Credit Suisse shares reach new record low

ZURICH (Reuters) – Credit Suisse shares reached a new record low in early morning trading on Switzerlands stock exchange.

The Swiss banks shares tumbled over 8% and were trading at 2.29 Swiss francs ($2.50) per share, down from the previous low of 2.41 francs per share reached on Friday.

Struggling to recover from a string of scandals, Switzerlands second-biggest bank has begun a major overhaul of its business, cutting costs and jobs to revive its fortunes, including creating a separate business for its investment bank under the CS First Boston brand.

Last week it announced it was delaying the publication of its annual report following a call from the United States Securities and Exchange Commission, which raised questions about its earlier financial statement.

($1 = 0.9152 Swiss francs)

(Reporting by Noele Illien, Editing by Friederike Heine)