At the end of the day, the company’s stocks had dropped 24%, having dipped as low as 30% during the session.
In an interview with CAN that was cited by Reuters, Ulrich Koerner, the CEO, declared: “We have a really, really strong capital and liquidity.”
Koerner noted that they satisfy and surpass virtually all regulatory standards.
Credit Suisse Collapse…another Lehman
The collapse of Credit Suisse reignited a sell-off in the banking sector after a short-lived recovery the day before. Several major banks, such as BNP Paribas, Societe Generale, Commerzbank and Deutsche Bank, experienced sharp losses in the aftermath.
This morning, trade in several banking stocks, including Credit Suisse, was temporarily suspended due to the drastic decrease in their value. None of Deutsche Bank, Societe Generale, Commerzbank and UBS chose to make a statement….Did you remember 2008 Financial Crisis?
The Asian-Pacific markets saw a surge in trading activity Tuesday, while Wall Street’s bank stocks experienced a rebound due to the belief that the consequences of Silicon Valley Bank’s downfall would not spread.
On Wednesday, there was a decline in U.S. stocks due to an onset of uneasiness.
Jeremy Hunt, the Chancellor of the Exchequer, proclaimed that the British economy was disproving those who had questioned it, as evidenced by the decline in gilt rates, mortgage rates, and inflation. He also stated that the UK would be able to dodge a technical recession.