The US Treasury Bank on Wednesday initially refused to comment on a report from a Swiss blog that it was preparing an offer, exacerbating the sharp moves in the shares of both lenders. In a statement on Thursday, State Street said it was “not seeking a takeover or any other business combination with Credit Suisse.” There is no basis for the ongoing market rumors. “Although we have a long-standing policy of the company not to comment on such speculations, we believe that a response to these reports is now justified in this case.” Earlier in the day, Credit Suisse CEO Thomas Gottstein was asked about the report at Goldman Sachs’s European Finance Conference in Rome. He replied: “We never comment on rumors. My father once gave me a piece of advice: for really stupid questions, you prefer not to comment at all. I will listen to my father’s advice in this case “. Shares of Credit Suisse fell nearly 6 percent after the announcement of both companies. Shares of State Street jumped shortly after its decline and rose nearly 1 percent in afternoon trading in New York. A day earlier, Credit Suisse shares fell to a 30-year low of SFR 6.20 after the third earnings warning since January, but rose after the acquisition was reported on the Swiss blog Inside Paradeplatz, concluding on Wednesday in positive territory. Inside Paradeplatz quoted a single source as saying that State Street was lining up an SFr9 bid per share for Credit Suisse. Although he initially declined to comment, the US lender said it was still in the process of finalizing the $ 3.5 billion purchase of Brown Brothers Harriman’s asset custody and asset service. Shares fell 5.5 percent on Wednesday, with investors apparently worried it was less than a clear decline. Analysts said they saw little benefit from buying Credit Suisse on State Street, but pointed to the possibility of a possible combination of banks’ asset management divisions. State Street Global Advisors specializes in index funds and stock exchanges, while Credit Suisse Asset Management focuses on active products with higher profit margins. Asked about possible CSAM-related operations during the Goldman Sachs event, Gottstein said there were no plans and that the asset management business was one of the bank’s four core divisions. Gottstein was also asked about the bank’s prospects of recovering from three consecutive quarters of losses. He said the bank was committed to achieving or possibly meeting the SFR 17 billion cost target for the year, with some savings initiatives being accelerated, though he added that the bank would not make any concessions in terms of risk and compliance.