Shares of Credit Suisse fell 5% in Friday’s early trading, following gains from the previous session when the embattled lender said it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank.
The intervention of Swiss authorities, who also reaffirmed that Credit Suisse met capital and liquidity requirements imposed on “systemically important banks”, caused stocks to rise more than 18% on Thursday after hitting an all-time low on Wednesday Closed.
The drop came after top investor Saudi National Bank revealed it would not give the bank more money due to regulatory requirements, exacerbating a downward spiral in Credit Suisse’s share price that began with the slowdown in its annual results over financial reporting concerns.
This is a breaking news story and will be updated soon.
