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Swiss central bank pledges to back Credit Suisse

Swiss central bank pledges to fund Credit Suisse with liquidity if necessary, in a move to restore confidence in the embattled bank hit by a string of scandals and loss of wealthy clients.

1 min read
  • Switzerland's central bank pledges to fund Credit Suisse with liquidity if necessary.
  • The pledge is unprecedented for a global bank since the financial crisis.
  • The move aims to restore confidence in the bank which has been hit by a string of scandals and loss of wealthy clients.
  • Credit Suisse is undergoing a major overhaul, cutting costs and jobs and creating a separate business for its investment bank.
  • The bank's largest shareholder, Saudi National Bank, said it could not provide further financial help for the embattled lender.
Swiss central bank pledges to back Credit Suisse
Switzerland's central bank pledged on Wednesday to fund Credit Suisse with liquidity "if necessary," a first for a global bank since the financial crisis more than a decade ago.
Reuters

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