(Bloomberg) - Credit Suisse Group AG said that it’s been notified by the New York Stock Exchange that it’s no longer in compliance with minimum listing criteria.
The Swiss bank said on Wednesday that it isn’t meeting the NYSE’s requirement that listed companies maintain an average closing price of at least $1 over a straight 30 day trading period. Credit Suisse said that it expects its acquisition by UBS to cure the deficiency.
UBS executives have guided that the deal could close around the end of May and some senior bankers had been told to prepare for around June 7. The government and bank are still negotiating some terms of the deal, potentially leading to a delay.
Uncertainty over the $3 billion takeover, which was brokered by the government in March to prevent a total collapse of Credit Suisse, hangs over the thousands of employees whose jobs are likely to be affected by the fusion.
By Marion Halftermeyer
