Credit Suisse shares slid on Wednesday, dropping by as much as 10.5% to a new record low, as its largest investor said it could not provide the Swiss bank with more financial assistance.
The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann/File Photoshares slid on Wednesday, dropping by as much as 10.5% to a new record low, as its largest investor said it could not provide the Swiss bank with more financial assistance.chairman Ammar Al Khudairy saidThe Saudi lender acquired a stake of almost 10% last year after it took part in Credit Suisse's capital raising and committed to investing up to 1.
Credit Suisse on Tuesday published its annual report for 2022 saying the bank had identified "material weaknesses" in controls over financial reporting and not yet stemmed customer outflows. Switzerland's second-biggest bank is seeking to recover from a string of scandals that have undermined the confidence of investors and clients. Customer outflows in the fourth quarter rose to more than 110 billion Swiss francs .
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