Yesterday, the Swiss National Bank got involved in the situation. Credit Suisse announced its intention to apply for the SNB Covered Loan Facility , as well Country Email List as a short-term liquidity facility that would reach a total of approximately 50 billion Swiss francs. This additional liquidity injection would be intended to support Credit Suisse's core businesses and clients. After the announcement, the shares rose positions and, yesterday, the shares rose 19.15% to 2.02 Swiss francs. A path marked by setbacks The Swiss bank has been involved in several scandals in recent years. Some of the most notable are the following due to poor management: Spying scandal : In 2019, Credit Suisse was found to have hired private detectives to spy on a company executive who had been hired by its competitor, UBS. The bank fired two senior executives and apologized for their behavior. Archegos Fraud : In March 2021, Credit Suisse suffered multibillion-dollar losses due to its exposure to the Archegos Capital Management investment fund.
The bank was unable to quickly sell Archegos shares when its value began to fall, resulting in losses of more than $4.7 billion. Greensill scandal : In April 2021, Credit Suisse suspended investment funds that had invested in loans from the financial company Greensill Capital, which later declared bankruptcy. The funds were valued at $10 billion and many investors suffered significant losses. Money laundering : In September 2021, the bank admitted failing to comply with money laundering regulations in relation to its securities brokerage services and changed its management leadership. As a result, Credit Suisse has faced multiple scandals in recent years that have affected its reputation and resulted in significant losses for its clients and investors that have undermined the bank's confidence .