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Analysis: Swiss blank cheque wins some time for Credit Suisse

Switzerland's central bank has promised to provide liquidity to Credit Suisse Group AG if necessary, following a 30% drop in the bank's stock price. Credit Suisse is taking decisive action by borrowing up to $54 billion. However, the funding does little to address the bank's strategic disarray after

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  • Switzerland's central bank has pledged to bankroll Credit Suisse Group AG if necessary.
  • Credit Suisse is taking decisive action by borrowing up to $54 billion from the Swiss National Bank.
  • The move follows a 30% drop in Credit Suisse's stock price on Wednesday.
  • The funding guarantees Credit Suisse's future but does little to address the bank's strategic disarray.
  • Credit Suisse has been troubled for years and has been struggling to recover after customers withdrew about $120bn.
Analysis: Swiss blank cheque wins some time for Credit Suisse
Switzerland's radical pledge to bankroll Credit Suisse Group AG has won the embattled lender the chance to resurrect itself from an almost complete collapse in confidence that rattled global markets.
Reuters

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