the impact of the bank's Tuesday announcement that it had foundSwitzerland's second-largest lender disclosed the observation in its annual report, which was initially scheduled for last Thursday but was delayedThe SEC conversation related to a "technical assessment of previously disclosed revisions to the consolidated cash flow statements in the years ended December 31, 2020, and 2019, as well as related controls.
In late 2022 the bank disclosed that it was seeing "significantly higher withdrawals of cash deposits, non-renewal of maturing time deposits and net asset outflows at levels that substantially exceeded the rates incurred in the third quarter of 2022." Credit Suisse saw customer withdrawals of more than 110 billion Swiss francs in the fourth quarter, as a string of scandals, legacy risk and compliance failures continued to plague it.
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