After confirming material weaknesses and an $8 billion loss in 2022, Credit Suisse shares plummeted to an all-time low of five percent in early trading on Tuesday in Europe.
This occurred just hours after a financial expert predicted that Credit Suisse would be the next institution to collapse following the SVB debacle, the Daily Mail reported.
During a recent appearance on Fox Business, Robert Kiyosaki – a metals investor and author of Rich Dad, Poor Dad who accurately predicted the 2008 fall of Lehman Brothers – cautioned that “the problem” lies within the bond market.
He further claimed that Credit Suisse, the eighth largest investment bank globally, was the most vulnerable institution. Kiyosaki’s warning came just last night.
‘My prediction, I called Lehman Brothers years ago, and I think the next bank to go is Credit Suisse because the bond market is crashing. The bond market is much bigger than the stock market. The Fed is up and they’re the firemen and the arson,’ he said, as reported by the Daily Mail.
Credit Suisse released its annual report on Tuesday morning, which disclosed an $8 billion loss for the year 2022. The bank was supposed to publish the report last Thursday; however, the SEC sent it back to review its books, causing a delay.
Today, Credit Suisse said the ‘weaknesses’ were down to a ‘failure to design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements’.
Written by staff