Credit Suisse fights for survival as default swaps hit highest level in 10 years

Mon, 2022-10-03 10:51

RIYADH: Switzerland-based global investment bank and financial services firm Credit Suisse is fighting for its survival after the credit default swaps jumped 6 basis points to close to 247 basis points on Friday, the highest level in at least 10 years. 

According to a Financial Times report, Credit Suisse executives spent the weekend reassuring large clients, counterparties and investors and have requested less than 100 days to deliver a new turnaround strategy. 

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