In the European stock market on the 25th, the stock price of the Swiss bank Credit Suisse Group continued to fall, setting a record low.Large-scale outflow of customer fundsannounced this weekIn addition, in Asia, a key growth market, customers are going to competitors, Bloomberg reported on the 24th.
Credit S’ Asian clients switch to UBS, Morgan Stanley
Shares of Zurich-listed Credit Suisse fell more than 5% at one point, hitting an all-time low. Bontovel said it needed to cut its price target and “urgently” stop the outflow of money in its core wealth management business.
Bontobel analyst Andreas Venditti said he was “shocked” by the outflow and expected Credit Suisse to lose money next year due to higher funding costs. He cut his price target from CHF4 to CHF3.5.
news-rsf-original-reference paywall">Original title:Credit Suisse Hits New Low as Investors Weigh Impact of Outflows(excerpt)