Shares of Credit Suisse were down more than 20 percent on the news. The Dow Jones industrial average was down nearly 2 percent, and the tech-heavy Nasdaq was also down more than 1 percent, reversing gains made Tuesday. European banking stocks also tumbled, dragging down the major indexes; the Pan-European Stoxx 600 index slid more than 2 percent.
The sell-off in the bank’s shares may have implications on the European Central Bank’s decision, due Thursday, about raising rates, he added. Credit Suisse had delayed releasing its annual report after the U.S. Securities and Exchange Commission asked for more information last week about past cash flow statements.If the Swiss bank was “to enter a really disorderly phase, that would be a big event,” said French economist Nicolas Véron, a senior fellow at Bruegel and the Peterson Institute for International Economics. “Having said that, it was already perceived as troubled for some time.
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We understand the challenges the bank is facing and we appreciate their efforts to address them. We hope the bank is able to resolve the issues without incurring too much cost or facing regulatory investigations.
HidenbergResearch is behind this short sell.
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