A $54 billion lifeline bought the bank some time. Now there's talk of a takeover -- by Credit Suisse's biggest rival
The fate of Credit Suisse could be decided in the next 36 hours after a torrid week for Switzerland’s second biggest bank. Investors and customers pulled their money out of Credit Suisse over the past several days as turmoil swept the global banking industry following the collapse of two US lenders. Shares of the bank lost 25% over the course of the week, despite an emergency $54 billion loan from the Swiss National Bank.
“BlackRock is not participating in any plans to acquire all or any part of Credit Suisse, and has no interest in doing so,” a BlackRock spokesperson told CNN. Credit Suisse, which is among the 30 most important banks in the global financial system, has been on the ropes for years following a series of scandals, huge losses and strategic missteps. Its stock is down 75% over the past 12 months. But the crisis of confidence escalated rapidly this month.
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DBRS Morningstar cuts Credit Suisse credit rating to 'BBB'DBRS Morningstar became the first global rating agency to cut Credit Suisse's credit score on Thursday, less than a day after a major share price plunge saw Switzerland's central bank provide emergency support to the lender.
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Credit Suisse: Why it's struggling and why that's a big deal | CNN BusinessCredit Suisse, the 167-year-old bank and the second-largest lender in Switzerland, is in deep trouble. Its struggles set off anxiety in Europe and across global markets, and what happens at Credit Suisse could impact the broader financial system.
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What Just Happened at Credit Suisse? - The Journal. - WSJ PodcastsAs fears about the health of global banks spread from the U.S. to Europe, the bank Credit Suisse said it would tap a more than $50 billion loan from the Swiss National Bank. WSJ’s Margot Patrick explains how Credit Suisse became a cause for concern. Further Reading: - Credit Suisse Stock Price Jumps as Bank Secures $50 Billion Lifeline - Credit Suisse Promises Overhaul in Wake of Rout as Regulators Offer Lifeline - Janet Yellen Says Banking System Is Healthy After SVB Collapse Further Listening: - Can the Government Contain a Banking Crisis? - The Economy Is Too Hot for the Fed
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White House calls Credit Suisse ‘distinct issue,’ separate from economic environmentThe Biden administration on Thursday called recent problems at Credit Suisse a “distinct issue,” and unrelated to “the current economic situation,” after two...
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Credit Suisse could go bust if ECB follows up on rate hike: RoubiniCredit Suisse could go bust if the ECB follows up on its rate hike promise, 'Dr. Doom' Nouriel Roubini says
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Exclusive: Credit Suisse tells staff SNB facility does not trigger a 'viability' eventCredit Suisse Group AG told staff on Thursday that the emergency backstop from the Swiss central bank does not trigger a 'viability event,' according to documents seen by Reuters.
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