as stock markets across Asia fell on Thursday, but losses were largely pared as the trading day continued, with US stocks ticking up on Thursday morning.
Credit Suisse chairman Axel Lehmann defended the bank at a financial conference on Wednesday, saying “we already took the medicine” to reduce risks. The huge loan is intended to boost the bank’s liquidity and calm investors after the plunging share price dragged down other major lenders in Europe and the US., hitting a record low after the bank’s biggest shareholder – the Saudi National Bank – told reporters it would not provide a financial boost to the troubled Swiss lender.
It came after Credit Suisse’s delayed annual report flagged up “material weaknesses” in its financial reporting controls, in the latest blow for the once powerful bank. Credit Suisse stock dropped about 30 per cent, to about 1.6 Swiss francs , before clawing back to a 24 per cent loss at 1.7 Swiss francs at the close of trading on the SIX stock exchange. At its lowest, the price was down more than 85 per cent from February 2021.