Throughout most of the Asian day, stocks had wallowed in the red as investors rushed to the relative “safe havens” of gold, bonds and the dollar. While Credit Suisse’s announcement helped trim some losses, trade was volatile and sentiment fragile.
Chief Executive Ulrich Koerner told Credit Suisse staff in a memo they should focus on facts as he pledged to rapidly move forward with a plan to streamline operations.Article content “We’ve been telling them to read the statements and look at the fact that we are buying 3 billion francs worth of bonds because they are so cheap,” said a Hong Kong-based senior banker, who declined to be named.The 167-year-old bank’s problems have shifted the focus for investors and regulators from the United States to Europe, where Credit Suisse led a selloff in bank shares after its largest investor said it could not provide more financial assistance because of regulatory constraints.
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