Let Credit Suisse collapse, says disillusioned Zurich resident

Record ID: 1715999

  • Title: Let Credit Suisse collapse, says disillusioned Zurich resident
  • Date: 17th March 2023
  • Summary: ZURICH, SWITZERLAND (MARCH 17, 2023) (REUTERS) VARIOUS EXTERIORS OF CREDIT SUISSE HEADQUARTERS IN CENTRAL PARADEPLATZ SQUARE CREDIT SUISSE ATMs ADVERTISING ON PASSING STREETCAR READING IN GERMAN “100% RELAXATION” BEFORE THE CREDIT SUISSE LOGO APPEARS ON TOP OF THE BUILDING VARIOUS CREDIT SUISSE EXTERIORS UBS LOGO VARIOUS EXTERIORS OF UBS (UNION BANK OF SWITZERLAND) HEA
  • Embargoed: 31st March 2023 09:24
  • Keywords: Credit Suisse Zurich cash collapse crash money mood rescue street scenes
  • Location: ZURICH, SWITZERLAND
  • City: ZURICH, SWITZERLAND
  • Country: Switzerland
  • Topics: Company News Markets,Europe,Economic Events
  • Reuters ID: LVA001813017032023RP1
  • Aspect Ratio: 16:9
  • Story Text: Credit Suisse (CS) and news of the 50 billion Swiss francs emergency liquidity from the Swiss National Bank dominated Switzerland’s financial capital on Friday (March 17) where one disillusioned commuter said “let Credit Suisse collapse.”
    Passer-by Thomas Tott expressed discontent as local newspapers asked “how safe is my money at CS?”
    “I am not happy that tax money is being used and there is no way to tell whether things will turn out as well as in 2008 when 35 billion were thrown at UBS,” said Tott, adding “that money came back but in this case, the situation is different.”
    Another passer-by, who refused to give his name, said “after all the management mistakes and the huge bonuses, let them collapse. It’s over. It’s simply no longer realistic what they paid the management and the supervisory board. I’d let them collapse.”
    Credit Suisse sees its access to 50 billion Swiss francs ($53.98 billion) of central bank funding as "precautionary liquidity" to allow the embattled lender to continue its revamp, the head of its Swiss business said.
    Following a crisis of confidence that wiped 25% off the value of Credit Suisse shares on Wednesday, the bank sought an emergency liquidity line from the Swiss National Bank in the first such move for a global lender since the financial crisis of 2008.
    (Production: Ayhan Uyanik, Louisa Off, Michele Sani)
  • Copyright Holder: REUTERS
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