Business & Finance
16 March 2023, 3:07 pm 1 minute
| Documents reviewed by Reuters reveal Credit Suisse Group AG (CSGN.S) told staff on Thursday that the emergency backstop from the Swiss central bank does not trigger a “viability event.” 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, becoming the first major global bank to tap an emergency lifeline since the financial crisis of 2008. |
Market Impact
The lender has suffered unprecedented outflows of more than $100 billion since October amid a crisis of confidence.
Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & Finance
Regions: Europe
Countries: Switzerland
Win Types: Speed
Story Types: Spot News
Media Types: Text
Customer Impact: Significant National Story
