Credit Suisse's shares soared 30% on Thursday after it announced it will move to shore up its finances by borrowing up to nearly $54 billion from the Swiss central bank, bolstering confidence as fears about the banking system moved from the U.S. to Europe.
It was a massive swing from a day earlier, when shares of Switzerland’s second-largest commercial bank plunged 30% on the SIX stock exchange after its biggest shareholder said it would not put more money into Credit Suisse.
The banking turmoil has cast a shadow over Thursday’s meeting of the European Central Bank. Before the chaos erupted, ECB head Christine Lagarde had said it was “very likely” that the bank would make a large, half-percentage point rate increase to tackle stubbornly high inflation. Fanning new fears about the health of financial institutions following the recent collapse of Silicon Valley Bank and Signature Bank in the U.S., Credit Suisse's share price hit a record low Wednesday.
Credit Suisse reported earlier this week that managers had identified “material weaknesses” in the bank’s internal controls on financial reporting as of the end of last year. That fanned new doubts about the bank’s ability to weather the storm. Leaving a Credit Suisse branch in Geneva, Fady Rachid said he and his wife are worried about the bank’s health. He planned to transfer some money to UBS.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Credit Suisse unease sparks selloff in world stocksRenewed unease gripped world markets on Wednesday as news that Credit Suisse\u0027s largest investor said it could not provide the bank with more financial assistance.
Lire la suite »
Credit Suisse unease sparks selloff in world stocksRenewed unease gripped world markets on Wednesday as news that Credit Suisse\u0027s largest investor said it could not provide the bank with more financial assistance.
Lire la suite »
Investors take to gold as Credit Suisse reignites banking fears, gold price at 1.5-month highs
Lire la suite »
Toronto stocks join global selloff as Credit Suisse sparks concernsCanada\u0027s resources\u002Dheavy main stock index the TSX fell on Wednesday, dragged by energy and financial stocks. Find out more.
Lire la suite »
Toronto stocks join global selloff as Credit Suisse sparks concernsCanada\u0027s resources\u002Dheavy main stock index the TSX fell on Wednesday, dragged by energy and financial stocks. Find out more.
Lire la suite »
Swiss government holds talks on options to stabilize Credit Suisse - BNN BloombergSwiss authorities and Credit Suisse Group AG are discussing ways to stabilize the bank, according to people familiar with the matter, after comments by its biggest shareholder on Wednesday helped trigger a plunge in the stock.
Lire la suite »