Credit Suisse Group AG headed into a make-or-break weekend after some rivals grew cautious in their dealings with the struggling Swiss lender, and its regulators urged it to pursue a deal with UBS AG.
Credit Suisse shares jumped 9% in aftermarket trading following the FT report. Credit Suisse and UBS declined to comment on the report. The frantic efforts to shore up Credit Suisse come as policy-makers including the European Central Bank and U.S. President Joe Biden have sought to reassure investors and depositors that the global banking system is safe. But fears of broader troubles in the sector persist.
In Washington, focus turned to greater oversight to ensure that banks – and their executives – are held accountable. Analysts, investors and bankers think the loan facility from the Swiss central bank – which made it the first major global bank to take up an emergency lifeline since the 2008 financial crisis – only bought it time to work out what to do next.
While support from some of the biggest names in U.S. banking prevented its collapse this week, investors were startled by First Republic’s late disclosures on its cash position and just how much emergency liquidity it needed.
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