After largest shareholder was unable to provide backing, Europe’s 17th largest lender says it will use government help to become ‘simpler and more focused’
The bank said its borrowing measures “demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders”.
The move to shore up Credit Suisse’s finances came a few hours after the central bank and the Swiss financial markets regulator issued a joint statement pledging emergency funding if needed. They insisted there was no “direct risk” of contagion from turmoil in the US banking system after the sudden collapse last week of the US lender Silicon Valley Bank.
The suggestion of a limit to support for Credit Suisse, which reported a loss of CHF7.3bn for 2022, sent its share price tumbling, ending the day down by 24.5%.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Live: ASX to slide as Credit Suisse share plunge rattles marketsThe ASX 200 is expected to fall sharply when trade opens, after a plunge for giant Swiss bank Credit Suisse triggered a rout on European stock markets and losses on Wall Street overnight. Follow live on our blog.
Read more »
Credit Suisse warns of ‘material weaknesses’ in financial reportingSwiss bank’s shares fall as annual report reveals another blow to its bid to recover from string of scandals
Read more »
Credit Suisse shares fall to record low as top investor rules out more fundingSaudi National Bank says it cannot stump up more cash because of regulatory restrictions
Read more »
Credit Suisse shares close near record low, sparking fears from investorsCredit Suisse shares close down more than 24 per cent, stoking fears of another bank collapse following the closing down of Silicon Valley Bank in the United States.
Read more »
ASX LIVE: ASX futures tumble; Credit Suisse sinks, BHP, Rio, oil price plungeAustralian futures -1.7pc. Bond yields sink again. Gold climbs. Credit Suisse plunges 24pc, government steps in. Oil at lowest since Dec 2021. Follow updates here.
Read more »
‘Material weakness’ found in Credit Suisse financesShares of Credit Suisse dropped by more than 20 per cent on Wednesday, sparking new fears over the stability of the global financial system after two banks collapsed in the US. Mr Phillips said shares were dropping as “investors were worried” that Credit Suisse will just no longer be able to pay its bills. “The good news is the Swiss National Bank has agreed to give Credit Suisse liquidity,” he told Sky News Australia. “We know when it comes to bank runs … it is liquidity that really brings these institutions undone. “If they have the cash, if they have the liquidity to make sure they can meet their obligations, that is going to slow down any potential domino. “But it does seem like there are material problems here.”
Read more »