⚠️BREAKING: *CREDIT SUISSE STOCK PLUNGES 60% IN PREMARKET TRADE AFTER UBS BUYOUT $CS 🇨🇭🇨🇭
© Reuters. FILE PHOTO: A view of the Credit Suisse building at Circular Quay in Sydney, Australia, March 20, 2023. REUTERS/Jaimi JoyLONDON/ZURICH -Shares in UBS plunged on Monday, heading for their biggest one-day fall since 2008 after its weekend rescue of ailing rival Credit Suisse ignited concerns among investors about the long-term benefits of the deal.
Credit Suisse shares slid by more than 60% to around 0.69 Swiss francs , while the value of its additional tier 1 bonds - a type of bond issued by banks that make up the capital buffers regulators require them to hold - dropped as low as 1 cent on the dollar. "The next few hours of trading will give us a better picture on whether the crisis is contained," Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said.
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