Credit Suisse got its lifeline. Investors are not convinced

London (CNN) Credit Suisse is not out of the woods yet.

Shares in the Swiss lender fell as much as 10% on Friday morning, erasing some of Thursday’s gains, as investors feared a $54 billion lifeline from the Swiss central bank might not be enough to save the beleaguered bank .

The lender’s stock began rising last week as turmoil at now-collapsed US lenders Silicon Valley Bank and Signature Bank set alarm bells ringing about banks in other markets.

On Wednesday, Credit Suisse shares fell as much as 30% to hit $1.55 apiece, a new record low.

The stock rose 19% on Thursday after the bank announced it would borrow 50 billion Swiss francs ($53.7 billion) from the Swiss National Bank “to preemptively strengthen its liquidity.”

But Credit Suisse’s problems stem more from “ongoing market confidence issues”, according to JP Morgan banking analysts.

In a note on Thursday, they wrote that the large cash injection would not be enough to keep the bank afloat, and they saw a takeover by Swiss peer UBS as the most likely endgame.

Credit Suisse has lost a third of its stock market value since the start of the year, and more than 70% in the past 12 months, after a series of scandals and bad calls from management dented investor confidence.

— This is a developing story and will be updated.

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