Shares in Credit Suisse down by more than 8%

Shares in Credit Suisse fell by more than 8 per cent in trading on Thursday as its chief executive Tidjane Thiam said the turmoil in global markets this year will help him to speed implementation of his new strategy for the Swiss bank.

“I’m using the current challenging environment to accelerate the transformation that I’m driving,” Mr Thiam told a conference in Miami, which was streamed via Credit Suisse’s website, adding that it is a not a great time to be a bank after several days of steep share price falls.

Shares in the company are currently trading at their lowest prices since at least 1998.

Last week Credit Suisse reported its first full-year loss since 2008 after booking a large impairment charge at its investment banking business, sending its share price tumbling and piling pressure on Mr Thiam.

Reuters