Credit Suisse shares hit a record low after reports that banks are looking to raise cash

Credit Suisse shares hit a record low after reports that banks are looking to raise cash

LONDON (Reuters) – Shares of Credit Suisse fell to a record low on Friday after a Reuters report said the company was looking to raise fresh cash.

Two sources told Reuters that Credit Suisse has begun searching for investors for a fourth capital increase in seven years as it tries to overhaul its investment bank, which could include an exit from the US market.

Shares in Credit Suisse fell more than 7% in early trading to a record low of 4.26 francs.

Including Friday’s move, stocks are down more than 50% this year and are on track for their worst annual performance since 2008.

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