Credit Suisse Receives, $54 Billion Lifeline Loan.
On March 16, Credit Suisse announced that it will take out a $54 billion loan from Switzerland's central bank.
NBC reports that the move comes amid fears of a , global banking crisis.
Following the collapse of two major banks in the United States, investors have signaled widespread concerns regarding the stability of the financial sector.
Following the collapse of two major banks in the United States, investors have signaled widespread concerns regarding the stability of the financial sector.
Credit Suisse, the second-largest commercial lender in Switzerland, saw its stock recover by about 20% following its loan announcement.
Credit Suisse, the second-largest commercial lender in Switzerland, saw its stock recover by about 20% following its loan announcement.
The move reversed course on a steep decline in the wake of the collapses of Silicon Valley Bank and Signature Bank.
The move reversed course on a steep decline in the wake of the collapses of Silicon Valley Bank and Signature Bank.
NBC reports that a number of midsized and regional banks remain under pressure, including First Republic, PacWest and Western Alliance.
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Earlier this week, First Republic's stock was downgraded to junk status by two major credit rating agencies.
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Following the downgrade, stock in First Republic plunged 35%.
Meanwhile, stock in regional banks PacWest and Western Alliance was down 17% and 11%, respectively.
The banking instability has sent ripples through Wall Street, with the Dow Jones Industrial Average down nearly 200 points early on March 16.
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The banking instability has sent ripples through Wall Street, with the Dow Jones Industrial Average down nearly 200 points early on March 16.
