- 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.
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.