In this article Shares of Credit Suisse surged on Thursday, rebounding from a fresh all-time low after the beleaguered lender announced that it would tap central bank support to shore up its finances.
Switzerland's second-largest bank said it would borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank, providing a moment of relief for investors after the Zurich-headquartered firm led Europe's banking sector on a wild ride lower during the previous session.
The Swiss-listed stock price was trading around 21% higher at 11:35 a.m. London time (7:35 a.m. ET) — a massive swing from Wednesday's more than 30% tumble after its biggest backer said it wouldn't provide further assistance due to regulatory restrictions.
The abrupt loss of confidence in Credit Suisse, which came as fears about the health of the banking system spread from the U.S.Read more on cnbc.com