(Adds dropped words "five and ten cents" in 4th paragraph)
ZURICH, March 13 (Reuters) - Credit Suisse shares hit a new record low in morning trading on Switzerland's
stock exchange.
Bank shares in Europe and Asia plunged on Monday as the
collapse of startup-focused Silicon Valley Bank continued to
batter markets, while U.S. large banks failed to hold onto a
brief premarket rally after authorities moved to stem the
contagion.
The bank's shares tumbled over 12% and were trading at 2.20
Swiss francs ($2.41) per share, down from a previous low of 2.41
francs hit on Friday. They are down almost 20% year to date.
Credit Suisse's debt was also falling on Monday, with the
lender's U.S. dollar perpetual bonds being hit most and
declining between five and ten cents on the dollar, Refinitiv
Eikon data showed.
Struggling to recover from a string of scandals,
Switzerland's second-biggest bank has begun a major overhaul of
its business, cutting costs and jobs and creating a separate
business for its investment bank under the CS First Boston
brand.
Last week it announced it was delaying the publication of
its annual report following a call from the U.S. Securities and
Exchange Commission.
Europe's STOXX bank index was down 5.7%, having shed
3.78% on Friday, leaving it on track for its biggest two-day
fall since Russia began its invasion of Ukraine in February
2022.
($1 = 0.9119 Swiss francs)
(Reporting by Noele Illien and Chiara Elisei, editing by
Friederike Heine and Jason Neely)
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