Credit Suisse is to borrow up to $54 billion from the Swiss central bank to bolster liquidity and reassure investors after its shares slumped on fears of contagion from a banking crisis in the United States.
Credit Suisse led a selloff in bank shares in Europe after its largest investor Saudi National Bank'MATERIAL WEAKNESSES'Auditor PricewaterhouseCoopers included in the report an "adverse opinion" on the effectiveness of the bank's internal controls over its reporting but its statements "present fairly, in all material respects" the financial position of the bank in 2020 through 2022.
Lescaudron was convicted by a Swiss court in 2018 of having forged the signatures of former clients, including Ivanishvili, over an eight-year period.'SUISSE SECRETS' The abrupt move came less than a year after Horta-Osorio was brought in to clean up the bank's corporate culture marred by its involvement with collapsed investment firm Archegos and insolvent supply-chain finance firm Greensill Capital.Credit Suisse lost $5.5 billion when U.S. family office Archegos Capital Management defaulted in March 2021.
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