Credit Suisse faces a pivotal weekend. Here’s what could be next for the Swiss bank
Global News
The frantic effort to shore up Credit Suisse come as assurances from policymakers that the global banking system is safe fail to assuage fears about broader troubles in the sector.
Credit Suisse executives will hold meetings over the weekend to chart a path forward for the ailing Swiss bank, people familiar with the matter said, after an emergency lifeline only offered temporary relief and its shares took another beating on Friday.
The 167-year-old Swiss bank is the biggest name ensnared by market turmoil unleashed by the collapse of U.S. lenders Silicon Valley Bank and Signature Bank over the past week, forcing it to tap $54 billion in central bank funding.
In the latest sign of its mounting troubles, at least four major banks including Societe Generale and Deutsche Bank have put restrictions on their trades involving the Swiss lender or its securities, according to five sources with direct knowledge of the matter.
Credit Suisse declined to comment on the banks’ actions.
Chief Financial Officer Dixit Joshi’s teams will now assess scenarios for the bank at weekend meetings, which analysts speculate could involve Credit Suisse selling or winding down some units or even being bought outright by a rival.
The frantic efforts to shore up Credit Suisse come as assurances from policymakers — from the European Central Bank to U.S. President Joe Biden — that the global banking system is safe fail to assuage fears about broader troubles in the sector.
Already this week, big U.S. banks had to swoop in with a $30 billion lifeline for smaller lender First Republic, while U.S. banks altogether sought a record $153 billion in emergency liquidity from the Federal Reserve in recent days.
That surpassed a previous high set during the most acute phase of the financial crisis some 15 years ago.
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