- 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.
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.