The daily business briefing: March 16, 2023

Credit Suisse gets a lifeline from Switzerland's central bank, French workers continue pension-reform protests before key vote, and more

Credit Suisse logo.
(Image credit: Arnd Wiegmann/Getty Images)

1. Credit Suisse gets $53.7 billion lifeline from central bank

Credit Suisse shares soared early Thursday after it said it would get up to $53.7 billion from the Swiss National Bank to shore up its finances. On Wednesday, Swiss regulators and the country's central bank said they would throw Credit Suisse a lifeline after it disclosed problems with its financial reporting. It is the first time a major bank has received such support since the 2008 financial crisis. Shares in Credit Suisse, the country's second-biggest bank, had plunged after Ammar Al Khudairy, chair of the Saudi National Bank, said his institution, Credit Suisse's largest shareholder, could not invest any more in the company. The bank's struggles have stoked fears about the stability of the global banking system.

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