CREDIT SUISSE : SHARE DROPS 22%, NEXT BANK TO COLLAPSE ?

In February 2021, Credit Suisse shares were worth 12.78 Swiss francs, but since then the bank has faced a barrage of problems. It was hit by the implosion of U.S. fund Archegos, which cost it more than $5 billion.

Meanwhile, its asset management arm was rocked by the bankruptcy of British financial firm Greensill, in which some $10 billion had been invested through four funds.

Credit Suisse is one of 30 banks worldwide deemed too big to fail, forcing it to set aside more money to weather a crisis. The bank posted a net loss of 7.3 billion Swiss francs ($7.8 billion) for the 2022 fiscal year.

That came against a backdrop of massive cash withdrawals by its customers, including in the wealth management sector - one of the activities the bank plans to refocus on as part of a comprehensive restructuring plan.

Markets are feverishly eyeing Credit Suisse in light of the shocks caused by the SVB bankruptcy, with the Swiss bank seen as the weak link in the sector in Switzerland. Credit Suisse is expected to be the next bank to collapse.