Credit Suisse has received a lifeline. Suisse will receive 50 billion Swiss francs, about $53.68 billion, from the Swiss National Bank under a covered loan facility. The huge bailout comes just days after the collapse of SVB and the bank’s own disclosure yesterday. In a shocking announcement, the bank confirmed that it had discovered a few issues with reporting dating back at least two years or more.
The latest round of steps will “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 company said in an announcement.