Credit Suisse shares slumped again on Friday, as the Swiss bank struggles to convince investors that a series of moves will restore its finances.
Credit Suisse's stock (CSGN.EB) dropped by another 11%, While Credit Suisse's U.S. stock dropped 5% in morning trading.
Its stock has dropped 27% this week, marking the worst weekly performance since the 2008 financial crisis.
Credit Suisse, as well as its Swiss regulators, have insisted that the problems with falling bond prices in portfolios facing U.S. banks, such as the collapsed SVB Financial, are not a problem. Credit Suisse says it will borrow up to 50 billion francs ($54 billion) from the Swiss National Bank as it also launched an offer to buy back 3 billion francs worth of its debt.
Credit Suisse has its own difficulties, stemming from a series of scandals that has resulted in five consecutive losing quarters, and outflows of about $100 billion from its wealthy clients in the fourth quarter.
In its annual report this week, Credit Suisse admitted to material financial control problems.
Its stock saw renewed pressure after the chairman of its top shareholder, Saudi National Bank, said it would not invest more in the Swiss bank, though he has subsequently clarified that he was not asked to, and that the red line is not increasing its 9.9% ownership threshold.
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