The income from the sales was not enough to finance the restructuring costs, wrote the “SonntagsZeitung”.
“It amounts to a capital increase, probably in the amount of around two billion francs,” the newspaper quoted an anonymous source “with access to the consultations”. A spokeswoman for Credit Suisse declined to comment on the report when asked by AWP.
As the newspaper also wrote, citing two sources, the bank’s management is also considering issuing convertible bonds. The Bloomberg news agency reported on this last week. According to the report, these bonds would only be used to cover losses if the Swiss Financial Market Supervisory Authority so requested.
As part of the restructuring of the ailing major bank, there has been speculation for weeks about a high capital requirement. Various analysts have estimated the need between four and eight billion francs. The results of the strategy review are to be presented this Thursday (October 27) together with the publication of the figures for the third quarter./rw/AWP/he
ZURICH (dpa-AFX)
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