Fabrice Coffrini | Afp | Getty Imageswatch now"The Credit Suisse debacle will have serious ramifications for other Swiss financial institutions.
A country-wide reputation with prudent financial management, sound regulatory oversight, and, frankly, for being somewhat dour and boring regarding investments, has been wiped away," Marenzi said.
Credit Suisse traded up 3.5% during afternoon deals after ending Monday's session down a whopping 55%.
Credit Suisse bond wipeoutUnder the terms of the emergency takeover, investors in Credit Suisse's additional tier-one bonds — widely regarded as a relatively risky investment — will see the value of their holdings slashed to zero.
One euro was last seen trading at 0.9961 Swiss francs, weakening from 0.9810 when compared with March 14.