Morning NewsCredit Suisse Completes $2.4 Billion Capital Raise as It Advances Cost Cuts
Credit Suisse Group AG said Thursday that it completed its latest rights offering and had put into action around 80% of the cost cuts it planned for 2023, as the bank maintains course through its painful strategic review. The Swiss lender said that 98.2% of rights offered had been exercised, or around 873 million new shares, until the end of the rights period at midday Zurich time on Thursday. The gross proceeds of the rights offering amount to approximately CHF2.24 billion ($2.38 billion), which, added to a previous capital increase, should raise around CHF4.0 billion, the company said.