Credit Suisse Saga Solved Short Term, Time To Act πŸš€πŸ”₯

daz999999999
2023-03-17

$Credit Suisse Group AG(CS)$ 

Shares of Credit Suisse (CS), the beleaguered Swiss bank closed lower by 14% on Wednesday after it's biggest shareholder said they wouldn't be investing more money in the company.

The chairman of Saudi National Bank, Ammar Al Khudairy, told Bloomberg Television the bank will not invest further in Credit Suisse due to regulatory concerns. His comments came the day after the bank revealed it found "material weakness" in its financial reporting.

By late Wednesday, there was so much turmoil regarding Credit Suisse that Swiss National Bank, Switzerland's central bank, said it would provide the bank with liquidity if necessary. 

Stress in the U.S. banking system jumped across the Atlantic this week, sparking turmoil for embattled Swiss bank Credit Suisse CS 0.00%increase; green up pointing triangle.

The European lender has long been dogged by issues. But on Wednesday, problems surrounding the bank exploded into plain view. After a whirlwind 24 hours marked by a dramatic fall in the bank’s stock price and financial contagion concerns, the bank announced it would borrow cash from the Swiss central bank to shore up its liquidity.

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