Credit Suisse, the second-largest bank in Switzerland, announced on Wednesday that it will borrow up to 50 billion Swiss francs from the Swiss National Bank.Shares in Credit Suisse fell more than 30% Wednesday to a record low of about 1.
56 Swiss francs per share, after its largest investor, the Saudi National Bank, said it's not planning to increase its nearly 10% investment. Shares then jumped after the bank announced it would tap the Swiss National Bank lifeline.:"This additional liquidity would support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs," the bank said.
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