Credit Suisse tells staff SNB facility does not trigger a ‘viability’ event

16 March 2023, 12:00 am

1 min read

Documents reviewed by Reuters reveal Credit Suisse Group AG (CSGN.S) told staff on Thursday that the emergency backstop from the Swiss central bank does not trigger a “viability event.” Credit Suisse sought to shore up its liquidity and restore investor confidence on Thursday by borrowing up to $54 billion from Switzerland’s central bank, becoming the first major global bank to tap an emergency lifeline since the financial crisis of 2008.