Credit Suisse to borrow up to $54bn from Swiss central bank

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Credit Suisse to borrow up to $54bn from Swiss central bank
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A slump in the troubled lender's shares has intensified fears about a broader bank crisis.

Business reporters, BBC News

"My team and I are resolved to move forward rapidly to deliver a simpler and more focused bank built around client needs," Credit Suisse's chief executive Ulrich Koerner said in a statement. Strict rules apply to Swiss financial institutions to "ensure their stability" and Credit Suisse meets the requirements for banks considered systemically important, the regulators said.

Shares in the firm had already been severely hit before this week - their value falling by roughly two-thirds last year - as customers pulled funds.

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