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Credit Suisse should move to cut costs and raise capital, analysts and investors say

The Swiss bank may need to raise billions in new stock to fund a restructuring and rising legal costs, analysts say

The value of one of its riskiest types of debt, which can be canceled or converted to equity if a bank gets into trouble, fell to around 77 cents on the dollar, from 86 cents on 30 September
The value of one of its riskiest types of debt, which can be canceled or converted to equity if a bank gets into trouble, fell to around 77 cents on the dollar, from 86 cents on 30 September Photo: Dan Kitwood/Getty Images

Credit Suisse came under renewed pressure over its financial health after the value of its riskiest bonds sank and the cost to insure against default rose sharply.

Investors and analysts called on the Swiss banking giant, which combines a Wall Street presence with a global specialty in managing rich people’s money, to move faster with cost savings and fresh investor capital to reassure markets.

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