Credit Suisse: Stop the press
Euromoney receives the world's least necessary regulatory communication.
It is, of course, awards season here at Euromoney Towers, but sometimes our conventional categories don’t quite capture the full and complex picture of financial industry achievement. For example, we may need to introduce a new accolade of The World’s Least Necessary Regulatory Communication.
In most years, candidates would be legion. But for this year it seems difficult to look past one in particular.
“Credit Suisse Group AG (Credit Suisse) announced today that the New York Stock Exchange (NYSE) notified Credit Suisse on May 1, 2023, that it is no longer in compliance with the NYSE’s continued listing minimum price criteria set forth in the NYSE Listed Company Manual, which requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period.”
Sounds serious, that. Thank goodness we have been informed.
Fortunately, in case anyone was alarmed by this apparently shocking lapse in rule-adherence by the venerable Swiss name, it seems that a solution has already been found.
“Credit Suisse expects that the deficiency will be cured upon completion of the acquisition by UBS Group AG.”