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.
The lender has suffered unprecedented outflows of more than $100 billion since October amid a crisis of confidence.
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & Finance
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Media Types: Text
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