ZURICH/LONDON :Credit Suisse shares jumped around 18 per cent on Thursday after the company secured a lifeline from the Swiss central bank to shore up investor confidence, reversing some of the losses that stripped off a quarter of its market value the day before.The Swiss bank's announcement that it would ma
ZURICH/LONDON :Credit Suisse shares jumped around 18 per cent on Thursday after the company secured a lifeline from the Swiss central bank to shore up investor confidence, reversing some of the losses that stripped off a quarter of its market value the day before.
Credit Suisse has seen a steady stream of withdrawals from wealthy clients, which Luis Arenzana, founder of Shelter Island Capital Management, told Reuters was not"necessarily a panicky reaction to recent events in the U.S. alone". That followed assurances from Swiss authorities on Wednesday that Credit Suisse met"the capital and liquidity requirements imposed on systemically important banks" and that it could access central bank liquidity if needed.
"We see SNB liquidity support as indicated last night as not enough and believe CSG’s situation is about ongoing market confidence issues with its IB strategy and ongoing franchise erosion," JPMorgan said.
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