Credit Suisse tells staff SNB facility does not trigger a ‘viability’ event – Reuters News Agency

Business & Finance

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

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