The chairman of Credit Suisse’s largest shareholder helped trigger a calamitous drop in share price when he ruled out pumping more cash into the ailing bank.
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SNB was Credit Suisse’s top shareholder and Al Khudairy’s comments came at an exceedingly poor time and intensified troubles at the Swiss bank. Heout investing any more money and taking its share of the Swiss institution past 10%, not least for “regulatory and statutory” reasons. Credit Suisse, already reeling from nearly a week of straight losses amid an array of controversies and an acknowledgment of “material weaknesses” in its financial reporting, nosedived and share prices hit record lows.
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