Credit Suisse shares fall around 10% in early trading

A sign above the entrance to a Credit Suisse Group AG bank branch in Geneva, Switzerland, on Monday, July 25, 2022. Credit Suisse report 2Q earnings on July 27. Photographer: Jose Cendon/Bloomberg

Shares in beleaguered Swiss bank Credit Suisse (CSGN.S) fell around 10% in early trading, reflecting market concern about the group as it finalises a restructuring programme due to be announced on Oct. 27.

Credit Suisse has solid capital and liquidity, Chief Executive Ulrich Koerner told staff in a memo last week.

Credit Suisse executives spent the weekend reassuring large clients, counterparties and investors about its liquidity and capital position, the Financial Times reported on Sunday.

A spokesman for Credit Suisse declined to comment on the report when contacted by Reuters.

Executives made the calls after spreads Credit Suisse credit default swaps (CDS), which offer protection against a company defaulting, rose sharply on Friday in an indication of investor concerns.

Credit Suisse shares have fallen by more than half this year.