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Credit Suisse Slides to 27-Year Low Amid Selloff, Overhaul

  • Bank shares have lost almost half their value since October
  • Credit Suisse CEO says it's `not a great time to be a bank'
Credit Suisse Group AG Full-Year Results News Conference
Photographer: Philipp Schmidli/Bloomberg
Updated on

Credit Suisse Group AG plunged to a 27-year low as a selloff across the industry compounded doubts about Chief Executive Officer Tidjane Thiam’s restructuring plans.

A rout in bank stocks deepened on Thursday after France’s Societe Generale SA missed fourth-quarter profit estimates, with earnings declining 35 percent at the investment bank. Credit Suisse shares closed at 12.31 Swiss francs, down 8.4 percent, bringing losses to about 43 percent this year. That’s more than the 41 percent drop in 2011, at the height of Europe’s fiscal crisis.