Credit Suisse said it would borrow up to 50 billion Swiss Francs ($53.7 billion) from the Swiss National Bank.
"This additional liquidity would support Credit Suisse's core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs," the bank said in a statement.
Asian stocks fell sharply to start the day Thursday but bounced way off their lows after Credit Suisse's action, cheered by the bank's determination to restore confidence in its operations. In their statement, the Swiss authorities said that the problems of "certain banks in the USA do not pose a direct risk of contagion for the Swiss financial markets."
Once a big player on Wall Street, Credit Suisse has been hit by a series of missteps and compliance failures over the past few years that have damaged its reputation with clients and investors, and cost several top executives their jobs. Al Khudairy said he was pleased with the restructuring, adding that he didn't think the Swiss lender would need extra money. Others are not so sure.
Two supervisory sources told Reuters that the ECB had contacted banks to quiz them about their exposures to Credit Suisse. The ECB declined to comment.
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