Implementing its restructuring plan, Swiss bank Credit Suisse has faced serious financial woes this year. On top of that, it lost a whopping $88.3 billion in just three weeks when clients, feeling increasingly concerned for the safety of their assets, rushed to withdraw funds. Nevertheless, Credit Suisse has had its deal of luck lately.
The bank’s shares skyrocketed on prospects that Mohammed bin Salman, the Crown Prince of Saudi Arabia, might invest as much as $500 million in the firm’s new spin-off. This good news was enough to boost the giant’s share value. It does not matter to the market whether the Saudi Crown Prince puts in his own money or the country's investment funds. What matters to the market is the very fact of investing. Notably, Mohammed bin Salman is reportedly not the only one who is willing to invest in Credit Suisse. Atlas Merchant Capital, a US-based firm, is among potential investors as well.
The fact that Credit Suisse was in trouble became known in September. In early October, in a letter to employees, the bank’s CEO Ulrich Kerner said that Credit Suisse was facing a “critical moment” as it prepared for its latest overhaul.
