Credit Suisse in drive to boost capital base
Thursday 19 July 2012
Credit Suisse, the Swiss bank which is a major employer in the City of London, has unveiled measures to boost its capital base as it battles to restore investor confidence following damaging criticism from Switzerland's central bank.
It is to issue convertible bonds, sell assets and cut more costs, and said that immediate steps would add Sfr8.7bn (£5.7bn) to its capital.
The bank's chief executive, Brady Dougan, said: "The measures should eliminate any of the doubt raised by the Swiss National Bank report."
Mr Dougan has been credited for steering the bank through the financial crisis without the need for a bailout
However, he came under heavy fire after the shares fell last month when the Swiss National Bank called for urgent action to improve its capital this year, and credit ratings agency Moody's downgraded its long-term debt.
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