Credit Suisse under siege

Credit Suisse seeks to restore its reputation as it borrows up to SFr50bn ($54bn) from Swiss central bank's liquidity backstop, after a series of scandals and weak investment banking unit.

March 16, 2023 . 9:37 AM

1 min read

Credit Suisse announces it will borrow up to SFr50bn ($54bn) from Swiss central bank's liquidity backstop.
The bank also intends to buy back SFr3bn ($3.2bn) in senior debt securities.
Credit Suisse's reputation has been damaged by a series of scandals and its weak investment banking unit.
The bank's deposits fell by 37% in Q4 2022, making a liquidity shortfall a potential existential threat.
Swiss authorities are unlikely to let the bank fail, but its structure may change.