Credit Suisse is borrowing up to $54 billion from the Swiss central bank to improve its liquidity.
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The bank's shares plummeted by 24% on the SIX Swiss Exchange, and its bond prices dropped significantly.
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The Swiss National Bank and Finma released a joint statement certifying the bank's financial health and pledging to support it if necessary.
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Credit Suisse announced its intention to borrow 50 billion Swiss francs from the Swiss National Bank.
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The immediate trigger for the sharp decline in the bank's stock price was a statement by Ammar al-Khudairy, Credit Suisse's largest shareholder, stating that the Saudi National Bank would not invest any more money into Credit Suisse.
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Credit Suisse has been plagued by a series of missteps and controversies, including significant trading losses, numerous scandals, and ongoing losses and client departures.