Credit Suisse shares hit record low after report bank is looking to raise cash

Switzerland's national flag flies in front of the headquarters of Swiss bank Credit Suisse in Zurich, Switzerland July 27, 2022. REUTERS/Arnd Wiegmann/File Photo - RC2EKV9CEMGV

LONDON, Sept 23 (Reuters) - Credit Suisse (CSGN.S) shares dropped to a record low on Friday after a Reuters report said the company is looking to raise fresh cash.

Credit Suisse has started sounding out investors for a capital hike for the fourth time in seven years as it attempts a radical overhaul of its investment bank, which could include exiting the U.S. market, two sources told Reuters.

Shares in Credit Suisse (CSGN.S) fell over 7% in early trade to a record low of 4.26 francs.

Including Friday's move, shares are down over 50% this year and are on track for their worst yearly performance since 2008.

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Reporting by Samuel Indyk; Editing by Dhara Ranasinghe

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