Credit Suisse is told to up its cushion
Jim Armitage is the City editor of The Independent and London Evening Standard group of newspapers. He has been a reporter and editor for more than 20 years and was recently shortlisted for the Press Gazette financial journalist of the year and The Society of Editors financial journalist of the year awards. He contributes news, investigative reports and comment to the Independent titles plus a daily column in the Evening Standard.
Friday 15 June 2012
The Swiss central bank has called on Credit Suisse to stage a "marked increase" its capital levels this year in preparation for the potential worsening of the eurozone crisis.
Shares in the banking giant, which employs thousands in London, fell 10 per cent on the news. The Swiss National Bank suggested suspended dividend payments or selling new shares to raise cash, as well as cutting back the amount of assets it has that need to be secured. The central bank also said that rival bank UBS should boosts its capital buffers by keeping a lid on its dividend payments.
Credit Suisse said it was among the "best capitalised and funded global banks" and exceeded current Swiss requirements.
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