Justified or not, the price plunge itself is problematic. First, the credit default swap selloff implies higher funding costs. Analysts at Citigroup pegged the increase at around 300 million Swiss francs, equivalent to 5% of 2021 adjusted pre-tax profit. It could also deter trading counterparties, implying more pain for its already loss-making investment bank. Similarly, spooked private-banking clients could pull assets, infecting the core wealth management franchise. 
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Citigroup