Credit Suisse CEO seeks to calm as default swaps near 2009 level

The five-year credit default swaps price of about 250 basis points is up from about 55 basis points at the start of the year and is near their highest on record

Credit Suisse Group AG’s new chief has asked investors for less than 100 days to deliver a new turnaround strategy. Turbulent markets are making that feel like a long time.

The cost of insuring the firm’s bonds against default climbed about 15% last week to levels not seen since 2009 as the shares touched a new record low. On Friday, Chief Executive Officer Ulrich Koerner reassured staff that the bank has a “strong capital base and liquidity position” and told employees that he will be sending them a regular update until the firm announces a new strategic plan on Oct. 27. 

Koerner,