Credit Suisse has appealed to the Swiss National Bank and Finma for help.
This is no joke, Credit Suisse is on the Globally Systemically Important Banks list. The list only has 33 banks with 7 of them being Chinese state-owned banks.
Shares in Credit Suisse, which is battling to recover from a string of scandals that have undermined the confidence of investors and clients, were down about 17% in early afternoon trading, after shedding as much as 30% to a new record low.
Meanwhile, the falls in Credit Suisse’s market value also prompted action among politicians with French Prime Minister Elisabeth Borne saying that Finance Minister Bruno Le Maire would speak with his Swiss counterpart in the coming hours.
“The Credit Suisse situation is for the Swiss authorities to deal with,” Borne said in the French Senate.
Credit Suisse CEO Ulrich Koerner moved to calm nerves, saying the bank’s liquidity base remained strong and was well above all regulatory requirements.
Koerner had said earlier in the week Credit Suisse’s liquidity coverage ratio averaged 150% in the first quarter of this year.
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