on Wednesday and eventually it came: Swiss authorities threw down a 50 billion Swiss franc liquidity line to quell the rising panic that had threatened to overwhelm its defences.
CEO Ulrich Koerner and the rest of the leadership can only stick to their strategic revamp and try to win back the faith of clients and staff. Mr Koerner told employees to keep their minds on the facts and not the sentiment. He needs depositors to do the same. What can Credit Suisse do to avoid this fate? First, fill the information void that has left the stock with few if any marginal supporters. Sometime near its annual shareholder meeting in early April and ahead of first-quarter results a few weeks later, the bank should be able to publish details of the historic costs and revenue of the reorganised, continuing set of businesses.
Its risk is reduced, its balance sheet is further strengthened and those bondholders who didn’t sell own a safer security than they did before.
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