Credit Suisse said on Tuesday it will take a 4.4 billion Swiss franc ($4.7 billion) hit from dealings with Archegos Capital Management, prompting it to overhaul the leadership of its investment bank and risk divisions.
Embattled bank Credit Suisse is considering a capital increase of around 2 billion Swiss francs ($2 billion) and the issue of convertible debt to help finance its turnaround plans,
Credit Suisse sought to shore up its liquidity and restore investor confidence on Thursday by borrowing up to $54 billion from Switzerland’s central bank,
European shares fell on Wednesday as bank stocks resumed their selloff, after a short-lived bounce in the previous session, with Credit Suisse plunging to a fresh record low. The pan-European STOXX 600 index fell 2.5 per cent by 1118 GMT, languishing at 10-week lows, as was the banks sector index after plunging nearly 6 per cent.
The second largest Swiss bank, Credit Suisse, just managed to avoid sinking when the Swiss National Bank (SNB) threw a lifeline of 50 billion Swiss francs ($54 billion) because the Swiss authorities felt that Credit Suisse was “globally systemically important” and that it should not fall because if it fell it could possible bring down others