Headline RoundupMarch 16th, 2023

Credit Suisse Stock Rebounds as Swiss National Bank Extends $54B Lifeline

Summary from the AllSides News Team

Credit Suisse, the second-largest bank in Switzerland, announced on Wednesday that it will borrow up to 50 billion Swiss francs ($53.68 billion in U.S. dollars) from the Swiss National Bank.

The Details: Shares in Credit Suisse fell more than 30% Wednesday to a record low of about 1.56 Swiss francs per share, after its largest investor, the Saudi National Bank, said it's not planning to increase its nearly 10% investment. Shares then jumped after the bank announced it would tap the Swiss National Bank lifeline.

Key Quote: "This additional liquidity would 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 bank said.

For Context: The troubles faced by Credit Suisse, such as a history of money laundering and bribery, are distinct from the two recently-collapsed U.S. lenders, Silicon Valley Bank and Signature Bank. The international Financial Stability Board has designated Credit Suisse as one of only 30 global financial institutions considered "too big to fail."

How the Media Covered it: Sources across the political spectrum covered the news, with many framing it in the context of SVB's collapse and quoting analysts who remain wary about the bank's prospects.

Featured Coverage of this Story

More headline roundups

AllSides Picks

More News about Banking and Finance from the Left, Center and Right

From the Left

From the Center

From the Right