Credit Suisse shares hit new record low

CREDIT Suisse shares on Monday (Mar 13) reached a new record low in early morning trading on Switzerland’s stock exchange.

The Swiss bank’s shares tumbled over 8 per cent, and were trading at 2.29 Swiss francs (S$3.37) per share, down from the previous low of 2.41 francs per share reached on Friday.

Struggling to recover from a string of scandals, Switzerland’s second-biggest bank has begun a major overhaul of its business, cutting costs and jobs to revive its fortunes, including creating a separate business for its investment bank under the CS First Boston brand.

Last week it announced that it was delaying the publication of its annual report following a call from the United States Securities and Exchange Commission, which raised questions about its earlier financial statement. REUTERS