Credit Suisse shares fell 5% in early trade Friday, after soaring over the previous session as the embattled lender said it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank.
The intervention by Swiss authorities, who also reaffirmed that Credit Suisse met the capital and liquidity requirements imposed on “systemically important banks,” prompted shares to jump more than 18% on Thursday after closing at an all-time low on Wednesday.
The slide came after top investor the Saudi National Bank revealed it would not provide the bank with any more cash due to regulatory requirements, compounding a downward spiral in Credit Suisse’s share price that began with the delay of its annual results over financial reporting concerns.
This is a breaking news story and will be updated shortly.
