Credit Suisse shares surged after the Swiss central bank agreed to loan the bank up to 50 billion francs ($54 billion) to bolster confidence in the country’s second-biggest lender following the collapse of two U.S. banksGENEVA -- Credit Suisse shares surged Thursday after the Swiss central bank agreed to loan the bank up to 50 billion francs ($54 billion) to bolster confidence in the country’s second-biggest lender following the collapse of two U.S. banks. Credit Suisse, which was beset by problems long before the U.S. bank failures, said the loans from the central bank would give it time to complete a reorganization designed to create a “simpler and more focused bank." “These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation,” Chief Executive Ulrich Koerner said in a statement. Central banks in the U.S. and Europe have moved quickly to restore confidence after last week’s collapse of Silicon Valley Bank, the second-biggest bank failure in U.S. history. After that crisis, Europe strengthened its banking safeguards by transferring supervision of the biggest banks to the central bank.

Source: ABC News March 17, 2023 00:48 UTC