Credit Suisse stock ( NYSE:CS ) price rose last week on rumors that the company was repurchasing debt and selling assets. However, Credit Suisse stock Group (( NYSE:CS ) was down substantially on Monday, down as low as 10.3% at about 1 p.m. ET.
The Zurich-based financial services corporation is down around 54% year to date with a share price of $4.35.
At the same moment, the Dow Jones Industrial Average was down 246 points (0.8%), the S&P 500 was down 46 points (1.3%), and the Nasdaq was down 187 points (1.8%).
Market Analysis of Credit Suisse Stock
Credit Suisse stock ( NYSE:CS ) price has plummeted as a result of its exposure to a few scandals, including the bankruptcy of Archegos Capital , which faced federal allegations of fraud and racketeering. Credit Suisse has suffered due to risk management failings in several incidents.
Ulrich Körner, the company’s new CEO, was appointed during the summer and launched a strategy assessment to halt the significant losses and bring the company back on track. This investigation is continuing, and the business will offer an update in its third-quarter results announcement on October 27.
The stock ( NYSE:CS ) soared on reports that Credit Suisse intends to buy $3 billion in debt securitie s in order to pay off its debt and capi...
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