High Noon for Axel Lehmann: Credit Suisse stock and bonds continue to fall. Today, the bank's Chairman Axel Lehmann is making a highly publicized appearance in London. Is he the right man to break the downward spiral? AxelLehmann CreditSuisse
Last week, Axel Lehmann was speaking at the University of St. Gallen at the ceremonial opening of the Center for Financial Services Innovation where the Chairman said «well-educated young people are central to Switzerland and Credit Suisse,» which has funded the establishment of several professorships as a partner in the new institute.
So many were already been talking about Credit Suisse at yesterday's gathering. Former CEO Tidjane Thiam made a self-serving appearance in an attempt to distance himself from the crisis at the financial institution. Debacles such as the bankruptcy of the New York financial firm Archegos and the forced closure of Greensill funds did not occur on his, Thiam emphasized.
Meanwhile, Credit Suisse stocks and bonds are in a downward spiral. Compared to last Friday's closing price, the share price has since lost more than 10 percent and has been unable to break through the 3-franc ceiling. Bond prices were also pressured, approaching lows seen in October, while default insurance for the bank's bonds climbed to new record levels.Sharks are Circling
The success of the capital increase and the turnaround of the bank depends on the exercise of the subscription rights, but bond investors are also nervous. The volatility in share prices, in turn, is a feast for speculators.
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