While the major collapse in Credit Suisse shares, which is among the largest banks in the world, continues, analysts say that the market has begun to price this bank as bankrupt.
Bank stock on Friday new York lost nearly 4% on the stock market. While the stock fell to $3.92, the most interesting event was Pope Francis’s order to withdraw all the money of the Vatican from this bank. Pope Francis has ordered the withdrawal of all financial assets of the Vatican, mainly from institutions including Credit Suisse and Deutsche Bank, to Vatican banks.
SHUT DOWN TO RESCUE
On the other hand, the bank management plans to downsize Credit Suisse to avoid the bankruptcy. On October 27, the downsizing plan will be presented to the main shareholders. If it is accepted, it will go to a serious downsizing policy. Analysts see the bank’s chances of returning to normal as very slim for now. The bank is allegedly carrying around $900 billion in leveraged transactions.
WHO IS THE BANK?
Credit Suisse, which has 50 thousand employees worldwide, is known as a multi-partner bank. Credit Suisse is a bank and financial company headquartered in Zurich, Switzerland. It was founded on 5 July 1856 by Alfred Escher’s Schweizerische Kreditanstalt. The bank’s shareholders are:
BlackRock 4.11% Dodge & Cox 4.99% Harris Associates 5.17% Olayan Group 4.93% Qatar Holding 5.03% Silchester Int. 3.03%