Credit Suisse on Thursday announced it will borrow $54 billion from Switzerland’s central bank after the company’s shares plunged, sparking fears of a new global banking crisis. Credit Suisse’s shares rocketed by a record 40 percent after unveiling the agreement the day after its stock price hit an all-time low Wednesday in the wake of its major shareholder, Saudi National Bank, saying it would not pump any more investment into Credit Suisse. In a statement Thursday, Credit Suisse said it had decided “to pre-emptively strengthen its liquidity” by borrowing from the Swiss central bank. Confidence in the global banking system has waned in recent days following the spectacular collapse of Silicon Valley Bank and Signature Bank last week.
