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.