- Credit Suisse to borrow up to $54bn from Swiss central bank to shore up liquidity.
- Scandals, management changes, and losses contributed to the bank's crisis.
- Clients pulled 110bn Swiss francs in Q4 2022, causing the biggest annual loss since 2008.
- Winning the backing of strategic investors, divesting stakes in assets, and pivoting to a strategy to cater to rich clients are options.
- Credit Suisse has a local Swiss bank, wealth management, investment banking, and asset management operations.
Reuters — Business — Credit Suisse crisis — Finance — Banking — Investment
What happened at Credit Suisse and how did it reach crisis point?
Credit Suisse's shares and bonds slump, forcing it to borrow up to $54bn from the Swiss central bank. Scandals, losses, and management changes have caused the crisis.