Shares of Credit Suisse crashed more than 20 per cent on Wednesday after its biggest backer appeared to rule out providing any more funding for the embattled Swiss lender. 9News
In October, the lender embarked on a "radical" restructuring plan that entails cutting 9000 full-time jobs, spinning off its investment bank and focusing on wealth management.The Saudi National Bank committed $US1.5 billion of the $US4 billion in new capital Credit Suisse raised to fund its overhaul.
"We are happy with the plan, the transformation plan that they have put forward. It is a very strong bank," Al Khudairy said in the interview with Reuters. Customers withdrew billions from Credit Suisse last year, contributing to the bank's biggest annual loss since the global financial crisis in 2008. And the blows keep coming for Switzerland's second biggest bank.
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