Bank Giant Credit Suisse Says It Is Not Facing Collapse

 

CNBC: Credit Suisse shares pare losses after earlier plunging as much as 10% 

* Shares of Credit Suisse took a swing after earlier plunging as much as 10% Monday as the Financial Times reported the Swiss bank’s executives are in talks with its major investors to reassure them amid rising concerns over the Swiss lender’s financial health. 

* Spreads of the bank’s credit default swaps, which provide investors with protection against financial risks such as default, rose sharply Friday. 

* They followed reports the Swiss lender is looking to raise capital, citing a memo from its chief executive, Ulrich Koerner. 

Shares of Credit Suisse recovered their losses and ended the Monday trading session down around 1% after a big market rally. 

The shares had dropped as much as 10% at the start of trading after the Financial Times reported the Swiss bank’s executives are in talks with its major investors to reassure them amid rising concerns over the lender’s financial health.  

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Update #1: Credit Suisse stock falls to fresh record low as investor concerns mount (CNN)  

Update #2: Credit Suisse is fending off concerns about its financial health, fanning fears of another Lehman Brothers moment that could roil the global financial system. Here's what's happening, and what it means. (Market Insider)  

WNU Editor: Investors are nervous. Correction. Very nervous. And those who have money clearly do not have confidence in Credit Suisse .... Cost of insuring against Credit Suisse defaulting reaches record high (The Guardian). 

In the meantime today's markets closed with substantial gains .... US stocks gain ground; pound rallies after UK tax retreat (AP).