Tuesday 4 October 2022 02:42 AM ABC sparks Credit Suisse financial frenzy after reporter David Taylor's tweet trends now
A single deleted tweet from ABC reporter David Taylor may have fuelled a massive crash on the share price of Credit Suisse
A single deleted tweet from an ABC reporter may have fuelled a massive crash on the share price of a multinational bank.
ABC business reporter David Taylor tweeted on Saturday that a 'major international investment bank is on the brink' which instantly fuelled a whirlwind of speculation about Credit Suisse.
Credit Suisse's bank shares plunged into a tailspin at the weekend, dropping to a record five-year low as almost 10 per cent of its value was wiped off the stock market.
Share prices fell from 3.96 Swiss Francs at Friday's close of business to 3.61 by Monday morning.
As the share crash took place, some global headlines cited the ABC's 'report', despite Credit Suisse CEO Ulrich Koerner's public denials that the banking giant was on the verge of bankruptcy.
Taylor's tweet was later deleted on Monday after ABC bosses intervened and Credit Suisse's share price later bounced back to 3.96 Swiss Francs.
But at one stage Wall Street veterans feared the world was on the verge of another Lehman Brothers disaster which sparked the 2008 global financial crisis.
ABC business reporter David Taylor tweeted on Saturday that a 'major international investment bank is on the brink' which instantly fuelled a whirlwind of speculation
Credit Suisse share prices fell from 3.96 Swiss Francs at Friday's close of business to 3.61 by Monday morning before later bouncing back after David Taylor's tweet was deleted
'ABC Australia reports, citing a “credible source”,' tweeted one investor over the weekend. 'Most of the references point to Credit Suisse.
'As I already suggested yesterday, domino pieces begin to fall, I suppose this will become “Lehman Brothers 2.0."'
Lehman Brothers was the fourth-largest investment banker in the US before it collapsed in 2008, sparking the worldwide financial disaster.
The markets leapt on Credit Suisse as the latest vulnerable bank after the ABC reporter's weekend tweet,
