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Credit Suisse Slides as Rights Offering Weighs Again

  • Swiss lender slumps ahead of the close of its rights trading
  • Stock has market cap of 9 billion francs, lost 60% this year
A Credit Suisse bank branch in Basel, Switzerland.

A Credit Suisse bank branch in Basel, Switzerland.

Photographer: Stefan Wermuth/Bloomberg
Updated on

Credit Suisse Group AG slumped as the overhang from the Swiss lender’s rights offering hurt its shares yet again, turning the focus away from updates on the planned strategic changes.

Shares in the bank, which have been hit by management upheavals and scandals, fell as much as 8.7% reversing some of the gains they made in recent days as its eight-day discounted offer of stock to existing shareholders is about to close. They had surged on reports that Saudi Arabia’s Crown Prince Mohammed bin Salman is preparing to invest in its investment-bank unit and comments from its chairman that inflows were returning to its key wealth management unit.