Credit Suisse working with Morgan Stanley, others to possibly raise cash: report


Zurich-based Credit Suisse AG CS, +3.52% CSGN, +0.35% could seek at least $2 billion in a potential capital increase, and has lined up big banks just in case, according to a Tuesday report by Bloomberg, [l: which cited sources. Those banks include Morgan Stanley MS, +2.98% and Royal Bank of Canada RY, +0.39% RY, +0.50%, with the Qatar Investment Authority and Abu Dhabi’s Mubadala Investment Co. having also been gauged for any interest. Such plans — referred to as Project Ghana — could emerge after the bank’s restructuring plans, expected Oct. 27, the report said. Goldman Sachs analysts have estimated the bank is facing a capital shortfall of more than 5 billion francs ($5 billion), as short sellers have been building positions against it.

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