CREDIT SUISSE GROUP'S fragile recovery is hitting wider market concerns about financial firms, leaving the bank's leaders with an uphill battle to convince investors it can pull off an extensive turnaround.
The Swiss bank's stock plunged to the lowest level on record and its credit spreads surged as the company's top shareholder ruled out increasing its stake because of regulatory constraints. That helped drag all European banks lower as investors show a quick trigger on shying away from risk after the turmoil of the past week.
Credit Suisse is just a few months into a complex reshaping that will see it spin out the investment banking unit while focusing on its key wealth management business. Its second strategy pivot in as many years has so far failed to win over investors or halt client outflows, and the effort risks being further complicated by market unease across financials after the collapse of Silicon Valley Bank.
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