In 2007, Credit Suisse was the world’s eighth-biggest publicly owned bank by market capitalisation. At pixel time it sits 155th, between Shanghai Commercial and Savings Bank and Webster Financial of Stamford, Connecticut.
You’ll probably have read by now that Credit Suisse shares are once again hitting a new record low, which has caused all sorts of ructions for the sector. We figured it might be helpful (or possibly just gratuitous, which is also fine) to put some perspective on the Swiss lender’s Sfr100bn drop in market value over the past 15 years.
Essentially, using current valuations, CS has lost an entire Goldman Sachs. Here’s the chart:
At the stock’s intraday low of Sfr1.56, CS had a market cap just shy of Sfr7bn. Bloomberg data showed it to be smaller than:
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All other members of Switzerland’s SMI benchmark. Today’s drop meant CS swapped places in bottom position with Logitech, the maker of webcams etc.
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488 constituents of the S&P 500
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70 constituents of the FTSE 100. On current standings CS would be between auto insurer Admiral and Kingfisher, owner of the B&Q DIY chain
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Banque Cantonale Vaudoise, a regional bank for the Swiss canton of Vaud
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Draftkings, the US fantasy sports gaming and betting company
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Crocs, a manufacturer of rubber clogs
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Tingyi (Cayman Islands) Holding Corp, a Hong Kong-listed maker of instant noodles
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Texas Roadhouse, owner of the Bubba’s 33 chain of sports bars
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La Francaise de Jeux, the operator of France’s national lottery
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New Hope Liuhe, a Chinese animal-feed maker and provider of related financial services
For the avoidance of doubt, only one of the above-referenced companies has reported $1.5tn in assets under management.
Further reading:
— Credit Suisse appeals to Swiss central bank for show of support (FT)
— A Suisse twist (FTAV)
— Now even its cornerstone investor is kicking Credit Suisse (FTAV)
— Credit Suisse and the CDS Streisand effect (FTAV)