Credit Suisse said it was taking decisive action to pre-emptively strengthen its liquidity by intending to exercise its option to borrow from the Swiss National Bank.
Robert Armstrong and Ethan Wu This article is an on-site version of our Unhedged newsletter. Sign up here to get the newsletter sent straight to your inbox every weekday. Good morning. On Tuesday, we asked if another bank would fall. We were thinking about America, not Europe. Yet it is Credit Suisse that is teetering. In the early hours of Thursday morning in Switzerland, the bank said it would “pre-emptively” take up to SFr50bn ($54bn) from the Swiss central bank’s just-announced...