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Credit Suisse's $50 billion lifeline calms bank panic | CNN Business

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Credit Suisse said it would borrow more than $50 billion from the Swiss National Bank, taking advantage of a lifeline offered by the central bank and calming panicked investors.

An overnight scramble to shore up confidence in Credit Suisse calmed panicked investors on Thursday with shares in Switzerland’s second-biggest bank shooting higher in early trade. Credit Suisse said it would borrow up to 50 billion Swiss francs from the Swiss National Bank, taking advantage of a lifeline offered by the central bank late Wednesday after its stock closed down 24%. It also said it would buy back some of its own debt.

25 Swiss francs . Two years ago they were worth more than 11 francs apiece, but a series of scandals, missteps and compliance failures have steadily eroded the bank’s business and undermined the confidence of investors and clients. Customers withdrew 123 billion Swiss francs from Credit Suisse last year — mostly in the fourth quarter — and the bank reported in February an annual net loss of nearly 7.3 billion Swiss francs , its biggest since the global financial crisis in 2008.

 

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More bad government bull 💩. Causing bank fails . Communist/fascist are destroying the free world and all these people don’t see it what a joke

Getting more loans from the bank won't sort the issues on ground, if not well executed.

I don’t think investors are calm at all.

Thats the clearest sign that Credit Suisse is in very serious trouble

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