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Credit Suisse shares fall to new record low after collapse of SVB and Signature Bank

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Credit Suisse shares on Monday reached a new record low, falling as much as 9% as investors continued to hammer away at the stock of the Swiss banking giant after the collapse of banks in the U.S.

While SVB Financial and Signature Bank collapsed in the wake of the downturn in the technology and crypto sectors as interest rates rise, Credit Suisse’s difficulties have been of its own making.

Credit Suisse
CSGN,
-10.22%

CS,
-3.97%

has lost money for five straight quarters and says it’s expecting to post a loss before tax this year. It’s undergoing a big transformation after losing billions lending to the Archegos family office and having to freeze $10 billion worth of funds tied to Greensil Capital. Wealthy clients pulled out about $100 billion from Credit Suisse in the fourth quarter.

According to FactSet, Credit Suisse shares trade at 0.2 estimated 2023 tangible book value. Rival UBS
UBS,
-2.82%

trades at 1.2 times estimated 2023 tangible book value.

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Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

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