[NYPOST] Shares of Credit Suisse plunged to all-time lows on Wednesday after its top shareholder said he would not plow more cash into the struggling Swiss banking giant — sparking fears that a global banking contagion is spreading.Credit Suisse reportedly has asked the Swiss National Bank for a “public show of support” as its shaky balance sheet — crippled by withdrawals from skittish customers in recent months — has sparked speculation that a government rescue is coming.
The beleaguered bank has also turned to Swiss regulator Finma, but neither institution has yet decided to intervene publicly — with some sources citing fears of sparking a panic, according to the Financial Times, which cited unnamed sources close to the situation.
Credit Suisse Chairman Axel Lehmann told CNBC on Wednesday that the bank was working to emphasize “de-risking” its balance sheet. Asked if the bank would accept government assistance, Lehmann replied: “That’s not the topic.”
“We are regulated, we have strong capital ratios, very strong balance sheet,” he told CNBC. “We are all hands on deck. So that’s not the topic whatsoever.”
| Courtesy of badanov, RIA Novosti adds: |