Credit Suisse has taken “decisive action to pre-emptively strengthen its liquidity” as it exercises an option to borrow up to CHF 50bn ($54bn) from the Swiss central bank.
The loan from Swiss National Bank would be completed under both a covered loan facility and short-term liquidity facility, and is intended to "support Credit Suisse's core businesses and clients". Credit Suisse admits failures in internal risk assessments Credit Suisse also said the additional liquidity would enable the firm to take "the necessary steps to create a simpler and more focused bank built around client needs". This news comes following yesterday's share price rout, which saw the Swiss bank's shares end the day 24.2% in the red, following a mid-morning suspension of Cred...
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