Credit Suisse takes £44.5bn loan from Swiss central bank in bid to avoid crisis

as stock markets across Asia fell on Thursday, but losses were largely pared as the trading day continued, with US stocks ticking up on Thursday morning.

Credit Suisse chairman Axel Lehmann defended the bank at a financial conference on Wednesday, saying “we already took the medicine” to reduce risks. The huge loan is intended to boost the bank’s liquidity and calm investors after the plunging share price dragged down other major lenders in Europe and the US., hitting a record low after the bank’s biggest shareholder – the Saudi National Bank – told reporters it would not provide a financial boost to the troubled Swiss lender.

It came after Credit Suisse’s delayed annual report flagged up “material weaknesses” in its financial reporting controls, in the latest blow for the once powerful bank. Credit Suisse stock dropped about 30 per cent, to about 1.6 Swiss francs , before clawing back to a 24 per cent loss at 1.7 Swiss francs at the close of trading on the SIX stock exchange. At its lowest, the price was down more than 85 per cent from February 2021.

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Credit Suisse secures £44.5bn lifeline amid fears of global financial crisisSwitzerland's second largest lender is the first major global bank to be given such a lifeline since the 2008 financial crash. The bank said it was 'taking decisive action to pre-emptively strengthen its liquidity'. Good to see the Swiss in the 💩 when they refused to help Ukraine with weapons and ammo How many more have 'material weaknesses' in their financial statements ? Let's ask the Big 4 Accounting firms ? RosieCollingto MazzucatoM gabriel_zucman cooper_m NTBreakfast ‘When asked if he would rule out government assistance in the future, he replied: 'That's not a topic... We are regulated. We have strong capital ratios, very strong balance sheet. We are all hands on deck, so that's not a topic whatsoever.'’Meaning, ‘No, we will not rule it out’
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Credit Suisse shares sink after top shareholder rules out more funding\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t Smart shareholder 😂 Y ahora es Credit Suisse. Qué está pasando. 🙃🔥🔥📉🧐
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Oil Prices Crash Below $70 As Credit Suisse Shares Tumble | OilPrice.comOil prices continued to slide on Wednesday, with WTI falling below $70 for the first time since December 2021 and Brent falling by more than $3.
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Credit Suisse: Swiss National Bank must step in to halt three-way doom loop\n\t\t\tLet our global subject matter experts broaden your perspective with timely insights and opinions you\n\t\t\tcan’t find anywhere else.\n\t\t Too late. Dump it hard Seems Bitcoin is a better store of value than Credit Suisse stock 😉
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Credit Suisse’s share price plunges, as fear sweeps the marketWhat will release the bank from its waking nightmare? Don't worry Biden will save them ...USA to the rescue Başta ABD olmak üzere Batı Kapitalizmi.,çürüyen imajını siyaset eliyle güçlendirmeye çalışıyor.! Bancos, por que tê-los?
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Credit Suisse to Get Liquidity Backstop if Needed, Regulators SaySwitzerland’s central bank and financial regulator said Credit Suisse will receive a liquidity backstop if needed Rewarded for bad behavior as usual FFS how can this keep happening? The people who run these financial institutions need to go to jail, see if they're so willing to play fast and loose with other people's money is there are proper consequences for their ineptitude!
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