The embattled bank said it was also making buyback offers on about $3 billion worth of debt.
“If you look at how the entire banking sector has dropped, unfortunately, a lot of people were just looking for excuses,” he told CNBC television.“It’s panic, a little bit of panic. I believe completely unwarranted, whether it be for Credit Suisse or for the entire market.
In February 2021, Credit Suisse shares were worth 12.78 Swiss francs, but since then, a barrage of problems has eaten away at its market value and undermined confidence in the rejig. “Credit Suisse seems to be the weakest and most vulnerable bank” in the investing universe, said analyst Dieter Hein of Baader Helvea, “for which every piece of bad news counts double”.
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