Crisis-hit Credit Suisse taps $54bn from central bank

“What’s unfolding at Credit Suisse and the market response is a signal of how vulnerable sentiment is at this point,” said Charu Chanana, a senior markets strategist at Saxo Capital Markets.

Credit Suisse announced at least its second debt repurchase in just the past six months as it looks to restore investor confidence. It offered to buy back about $3 billion of its debt in October last year, saying at that time it wanted to “take advantage of market conditions to repurchase debt at attractive prices”.

Switzerland’s second-largest lender, which traces its roots back to 1856, has been battered over the last several years by a series of blow-ups, scandals, leadership overhaul and legal issues. The company’s 7.3 billion franc loss last year wiped out the previous decade’s worth of profits, and the bank’s second strategy pivot in as many years has so far failed to win over investors or halt client outflows.

IrishTimes Meet the bank that’s supposedly providing the liquidity to bail out Credit Suisse. Lies and füćkery. 🤡🌍

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