Swiss bank Credit Suisse has said it will move to shore up its finances, borrowing up to $54 billion from the central bank after its shares plunged, dragging down other major European lenders in the wake of bank failures in the United States.
Fanning new fears about the health of financial institutions following the recent collapse of Silicon Valley Bank and Signature Bank in the US at one point, Credit Suisse shares lost more than a quarter of their value on Wednesday. Speaking on Wednesday at a financial conference in the Saudi capital of Riyadh, Credit Suisse Chairman Axel Lehmann defended the bank, saying, “We already took the medicine” to reduce risks.
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