In the European stock market on the 25th, the share price of Swiss bank Credit Suisse Group continued to fall, setting a record low.Large-scale outflow of client fundsAnnounced this weekAlso, in Asia, a key growth market, customers are turning 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% to a trade low. Bontovel said it needed to cut its price target and “urgently” halt the outflow of money into its core wealth management business.
Bontobel analyst Andreas Venditti said he was “shocked” by the outflow and expects Credit Suisse to lose money next year due to higher funding costs. The price target was lowered from CHF 4 to CHF 3.5.
news-rsf-original-reference paywall">Original title:Credit Suisse hits a new low as investors weigh the impact of outflows(extract)
