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Credit Suisse Сonsiders Leaving US Market, According to Reuters

Credit Suisse Group AG is considering an exit from the US market as part of its strategic revamp, Reuters reported.

September 22, 2022
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Credit Suisse Group AG is considering an exit from the US market as part of its strategic revamp, Reuters reported.

The most drastic option that the bank is discussing is a US exit, according to Reuters. The bank is also sounding out investors for a possible capital raise, the newswire reported.

Credit Suisse is in the midst of making decisions about which businesses to cut, exit or keep as part of its second restructuring in less than a year. New Chief Executive Officer Ulrich Koerner and Chairman Axel Lehmann are seeking to shore up confidence in the lender and return it to profitability after a string of losses and missteps.

Credit Suisse shares fell 5.5% in Zurich trading Thursday, extending their losses for the year to 47%.

A bank spokesman reiterated the firm’s statement that it will update investors on the strategy review when it reports third-quarter earnings next month. The spokesman said that it would be premature to comment on any potential outcomes before then.

Credit Suisse's top executives and board members are exploring several options to halt a stock decline that has pushed the share price to record lows. The company has been in talks with potential buyers for its securitized products group, a trading business with $75 billion in assets, and has floated the idea of giving dealmakers an equity stake in the unit, which could pave the way for a spinout, Bloomberg has reported.

Deutsche Bank AG analysts said last month that Credit Suisse faces a capital gap of at least 4 billion Swiss francs ($4.1 billion) to improve its financial strength, fund its restructuring and support growth. The Swiss bank’s leaders have said they are comfortable with the firm’s capital position.

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