Shuli Ren, Columnist

Credit Suisse and the Crazy, Rich, Anxious Asians

The Swiss lender needs to come up with a strategy or risk hemorrhaging more money from a key group of clients.

March 16, 2023 at 6:28 AM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

Keeping wealthy Asians happy.
Photographer: Wei Leng Tay/Bloomberg

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It seems like whenever there is a bit of jitter in the global banking world, Credit Suisse Group AG gets a beating. It needs to pre-emptively improve the public narrative before the crazy, rich, and anxious Asians pull all their money out of the Swiss bank.

After a record slump in its share price and a spike in its credit default swaps, Credit Suisse is trying to restore confidence Thursday. It said it would borrow up to $54 billion from the Swiss National Bank, which had offered to provide a liquidity backstop if needed. The lender also said it would repurchase senior debt securities for up to about 3 billion francs ($3.2 billion).