Credit Suisse raises 'milestone' $2.4 billion in revamp cash call

Shareholders exercised 98.4% of their subscription rights, giving a boost to managers tasked with getting the Swiss bank back on track after the biggest crisis in its 166-year history.

“It will allow us to further support our strategic priorities from a position of capital strength and create a simpler, more stable, and more focused bank built around client needs, and generating value for shareholders,” he added. “The rights issue is the necessary start to the process,” said Jerome Legras of Axiom Alternative Investments.Another fund manager said the capital hike could encourage risk-focused investors to buy the stock.

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