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Credit Suisse sheds another 5% as traders digest emergency liquidity - CNBC

Credit Suisse sheds another 5% as traders digest emergency liquidity - CNBC

Credit Suisse sheds another 5% as traders digest emergency liquidity - CNBC
Mar 17, 2023 51 secs

A Credit Suisse Group AG office building at night in Bern, Switzerland, on Wednesday, March 15, 2023.

This week's intervention by Swiss authorities, which also reaffirmed that Credit Suisse met the capital and liquidity requirements imposed on "systemically important banks," prompted shares to jump more than 18% on Thursday after closing at an all-time low on Wednesday.

The slide to Wednesday's low came after top investor the Saudi National Bank revealed it would not provide the bank with any more cash due to regulatory requirements, compounding a downward spiral in Credit Suisse's share price that began with the delay of its annual results over financial reporting concerns.

The bank is undergoing a massive strategic overhaul aimed at restoring stability and profitability after a litany of losses and scandals.

Charles-Henry Monchau, chief investment officer at Syz Bank, said Credit Suisse needs to go further to restore investor confidence.

The bank is undergoing a massive strategic overhaul aimed at restoring stability and profitability after a litany of losses and scandals — but capital markets and stakeholders appear unconvinced.

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