Reuters exclusively revealed that the Swiss financial regulator is reviewing remarks made by Credit Suisse Group Chairman Axel Lehmann about outflows from the lender having stabilized in early December. Sources told Reuters that Finma is seeking to establish the extent to which Lehmann and other Credit Suisse representatives were aware clients were still withdrawing funds when he previously stated in media interviews that outflows had stopped.
Credit Suisse shares fell by more than 6% on Tuesday after Reuters story, dropping to the lowest point in decades. The cost of insuring exposure to the company’s debt also rose.
