Credit Suisse Borrows 50 Billion Francs

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Credit Suisse, Switzerland’s second biggest lender, announced it would borrow up to 50 billion Swiss francs, equivalent to $53.68 billion, from the Swiss National Bank in an effort to strengthen liquidity amid dwindling stock prices.  Credit Suisse’s shares dropped as much as 30 percent on Wednesday following the failures in the U.S. of Silicon Valley Bank and Signature Bank.  Credit Suisse stated in a press release, “This additional liquidity would support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs.”