Credit Suisse sheds another 8% as traders digest emergency liquidity
Publishing timestamp: 2023-03-17 13:19:26
Summary
Credit Suisse's stock has been sliding due to concerns over its stability and profitability, compounded by the Saudi National Bank's decision not to provide any more cash. The bank is undergoing a strategic overhaul, but investors and stakeholders remain unconvinced. The Swiss National Bank has stepped in to offer a loan of up to $54 billion, and Credit Suisse has offered to buy back debt, but credit default swaps have soared to record highs, indicating a high level of default risk. Some experts believe that Credit Suisse needs to go further to restore investor confidence, including a complete exit from the investment bank and a full guarantee on all deposits by the Swiss National Bank.
Sentiment: NEGATIVE
Keywords: banks, breaking news: europe, business news, credit suisse group ag, economic events,