Credit Suisse

Wells Fargo, Citigroup and key regional bank stocks were among the names under pressure on Wednesday.

[Silicon Valley Bank](/quotes/SIVB/) and [Signature Bank](/quotes/SBNY/) in the U.S. The fallout from the collapse of SVB could also lead to more regulation and rising costs for the U.S. [Wells Fargo](/quotes/WFC/) fell more than 4% and [Citi](/quotes/C/) dropped 5%, while [Bank of America](/quotes/BAC/) dipped 3%. While Credit Suisse's struggles appear unrelated to the mid-tier U.S. [fell more than 24%](https://www.cnbc.com/2023/03/15/credit-suisse-shares-slide-after-saudi-backer-rules-out-further-assistance.html) after its biggest backer said it won't provide further financial support. - While Credit Suisse's struggles appear unrelated to the mid-tier U.S.

Credit Suisse stirs markets as shares slide 22% during European session. The stock markets fell shortly afterwards reversing overnight gains, Germany's DAX ...

Volatility continues to spike affecting the stock market negatively as the banking sector crisis immerses. Contagion prospects fluster sentiment, as Credit Suisse stock plunges after Saudi national bank retracts further lending to the Swiss bank. Credit Suisse stirs markets as shares slide 22% during European session.

Investors are worried about how the bank, beset by problems, will handle the fallout from SVB's collapse.

As rates rise, the value of bond portfolios has declined. The falls mean many banks could be sitting on significant potential losses. "It's too early to know how widespread the damage is," Laurence Fink, chief executive of investment giant BlackRock wrote in an annual letter to investors. "This banking crisis came from America. In Spain, the IBEX 35 ended more than 4% lower. But markets remain on edge."

Plunge in bank's share price adds to fears over weaknesses in banking sector following collapse of SVB.

In an attempt to calm fears, Credit Suisse chair Axel Lehmann said on Wednesday morning that government assistance “isn’t a topic” for the lender, adding: “We have strong capital ratios, a strong balance sheet. Some investors are also worried about potential unrealised losses lurking in the investment portfolios of European banks. However, Credit Suisse’s problems are also relatively unique and not new, with a string of major financial losses and scandals that have worried investors and fuelled a recent client exodus. It was not immediately clear on Wednesday whether client withdrawals had gathered pace as a result of its plunging share price. The Guardian understands that staff at the Bank are continuing to monitor developments in the financial sector closely. Market movements can cause customers to panic and pull cash, creating a run on deposits that is risky for smaller banks that rely more heavily on client cash. However, these living wills have yet to be tested by a real-life banking failure. [“tuna bonds” loan scandal](https://www.theguardian.com/business/2021/oct/19/credit-suisse-fined-350m-over-mozambique-tuna-bonds-loan-scandal), resulting in a fine worth more than £350m; and been embroiled in the [collapse of the lender Greensill Capital](https://www.theguardian.com/business/2021/apr/28/greensill-collapse-could-cost-uk-taxpayer-up-to-5bn-mps-told) and the US hedge fund Archegos Capital in 2021. [“material weaknesses” in its internal controls](https://www.theguardian.com/business/2023/mar/14/credit-suisse-financial-reporting-swiss-bank-shares-bonds) linked to financial reporting, but assured bosses were working on a plan to “strengthening the risk and control frameworks”. Most central banks and national regulators have introduced annual stress testing to check whether banks can withstand severe economic shocks and market turmoil, while still supporting their customers. However, his funding cap comments spooked investors, who feared it could limit emergency cash from investors in the Middle East. [the collapse of California’s Silicon Valley Bank](https://www.theguardian.com/business/2023/mar/10/european-markets-spooked-by-us-bank-shares-sell-off) (SVB) has been followed by fresh jitters over [ the stability of major European bank Credit Suisse](https://www.theguardian.com/business/2023/mar/15/credit-suisse-shares-fall-low-top-investor-funding-saudi-national-bank).

'In a context where market sentiment is already weakened, not much is needed to weaken it even further,' Lavier added.

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Swiss lender's stock price hits all-time low on back of comments from Saudi National Bank's chair.

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The beleaguered Swiss lenders tumbled on Wednesday, adding to concerns about the banking sector.

But it instead has continued to beat back negative news, including the disclosure on Tuesday that it had found “material weakness” in its financial reporting controls. Al Khudairy said he was not interested in becoming subject to. regional banks, which have been hard hit in recent days, continued their decline on Tuesday and the S&P 500 fell 1.4 percent in early trading. Credit Suisse’s troubles, however, are largely separate, and of its own making. [the collapse of Silicon Valley Bank](https://www.nytimes.com/2023/03/14/business/silicon-valley-bank-gregory-becker.html) and Signature Bank last week. The turmoil resurfaced on Wall Street, where investors were already anxious over

Investors betting on a further outperformance in European bank stocks in 2023 have been caught wrong footed by the meltdown in shares of Credit Suisse Group ...

“There’s scope for European banks to ‘catch down’ with the US and in a broader risk-off scenario, rationality may go out the window with a pick-up in general contagion risks.” “We remain bullish on European banks: the investment case on fast-growing net interest margins is still intact,” said Fabio Caldato, a partner at Olympia Wealth Management. The banking crisis in the US following the sudden failure of SVB and two other lenders has also led investors to swiftly temper expectations of rate hikes by the Federal Reserve, and as a result, the European Central Bank. All 42 stocks in the Stoxx 600 Banks Index have fallen. This rout has caught many on the wrong side of the bet and the situation is turning out to be very messy.” A Bank of America Corp.

'In a context where market sentiment is already weakened, not much is needed to weaken it even further,' Lavier added.

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Shares of embattled bank Credit Suisse hit another all-time low for a second consecutive day as the bank's biggest backer says it can't provide more ...

We are all hands on deck. Trading in the bank's plummeting shares was halted several times throughout the morning. London time, but was still down more than 20% on the day. "We cannot because we would go above 10%. Meanwhile, speaking to CNBC's Hadley Gamble during a panel session in Riyadh on Wednesday morning, Credit Suisse Chairman Axel Lehmann declined to comment on whether his firm would need any sort of government assistance in the future. - Speaking to CNBC's Hadley Gamble during a panel session in Riyadh on Wednesday morning, Credit Suisse Chairman Axel Lehmann declined to comment on whether his firm would need any sort of government assistance in the future.

Shares in the globally connected Swiss bank Credit Suisse plunged and dragged down other major European lenders.

The Credit Suisse parent bank is not part of EU supervision but it has entities in several European countries that are. “Credit Suisse was widely seen as the weakest link among Europe’s large banks, but it is not the only bank which has struggled with weak profitability in recent years.” failures, that the bank would “very likely” increase its benchmark rates by a half percentage point to press its The central bank is considered less likely than national supervisors to look the other way at developing problems. A day earlier, Credit Suisse reported that managers had identified “material weaknesses” in the bank’s internal controls on financial reporting as of the end of last year. Credit Suisse stock dropped more than 27 percent, to about 1.6 Swiss francs ($1.73), before clawing back to a 22 percent loss at 1.75 francs ($1.89) on the SIX stock exchange. The turmoil prompted an automatic pause in trading of Credit Suisse shares on the Swiss market and sent shares of other European banks tumbling, some by double digits. The turbulence came a day ahead of a policy meeting by the European Central Bank. investment bank Lehman Brothers in 2008, analysts said, by transferring supervision of the biggest banks to the European Central Bank. The stock has suffered a long, sustained decline: In 2007, the bank’s shares traded at more than 80 francs ($86.71) each. Germany’s Deutsche Bank was down 8 percent, and Britain’s Barclays Bank was down nearly 8 percent. [WATCH: High inflation complicates Federal Reserve’s response to bank failures](https://www.pbs.org/newshour/world/eu-forecasts-recession-this-year-amid-persistent-inflation)

The Swiss lender is deemed 'systemically important' so the jittery markets are studying the bank carefully – very carefully.

Thus it was no surprise to see the FT report that Credit Suisse has appealed to the country’s central bank, the Swiss National Bank, for a public show of support. Unlike SVB, which wasn’t even classed as systemically important in the US (until, in death, it was), nobody is in doubt about Credit Suisse’s status. One of SVB’s problems (aside from basic risk-management cock-ups) was that it had to crystallise a chunk of those losses when depositors fled. [Last year’s loss of 7.3bn Swiss francs](https://www.theguardian.com/business/2023/feb/09/credit-suisse-bonuses-loss-jobs-restructuring) (£6.6bn) was a record and deposit outflows have continued. There are no direct links between the two institutions but the market is hard-wired to hunt for the next victim. “We have strong capital ratios, a strong balance sheet,” he said. The process can become self-reinforcing. But no, the chairman of Saudi National Bank, which bought a 9.9% stake in the Swiss bank only last year, picked a terrible moment to say Too late: the market heard the “absolutely not” comment and wondered where beleaguered Credit Suisse would turn if, in fact, more capital is required. [the collapse of Silicon Valley Bank in the US last week](https://www.theguardian.com/business/silicon-valley-bank). By way of irrelevant comparison, the national chocolate champion, Nestlé, is worth almost 300bn Swiss francs. A three-year turnaround plan under chief executive Ulrich Körner – the latest of many attempts to draw a line under years of scandal ( [Greensill](https://www.theguardian.com/business/greensill), [Archegos](https://www.theguardian.com/business/2021/apr/22/credit-suisse-records-almost-600m-loss-on-archegos-collapse), [“tuna bonds” for Mozambique](https://www.theguardian.com/business/2021/oct/19/credit-suisse-fined-350m-over-mozambique-tuna-bonds-loan-scandal)) and risk-management failures – is in its infancy.

Credit Suisse, the giant, 167-year-old European bank, was teetering on the brink of failure Wednesday, stoking anxieties about the health of the global ...

“These cascading events illustrate again that regulation and supervision of the largest financial institutions in the United States, and indeed the globe, continues to be insufficient, largely because of successful lobbying by the financial industry.” And it may have super-charged the selloff that brought Credit Suisse to its knees. As of this writing, the financial world was in a state of limbo, waiting to see how the crisis at Credit Suisse plays out. Once one of those mega-banks is in trouble, people start to wonder what’s going on with the system and speculate about who might be the next to fall. “Credit Suisse is not just a Swiss problem but a global one.” Credit Suisse, the giant, 167-year-old European bank, was teetering on the brink of failure Wednesday, stoking anxieties about the health of the global financial system.

Swiss central bank promised to back Credit Suisse, which sparked investor panic with record losses and financial reporting errors.

The S&P 500 fell 0.7% on Wednesday, while the [KBW Bank Index,](https://www.cbsnews.com/news/silicon-valley-bank-regional-bank-stock-prices-rebound/) which measures the performance of 24 national and regional banks, declined 3.5%. "Credit Suisse was widely seen as the weakest link among Europe's large banks, but it is not the only bank which has struggled with weak profitability in recent years." The Swiss company, which has a much larger balance sheet than SVB, is categorized by financial regulators as a "global systemically important bank" and is deeply interconnected with financial entities, including subsidiaries in the U.S. Kenningham described Credit Suisse's struggles as a "much bigger concern for the global economy" than the health of regional U.S. [Greensill Capital](https://www.bloomberg.com/news/articles/2023-02-28/credit-suisse-seriously-breached-obligations-in-greensill-case) and [Archegos Capital Management](https://www.cbsnews.com/news/archegos-bill-hwang-collapse-fraud-arrest-sec/), which battered the bank in 2021, causing it to lose billions of dollars. [fuels concerns](https://www.cbsnews.com/news/credit-suisse-stocks-down-banks-2023-03-15/) about the global banking system, the broader markets have also retreated. [announced](https://www.finma.ch/en/news/2023/03/20230315-mm-statement/) that it would backstop Credit Suisse if needed, but stressed that the bank "meets the capital and liquidity requirements imposed on systemically important banks," giving Credit Suisse shares a boost in after-hours trading. Credit Suisse later announced in a statement that it would "exercise its option" to borrow up to 50 billion Swiss francs (about $53.6 billion) from the Swiss National Bank in an effort to "pre-emptively strengthen its liquidity." "Credit Suisse has been a slowing moving car crash for years, it seems, but now today's news of course is happening in the vortex of SVB," he told investors in a report. "[Credit Suisse] Group's internal control over financial reporting was not effective as it did not design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements in its financial statements," the bank said in its annual The previous day, Credit Suisse rattled investors by disclosing that it had discovered "material weaknesses" in its 2021 and 2022 financial reports. banks](https://www.cbsnews.com/news/silicon-valley-bank-signature-bank-collapse-joe-biden-cbs-news-explains/).

Shares of the beleaguered Swiss lender tumbled on Wednesday, adding to concerns about the banking sector.

The higher the risk of default, the higher the price of the C.D.S., and the higher the cost of funding. al-Khudairy, of Saudi National Bank, that his institution would not invest further in the Swiss bank for regulatory reasons. That discovery came after queries by the Securities and Exchange Commission, which forced the company to delay publication of its annual report. Given Credit Suisse’s struggles, the danger that it could default drove banks and others that do business with Credit Suisse to buy more swaps to cover their increased risk. These include huge trading losses tied to the implosions of the investment firm Archegos and the lender Greensill Capital. The firm “meets the higher capital and liquidity requirements applicable to systemically important banks” and was not directly at risk from the banking turmoil in the United States, the two said. Shares in Credit Suisse tumbled 24 percent on Wednesday on the SIX Swiss Exchange, hitting a record low, and the price of its bonds dropped sharply as well. It did not help that, on Tuesday, the Swiss bank said it had identified “material weaknesses” related to its financial reporting. Unlike Silicon Valley Bank, Credit Suisse is considered a global systemically important financial institution, with $569 billion in assets as of year’s end and vastly stricter capital requirements. The bank also said it would seek to buy back debt of up to 3 billion Swiss francs. He later clarified that his bank would not go above the 9.9 percent it already owned because of regulatory issues. al-Khudairy said the state-owned bank would not put more money into Credit Suisse.

You can't control the economy, your company or the financial markets. However, in times of turmoil, you need to be hyper-vigilant and do whatever you need ...

[according to ](https://www.forbes.com/profile/thomas-siebel/?sh=6e667377a0a2) [Forbes, ](https://www.forbes.com/profile/thomas-siebel/?sh=6e667377a0a2)said it’s time for the "craziness" to be wrung out of the marketplace. [quiet quitting](https://www.forbes.com/sites/jackkelly/2022/08/22/how-both-managers-and-workers-can-combat-quiet-quitting/), [acting your wage](https://www.forbes.com/sites/jackkelly/2022/09/29/acting-your-wage-is-detrimental-to-long-term-career-success/) and other admonishments telling workers to do the [bare minimum](https://www.forbes.com/sites/jackkelly/2023/02/22/bare-minimum-monday-is-the-newest-tiktok-trend-of-quiet-quitting-and-cyberloafing-throughout-the-work-day/). [material weaknesses in financial controls](https://www.marketwatch.com/amp/story/credit-suisse-publishes-delayed-annual-report-in-which-it-admits-to-financial-control-weaknesses-2a4a6ac3?mod=article_inline), and realized five straight quarters of losses. Seek out the help of a Ingratiate yourself with your boss and key players at the firm. [negative](https://www.cnbc.com/2023/03/14/moodys-cuts-outlook-on-us-banking-system-to-negative-citing-rapidly-deteriorating-operating-environment.html)” and placed six regional banks, including First Republic and Western Alliance, under review [possible downgrades](https://www.bloomberg.com/news/articles/2023-03-14/moody-s-puts-first-republic-five-us-banks-on-downgrade-watch). The rating agency voiced concerns that several banks with unrealized losses—which was part of the downfall of SVB—and uninsured depositors with more than $250k in the bank could be at risk, even though the U.S. [pay cut](https://www.forbes.com/sites/nicholasreimann/2023/01/12/apple-slashes-ceo-tim-cooks-compensation-by-over-40-after-billionaire-requested-pay-cut/) in 2023. Rabois asserts that tech giants hoard talent to keep key people from leaving for a competitor or building a startup to compete with the former company. The news sent Meta shares jumping nearly [7.3% higher](https://www.morningstar.com/news/marketwatch/20230315352/meta-exceeds-500-billion-valuation-for-first-time-in-9-months), closing at $192.04, the highest price in more than eight months. The rate of over-hiring talent was not on pace with the growth rate, but rather a “vanity metric,” according to Rabois. We will support people in the same ways we have before and treat everyone with the gratitude they deserve.”

People walk by the New York headquarters of Credit Suisse on March 15, 2023 in New York City. Spencer Platt | Getty Images. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC ...

[could make a recession arrive sooner](https://www.cnbc.com/2023/03/15/a-recession-could-come-sooner-on-cooling-bank-lending-.html). [banking stocks plunged 7%](https://www.cnbc.com/2023/03/15/european-markets-live-updates-stocks-data-news-and-earnings.html). Echoing that view, Goldman Sachs on Wednesday [lowered its growth forecast for the U.S.](https://www.cnbc.com/2023/03/15/goldman-sachs-cuts-gdp-forecast-because-of-stress-on-small-banks.html) by 0.3 percentage points to 1.2%. But the Swiss bank's problems really began in 2021, when it lost billions (and credibility) in the Archegos hedge fund scandal — which eventually led to [a dramatic restructuring](https://www.cnbc.com/2022/10/27/credit-suisse-results-and-strategy-q3-2022-earnings-and-overhaul.html) late last year. The renewed volatility in the banking sector — along with Its shares tanked 24.24% after its largest investor, Saudi National Bank, said it [couldn't provide the Swiss bank with further financial assistance](https://www.cnbc.com/2023/03/15/credit-suisse-shares-slide-after-saudi-backer-rules-out-further-assistance.html)due to regulations. Banks, Boockvar said on CNBC's "Squawk Box," are going to "focus more on firming up balance sheets" than on lending. The Nasdaq Composite posted a small gain of 0.05% — technology stocks, such as Netflix (which gained 3%) and Alphabet (which was up 2.28%) managed to avoid the banking downturn. — which appeared to be contained just yesterday — spread to Europe on Wednesday in the form of Credit Suisse. On Tuesday, Credit Suisse acknowledged " Swiss regulators added that Credit Suisse is well capitalized, seeking to assuage fears. Like what you see?

The Swiss National Bank said it would provide liquidity to Credit Suisse if needed, but maintained the bank meets capital requirements imposed on ...

[tech](https://www.forbes.com/sites/tylerroush/2023/03/11/these-companies-roku-lendingclub-roblox-and-more-held-major-funds-in-silicon-valley-bank-when-it-crashed/) companies including Roku and Circle, [collapsed](https://www.forbes.com/sites/conormurray/2023/03/13/what-to-know-about-silicon-valley-banks-collapse-the-biggest-bank-failure-since-2008/?sh=623c36b94c27) suddenly last Friday, after it announced it had lost $1.8 billion in the sale of $21 billion in securities in an effort to quickly make cash. [lost](https://www.forbes.com/sites/dereksaul/2023/03/13/bank-stock-crash-intensifies-losses-top-185-billion-as-analyst-warns-svb-failure-risks-intense-regulator-scrutiny/?sh=3c86703e3f0f) more than $185 billion in market value between last Wednesday and Monday. That same day, New-York-based Signature Bank was [shuttered](https://www.forbes.com/sites/brianbushard/2023/03/13/what-happened-to-signature-bank-the-latest-bank-failure-marks-third-largest-in-history/?sh=76e4484590ff)—marking the second- and third-biggest bank failures in U.S. Economists have expressed concern that the recent failures could trigger a wider phenomenon referred to as [contagion](https://www.forbes.com/sites/jonathanponciano/2023/03/10/biggest-bank-failure-since-great-recession-sparks-overblown-fears-of-contagion-but-big-lingering-risks-remain/?sh=56fce4e129bf), in which the collapse of multiple banks could spark widespread economic turmoil—though other experts believe those fears are overblown, as long as the Federal Reserve does not implement further interest rate hikes. The bank reported a [$1.72 billion loss](https://www.reuters.com/business/credit-suisse-pay-out-another-17-bln-greensill-linked-fund-assets-2021-04-13/) in April 2021 after the collapse of fund partner Greensill Capital, and lost another [$5.5 billion](https://www.wsj.com/articles/inside-credit-suisses-5-5-billion-breakdown-archegos-11623072713) two months later following the collapse of hedge fund Archegos Capital, one of the bank’s big borrowers. California regulators [closed](https://www.forbes.com/sites/tylerroush/2023/03/10/svb-shut-down-by-california-regulator-after-bank-stocks-crash-amid-turmoil/?sh=24c194512897) the bank Friday morning, while the Federal Deposit Insurance Corporation announced Sunday it would make all of its customers whole, regardless of how much they had deposited. [shares dropped](https://www.forbes.com/sites/roberthart/2023/03/15/credit-suisse-stock-plunges-to-record-low-as-bank-concerns-grow/?sh=22630fa92b04) by more than 20%, hitting a record low. [Another Credit Suisse Crisis: Bank Finds 'Material Weaknesses' In Its Financial Reporting](https://www.forbes.com/sites/siladityaray/2023/03/14/credit-suisse-finds-material-weaknesses-in-its-financial-reporting-process/?sh=59731f10419e) (Forbes) [What To Know About Silicon Valley Bank’s Collapse—The Biggest Bank Failure Since 2008](https://www.forbes.com/sites/conormurray/2023/03/13/what-to-know-about-silicon-valley-banks-collapse-the-biggest-bank-failure-since-2008/?sh=623c36b94c27) (Forbes) [Credit Suisse Stock Plunges To Record Low As Bank Concerns Grow](https://www.forbes.com/sites/roberthart/2023/03/15/credit-suisse-stock-plunges-to-record-low-as-bank-concerns-grow/?sh=22630fa92b04) (Forbes) The bank [announced](https://www.forbes.com/sites/roberthart/2022/07/27/credit-suisse-replaces-ceo-after-17-billion-loss/?sh=3e505df7237b) last July it was replacing CEO Thomas Gottstein and undertaking a “comprehensive strategic review” following its financial losses. Fed Chair Jerome Powell suggested last week the central bank could go for a large rate hike, though analysts at Goldman Sachs [doubted](https://www.forbes.com/sites/siladityaray/2023/03/13/svb-collapse-fallout-goldman-analysts-forecast-no-fed-rate-hike-in-march/?sh=1379878229ff) the Fed would increase rates following the “stress in the banking system.” Last month, the bank [reported](https://www.ft.com/content/f0893fa5-6ae4-413a-81f1-f3352967dc59) it suffered its biggest annual loss since the Great Recession in 2008, following a surge of customer withdrawals. The turmoil came one day after the bank’s [announcement](https://www.forbes.com/sites/siladityaray/2023/03/14/credit-suisse-finds-material-weaknesses-in-its-financial-reporting-process/?sh=59731f10419e) Tuesday that it found “material weaknesses,” including a lack of risk assessment, in its 2021 and 2022 financial reporting procedure that could have led to “misstatements” of results.

Credit Suisse announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a ...

The [Japanese yen](/quotes/JPY=/) also strengthened further to trade at 132.86 against the greenback. [Swiss franc](/quotes/CHF=/) remained volatile following the announcement, strengthening 0.17% to 0.9315 against the U.S. [S&P 500 futures](/quotes/@SP.1/) also rose 0.45% and [Nasdaq 100 futures](/quotes/@ND.1/) climbed 0.54%. So that's not the topic whatsoever." [Commonwealth Bank of Australia](/quotes/CBA-AU/) pared most of its losses in volatile trading – it traded 0.15% lower after falling as much as 1.97% earlier. [Westpac Banking](/quotes/WBC'H-AU/) and [National Australia Bank](/quotes/NAB'E-AU/) fell as much as 2.35% and 1.81% respectively before erasing some declines. In addition, the bank is making a cash tender offer in relation to ten U.S. "We thank the SNB and FINMA as we execute our strategic transformation. We are all hands on deck. [Dow Jones Industrial Average](/quotes/.DJI/) futures gaining by more than 100 points after the announcement. [Credit Suisse](/quotes/CSG.N-CH/) announced it will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility. - Credit Suisse will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.

Credit Suisse announced Thursday that it would borrow almost $54 billion from the Swiss central bank to reinforce the group after a plunge in its share ...

That came against a backdrop of massive withdrawals of funds by its clients, including in the wealth management sector -- one of the activities on which the bank intends to refocus as part of a major restructuring plan. core businesses and clients", adding it was also making buyback offers on about $3 billion worth of debt. The bank booked a net loss of 7.3 billion Swiss francs for the 2022 financial year. In February 2021, Credit Suisse shares were worth 12.78 Swiss francs, but since then, the bank has endured a barrage of problems that have eaten away at its market value. Credit Suisse, hit by a series of scandals in recent years, saw its stock price tumble off a cliff Wednesday after major shareholder Saudi National Bank declined to invest more in the group, citing regulatory constraints. The disclosure came just hours after the Swiss National Bank said capital and liquidity levels at the lender were adequate for a "systemically important bank", even as it pledged to make liquidity available if needed.

Credit crunch concerns leave markets on edge ahead of a European Central Bank meeting.

The flight to safety lent support to the yen and it rose 0.5% to 132.83 per dollar. “The concrete response from Swiss authorities may help to shore up sentiments in the interim,” said OCBC Bank currency strategist Christopher Wong. The BOE declined to comment. Benchmark 10-year yields fell overnight and held at 3.492% in Asia. we’re getting fear across the whole board here.” Bonds have rallied hard, driving two-year US treasury yields to their lowest since September at 3.72% at one point overnight. Brent crude futures were struggling to lift from 15-month lows and hovered around $74.16 a barrel. Copper slid 2.5% in Shanghai after a 4% drop in London overnight. MSCI’s index of Asia-Pacific shares outside Japan fell to 2023 lows and was down 0.9% midmorning. The euro last stood at $1.0589 and the franc at 0.9309 to the dollar. “I think we’re getting into the hard hat territory again,” said Damian Rooney, a dealer at Perth stockbroker Argonaut. But sentiment was fragile and a nervous air hung over markets.

After largest shareholder was unable to provide backing, Europe's 17th largest lender says it will use government help to become 'simpler and more focused'

The bank has suffered an exodus of clients, who have continued to pull their cash, contributing to ballooning losses that grew to 7.3bn Swiss francs in 2022. The shortfall spooked investors, led to a share sell-off and a run on its deposits, before authorities stepped in last week. The bank, Europe’s 17th largest lender, has been struggling to keep customers after a string of scandals in recent years. The move to shore up Credit Suisse’s finances came a few hours after the central bank and the Swiss financial markets regulator issued a joint statement pledging emergency funding if needed. Those bonds had dropped in value due to recent interest rate hikes. Expectations of a 50 basis-point rate rise in Europe have evaporated as markets radically rethink the global interest rate outlook.

The moves - unprecedented at a major Swiss lender since the 2008 financial crisis - are the biggest yet to shore up finances at Credit Suisse.

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European and US equity futures advanced, Asian stocks pared losses and Treasuries fell on Thursday after Credit Suisse Group AG said it would borrow money ...

“This episode is not the same as 2008. First Republic Bank shares fell more than a fifth after being Contracts for the S&P 500 rose about 0.4% after the index fell 0.7% on Wednesday. Asian shares recouped some losses from earlier in the session while a gauge for the region remained down by 1%. The Swiss franc was stronger but off its intraday high in volatile trade after a sharp selloff on Wednesday. Australian and New Zealand yields fell, as did those for Japan’s benchmark 10-year debt.

Credit Suisse shares rose over 30% at the market open after the bank said that it will borrow up to $54 billion from the Swiss National Bank.

"We thank the [Swiss National Bank] and FINMA as we execute our strategic transformation. [shares plunged to a fresh all-time low](https://www.cnbc.com/2023/03/15/credit-suisse-shares-slide-after-saudi-backer-rules-out-further-assistance.html) for the second consecutive day on Wednesday after the Saudi National Bank — a top investor — said it would not pump in any more cash due to regulatory restrictions. [said in a statement Wednesday](https://www.cnbc.com/2023/03/15/swiss-national-bank-says-it-will-provide-credit-suisse-with-liquidity-if-necessary.html) that Credit Suisse "meets the capital and liquidity requirements imposed on systemically important banks." [Credit Suisse](/quotes/0I4P-GB/) shares soared over 30% at Thursday's market open after the bank said it will [borrow up to 50 billion Swiss francs](https://www.cnbc.com/2023/03/16/credit-suisse-to-borrow-up-to-about-54-billion-from-swiss-national-bank.html) ($54 billion) from the Swiss National Bank. - The Swiss National Bank and the Swiss Financial Market Supervisory Authority said in a statement that Credit Suisse "meets the capital and liquidity requirements imposed on systemically important banks." - Credit Suisse shares rose over 30% at the market open after the bank said that it will borrow up to $54 billion from the Swiss National Bank.

European banking stocks have risen at the start of the day's trade today after the Swiss National Bank (SNB) stepped in late last night to try and stave off a ...

It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. So I think what's going on here is the fact that the markets appreciate what the Swiss National Bank has done, the fact they provided this backstop. But I think if you look at other areas of the markets, it's interesting to see what's been happening there as well. If we have a look at what happened and what has happened this morning, this is Credit Suisse stock.

PRNewswire/ -- Credit Suisse International (the Offeror) announced today invitations to Holders of the outstanding securities described in the table below ...

Recipients of this announcement and the Offer to Purchase should note that the Offeror is acting on its own account in relation to the Offers and will not be responsible to any other person for providing the protections which would be afforded to clients of the Offeror or for providing advice in relation to the Offers. This announcement, the Offer to Purchase and any other document or material relating to the Offers have only been and shall only be distributed in France to qualified investors as defined in Article 2(e) of Regulation (EU) 2017/1129. This announcement and the Offer to Purchase are being distributed only to existing holders of the Notes, and is only addressed to such existing Holders in the United Kingdom where they would (if they were clients of the Offeror) be per se professional clients or per se eligible counterparties of the Offeror within the meaning of the FCA rules. Questions and requests for assistance in connection with the delivery of Tender Instructions may be directed to the Information and Tender Agent. The Euro Offers are described in a separate offer document, and are not the subject of, and shall not be deemed to be offered by, the Offer to Purchase Holders are advised to check with any bank, securities broker or other intermediary through which they hold Notes when such intermediary would need to receive instructions from a Holder in order for that Holder to be able to participate in, or (in the circumstances in which withdrawal is permitted) withdraw their instruction to participate in, an Offer before the deadlines set out above. The Total Consideration and Accrued Coupon Payment for Notes validly tendered after the Expiration Date and at or prior to the Guaranteed Delivery Date pursuant to the Guaranteed Delivery Procedures, and accepted for purchase, will be paid to Holders on the applicable Settlement Date. The Total Consideration and Accrued Coupon Payment for Notes of the relevant series validly tendered pursuant to an Offer at or prior to the Expiration Date, and accepted for purchase, will be paid to Holders on the applicable Settlement Date. It is possible that a series of Notes with a particular Acceptance Priority Level will not be accepted for purchase even if one or more series with a higher or lower Acceptance Priority Level are accepted for purchase. No series of Notes will be subject to proration pursuant to the Offers. If a given series of Notes is accepted for purchase pursuant to the Offers, all Notes of that series that are validly tendered will be accepted for purchase. Holders of the outstanding debt securities listed in the table below (together the Notes and each of the listed series of the Notes a series) issued by Credit Suisse AG, acting through its New York Branch, are advised to read carefully the Offer to Purchase, copies of which are (subject to distribution restrictions) available from the Dealer Manager and the Information and Tender Agent as set out below.

Shares in Credit Suisse plunged by as much as 31% on Wednesday following comments from the bank's largest investor.

He pointed to the firm’s liquidity coverage ratio, which indicates the bank can handle more than a month’s worth of outflows in a period of stress. The ground for Credit Suisse’s sudden lurch had been laid earlier in the week as investors sought to move away from banking risk after turmoil induced by the failure of the US lender. Meanwhile, the borrowing comes in the form of a covered loan facility as well as a short-term liquidity facility, which are fully collateralized by high quality assets, the bank said. Switzerland’s second-largest lender, which traces its roots back to 1856, has been battered over the last several years by a series of blowups, scandals, leadership overhaul and legal issues. The bank’s shares slumped by as much as 31% on Wednesday in Zurich trading, and its bonds fell to levels that signal deep financial distress, as persistent doubts over the scandal-ridden lender combined with a global selloff in banking stocks. The troubled lender will borrow the money from a central bank liquidity facility and is making a tender offer to buy back up to three billion francs of dollar- and euro-denominated debt, according to a statement released around 1:45 a.m.

European markets breathed a small sigh of relief Thursday as beleaguered lender Credit Suisse accepted a loan from Switzerland's central bank, but investors ...

[(N225)](https://money.cnn.com/data/world_markets/nikkei225/?source=story_quote_link) finished the day 0.8% lower. Hong Kong’s Hang Seng [(HSI)](https://money.cnn.com/data/world_markets/hang_seng/?source=story_quote_link) shed 1.7%. HSBC Holdings [(HSBCPRA)](https://money.cnn.com/quote/quote.html?symb=HSBCPRA&source=story_quote_link) ended the day 2.4% lower. [(SCBFF)](https://money.cnn.com/quote/quote.html?symb=SCBFF&source=story_quote_link) closed down 5.4%. “It is highly unlikely these concerns are going to simply vanish any time soon.” Japan’s Topix Banks Index, a key index tracking Japanese lenders, tumbled as much as 6.4% in the morning session. The index has lost 7.4% so far this week. But news that Credit Suisse had taken up the Swiss central bank’s offer of financial support limited the losses. [(DAX)](https://money.cnn.com/data/world_markets/dax/?source=story_quote_link) and France’s CAC 40 [(CAC40)](https://money.cnn.com/data/world_markets/cac40/?source=story_quote_link) rose 0.64% and 0.90% respectively. [(UKX)](https://money.cnn.com/data/world_markets/ftse100/?source=story_quote_link) was up 1%. [emergency measures](https://www.cnn.com/2023/03/12/investing/svb-customer-bailout/index.html) Sunday to protect deposits at both lenders: Silicon Valley Bank and Signature Bank.

Shares of the Swiss banking giant rallied significantly Thursday after Switzerland's central bank agreed to lend it $54 billion.

financial system were spreading to other parts of the world. The European bank had already been reeling after a succession of scandals and poor decisions that several CEOs have failed to address over several years. and around the world, amid rising concerns about the stability of the global banking system after U.S.

Credit Suisse shares surged more than 30 percent after announcing it would borrow up to $53.7-billion from the Swiss central bank.

The rebound came hours after the bank issued a statement saying it was "taking decisive action to preemptively strengthen its liquidity" by exercising its option to borrow up to 50 billion Swiss francs from the central bank. ZURICH - Credit Suisse shares surged more than 30 percent after announcing it would borrow up to $53.7-billion from the Swiss central bank following a market drubbing over fears of a global banking crisis. Credit Suisse will borrow up to 50 billion francs from the Swiss central bank to shore up its business.

Credit Suisse said it would borrow up to $54bn from the Swiss central bank to shore up liquidity and investor confidence after a slump in its shares ...

On the one hand, you are removing a source of risk to the markets which is a clear and present danger. "We've been telling them to read the statements and look at the fact that we are buying 3bn francs worth of bonds because they are so cheap," said a Hong Kong-based senior banker. Bets on a large European Central Bank interest-rate hike at Thursday's meeting also evaporated quickly on growing fears about the health of Europe's banking sector. The more we do this, the more we blunt monetary policy, the more we have to live with higher inflation -- and what is it going to be?" In its statement, Credit Suisse said it would exercise an option to borrow from the central bank up to 50bn Swiss francs ($54bn). Throughout most of the Asian day, stocks wallowed in the red as investors rushed to gold, bonds and the dollar.

Fears for the stability of the global financial system rose on Wednesday after Credit Suisse disclosed problems in its financial reporting.

"The problems in Credit Suisse once more raise the question whether this is the beginning of a global crisis or just another 'idiosyncratic' case," he wrote. Previously, Luzzetti had forecast that the United States would enter a recession as soon as the end of this year. Just two months ago, David Herro, chief investment officer of Harris Associates, said the Chicago-based investment firm planned to stick with its stake in Credit Suisse. It added that it had failed to maintain effective monitoring over the bank's "internal control objectives" and "risk assessment and monitoring objectives." In recent years it suffered big losses from its relationships with the collapsed hedge fund Archegos and a failed financial firm called Greensill Capital. But the Credit Suisse news Wednesday, a sign that banking-sector issues aren't confined to U.S. Credit Suisse said it is working to address its problems, which could require it to "expend significant resources." But the outlook darkened Friday when Silicon Valley Bank suddenly failed, marking the second-biggest bank failure in U.S. The bank previously has disclosed that it suffered significant customer withdrawals in October. In addition to the risk posed by U.S. "Credit Suisse is not just a Swiss problem but a global one." The Dow Jones industrial average fell by almost 1 percent Wednesday and European banking stocks tumbled, contributing to a 3 percent fall in the Pan-European Stoxx 600 index.