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Strategist Warns Credit Suisse Next to Collapse — Says ‘There’s a Run on the Bank’


Strategist Warns Credit Suisse Will Be Next Bank to Collapse Citing Capital Trouble — Says 'There's a Run on the Bank'

Market strategist Greg Foss has predicted that Credit Suisse will be the next major bank to collapse, citing capital trouble and a run on the bank. The Swiss banking giant has also identified “material weaknesses” in its financial reporting controls. Its shares plunged on Wednesday after the bank failed to raise capital from its largest investor.

Credit Suisse Next to Fall, Says Strategist

Market strategist Greg Foss warned about the impending collapse of Swiss banking giant Credit Suisse on the Coin Stories podcast, published Tuesday. His warning followed the collapses of several major U.S. banks, including Silicon Valley Bank and Signature Bank.

Foss is currently executive director at Validus Power Corp. He was a founding shareholder of 3iQ Corp. and previously held the role of senior portfolio manager with a focus on credit strategies at Fiera Quantum. He was also a managing partner for credit strategies at both GMP Investment Management and Marret Asset Management, and was the VP of Fixed Income Trading at TD Securities.

“Credit Suisse is a systemically important financial institution and there’s a run on the bank,” Foss began, elaborating:

The wealth division is losing assets in magnificent fashion and that’s a very…

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