Credit Suisse's rollercoaster ride: soaring shares, crisis, and regulatory concerns.
TL;DR Summary
Credit Suisse shares surged over 30% at market open after announcing it will borrow up to $54 billion from the Swiss National Bank under a covered loan facility and a short-term liquidity facility. The bank also offered to buy back around $3 billion worth of debt. Credit Suisse's stock had been sliding due to fears of contagion and a "material weakness" found in its financial reporting. The Swiss National Bank and the Swiss Financial Market Supervisory Authority confirmed that Credit Suisse meets the capital and liquidity requirements imposed on systemically important banks.
- Credit Suisse shares soar 30% on Swiss National Bank loan announcement CNBC
- Nouriel Roubini on Credit Suisse Crisis, Inflation, Strategy Bloomberg Television
- Stock Markets Fall as Bank Shares Take a Beating The New York Times
- Credit Suisse: It Must Stem Outflows From Rich Asians Bloomberg
- Opinion | Regulators must stop Credit Suisse from spiraling out of control The Washington Post
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