The fate of Credit Suisse could be decided in the next 36 hours after a torrid week for Switzerland’s second biggest bank.
Investors and customers pulled their money out of Credit Suisse over the past several days as turmoil swept the global banking industry following the collapse of two US lenders. Shares of the bank lost 25% over the course of the week, despite an emergency $54 billion loan from the Swiss National Bank. The price of financial contracts designed to protect investors against possible losses on its bonds soared to record levels.
More than $450 million was pulled from European and US funds managed by the bank between Monday and Wednesday, according to Morningstar.
The lifeline from the Swiss central bank, announced late Wednesday night after the stock had crashed to a new record low, bought Credit Suisse (CS) some time. But by Friday, analysts were speculating that a full-blown rescue would be needed, and reports began to swirl of a possible takeover by its biggest Swiss rival, UBS (UBS).
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