Inside story of how and why Credit Suisse went down
1 year, 9 months ago

Inside story of how and why Credit Suisse went down

Firstpost  

Zurich: Days before a hastily convened press conference late on Sunday that would make the world’s front pages, Switzerland’s political elite were secretly preparing a move that would jolt the globe. While the nation’s central bank and financial regulator publicly declared that Credit Suisse was sound, behind closed doors the race was on to rescue the nation’s second-biggest bank. A rainmaker who brokered a number of European bank rescues during the financial crisis, speaking on condition of anonymity, told Reuters that after seeing the U.S. banking collapses there was little doubt UBS would be called upon to shore up Credit Suisse. Comments by the chair of Saudi National Bank, Ammar Al Khudairy, who said that he could not invest further in the Swiss bank sent Credit Suisse shares into a tailspin. Yet as the discussions to salvage Credit Suisse got underway, Swiss regulators FINMA and the Swiss National Bank said that “the problems of certain banks in the USA do not pose a direct risk of contagion for the Swiss financial markets”, conceding, however, that they would fund the bank with unlimited access to funding.

History of this topic

What Switzerland should have done to save Credit Suisse
4 days, 4 hours ago
Switzerland lays out new ‘too big to fail’ rules in wake of Credit Suisse banking turmoil last year
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1 year, 4 months ago
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1 year, 6 months ago
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1 year, 8 months ago
Over $68 billion withdrawn from Credit Suisse ahead of UBS takeover
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1 year, 8 months ago
Swiss cut up to $66M in bonuses for top Credit Suisse execs
1 year, 8 months ago
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1 year, 8 months ago
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1 year, 8 months ago
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1 year, 8 months ago
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1 year, 8 months ago
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1 year, 8 months ago
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1 year, 8 months ago
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1 year, 8 months ago
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1 year, 8 months ago
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1 year, 8 months ago
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1 year, 8 months ago
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1 year, 9 months ago
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1 year, 9 months ago
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Swiss suspend bonus payouts to Credit Suisse staffers
1 year, 9 months ago
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1 year, 9 months ago

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