Credit Suisse shares hit record low

Elsewhere in the markets, shares in investment bank Credit Suisse have dropped 10% in early trading to a new record low.

The fall comes despite the chief executive of Credit Suisse reassuring staff that the globally significant Swiss bank has a solid balance sheet, after credit markets rated its risk of default as the highest in a decade.

In a memo to staff on Friday, Ulrich Körner said there were “many factually inaccurate statements being made” in media coverage of the bank’s crisis, which has seen its share price plunge by 56% this year.

Körner said: “I trust that you are not confusing our day-to-day stock price performance with the strong capital base and liquidity position of the bank,”

“We are in the process of reshaping Credit Suisse for a long-term, sustainable future – with significant potential for value creation.

“Given the deep franchise we have, with a longstanding focus on serving some of the world’s most successful entrepreneurs, I am confident we have what it takes to succeed.”