New historic intraday low for the Credit Suisse stock, the Swiss banking giant in the throes of a historic restructuring process, hit in the first six weeks of the fourth quarter by outflows of approximately 84 billion Swiss francs.
The flows particularly affected the wealth management division.
The stock is under pressure today on the Zurich stock exchange, after the note by Andreas Venditti, an analyst at Vontobel, who underlined that he was “stunned” by the flight of customers from Credit Suisse and who said he expected a new loss for the bank next year due to high financing costs.
The analyst cut the target price on the Credit Suisse stock from the previous 4 francs to 3.5 Swiss francs. The stock lost more than 2% on the Zurich stock exchange, falling to 3.47 Swiss francs.
The Vontobel analyst added that the bank “urgently” needs to stop the bleeding of outflows in the wealth management division, which by the way is part of its core business.