Credit Suisse mkt turmoil deepens after CEO memo backfires; stock falls 12%

The turmoil was sparked by a memo late that day from Chief Executive Officer Ulrich Koerner, in which he had sought to play down speculation surrounding the bank's overhaul plans

Credit Suisse Group AG shares briefly turned positive in a wild day of trading that saw them drop as much as 12% before climbing back to near where they closed last week.

The stock recovered late on Monday after several analysts published notes bolstering bank executives’ arguments that the firm has ample capital and liquidity to weather the current uncertainty and market volatility. That’s ahead of its second restructuring in as many years. 

The gyrations came on a day in which the stock plunged to a fresh record low and costs to insure the bank’s debt against default jumped to its highest