“This is a decisive step to strengthen Credit Suisse as we continue our strategic transformation,” says the bank’s CEO Ulrich Körner in a press release that went out early Thursday morning Swedish time.
Credit Suisse closed down 24 percent in Wednesday’s trading on the Zurich stock exchange. The turbulence comes just days after a series of dramatic so-called bank runs in the US, where three niche banks collapsed after a wave of customers withdrew their deposits and emptied the bank.
Especially important bank
During Wednesday evening, the Swiss central bank and the country’s financial inspection authority Finma stated that the problems for the niche banks in the US do not risk “contagion” in the Swiss financial market.
And according to Finma, Credit Suisse meets the capital and liquidity requirements for particularly important banks, which means that the Swiss central bank will guarantee liquidity if required.