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Credit Suisse to borrow nearly R1 trillion from Swiss central bank | Business

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Credit Suisse announced Thursday that it would borrow almost $54 billion (R996 billion) from the Swiss central bank to reinforce the group after a plunge in its share prices. | News24_Business

Credit Suisse announced Thursday that it would borrow almost $54 billion from the Swiss central bank to reinforce the group after a plunge in its share prices.

"These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders," CEO Ulrich Koerner said in the statement. Its shares fell more than 30 percent to a record low before regaining ground to end the day 24.24 percent down, at 1.697 Swiss francs.

 

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_Business So i take it you are not going to talk about how they got here.

_Business hehe, the USA killed Credit Suisse a few years ago. If you cant hide your money in a swiss account anymore, what use is it? Now its just an expensive bank account.

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