ZURICH—Credit Suisse shares slid by as much as 11.5 percent and its bonds hit record lows on Monday amid concerns about the bank’s ability to revamp its business and bolster its capital after a string of losses precipitated a strategy reboot.
Chief Executive Ulrich Koerner last week told staff that Credit Suisse, whose market capitalization dropped to a record low of 9.73 billion Swiss francs ($9.85 billion) on Monday, has solid capital and liquidity. The bank plans to unveil its restructuring plan with third-quarter earnings on Oct. 27.
On Monday, Credit Suisse CDS soared higher again, adding 105 basis points from Friday’s close to trade at 355 bps, their highest level in at least more than two decades. The bank’s CDS stood at 57 bps at the start of the year….