Credit Suisse shares hit record low on outflow claims probe

Chief executive Ulrich Koerner’s pledge to stem declines and return the bank to profitability by 2024 hinges on a massive outreach programme to woo back client cash. It’s also carving out the volatile investment bank, selling capital-intensive businesses and slashing 9,000 jobs to help cut costs.

In cases of market manipulation, Switzerland’s financial regulator can invoke sanctions including banning individuals from working in certain industries. However, it does not have the power to issue fines and cannot seize evidence or search premises. The bank is now operating with an entirely new executive board and more than half of its board of directors are new within the past two years.

The uncertainty around the outflows, though, drove the Swiss bank to one of its longest run of share losses ever.

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