Credit Suisse Stock Bounces With $54m Lifeline From Swiss National Bank

Credit Suisse Stock Bounces With $54m Lifeline From Swiss National Bank

(Photo by Harold Cunningham/Getty Images) The banking whirlwind hasn't stopped for days, with Credit Suisse stock dropping 24. 24% on Wednesday after their biggest shareholder, the Saudi National Bank, announced that they wouldn't be providing any additional cash. Saudi National Bank Chairman Ammar Al Khudairy stated that this was due to the fact that a greater than 10% holding of the company would trigger complications from a regulatory standpoint, but the timing couldn't have been worse. Just 48 hours earlier, the banking system narrowly avoided a major systemic risk, as the US federal regulators stepped in to provide protection to depositors at the failed Silicon Valley Bank and Signature Bank. After the global markets breathed a collective sigh of relief on Tuesday, fears were stoked again when this news looked to have the potential to topple Credit Suisse, one of the 50 biggest banks in the world. Concerns were rising that this could kick off the banking crisis that had been narrowly averted on Monday, until the Swiss National Bank stepped in with a loan of $54 billion. As a result, Credit Suisse stock soared on Thursday and was up almost 12% in early morning trade. It seems like there's