Credit Suisse to borrow up to US$54B from central bank - BNN Bloomberg

Shares in Credit Suisse initially surged as much as 40 per cent before paring gains, remaining lower than Wednesday when they lost the most since the 2008 financial crisis. As analysts began to question how much time the announcement has bought, the Swiss Federal Council was setting up a special meeting for Thursday to discuss the situation.

Credit Suisse shares traded up 22 per cent at 2.08 Swiss francs as of 1:02 p.m. in Zurich. They’ve lost about 25 per cent of their value this year. A deal could be followed by a listing or spinoff of the Swiss Bank part of the lender, worth 10 billion Swiss francs , given the market concentration between Credit Suisse and UBS, said the analysts, who have a neutral rating on Credit Suisse.Credit Suisse announced at least its second debt repurchase in just the past six months as it looks to restore investor confidence.

Switzerland’s second-largest lender, which traces its roots back to 1856, has been battered over the last several years by a series of blowups, 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.

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