Credit Suisse further explained that the billions borrowed from the Swiss National Bank (SNB) were intended to support the core business and the transformation into a bank that is more customer-oriented.
The bank had recently come under massive pressure, and its shares fell by more than 30 percent on Wednesday. At the close of the stock exchange they were still at minus 24.24 percent. The reason for the panic was statements by the largest shareholder from Saudi Arabia that it would no longer provide the ailing Swiss institute with any more money.
Credit Suisse is among the 30 banks in the world that are ranked “too big to fail” because their failure would have a devastating impact on the global economy.
