Credit Suisse insists it is taking "decisive action" after it announced it will borrow up to 50 billion Swiss francs (£44.5bn; $54bn) from Switzerland's central bank.
After a gruelling day in which its shares plummeted more than 30 per cent – sending shockwaves through the global banking system – Credit Suisse said it would lean on financial support from Zurich's regulators while also also making buyback offers on about 2.8 billion francs of debt.
"These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders," chief executive Ulrich Koerner said in the statement.
"My team and I are resolved to move forward rapidly to deliver a simpler and more focused bank built around client needs."
Read the latest updates below.
04:26 AM
Good morning
Credit Suisse announced overnight that it will take a loan worth up to £44.5 billion from Switzerland's central bank.
It comes amid growing fears of a global banking crisis spreading out from the collapse of Silicon Valley Bank last week.
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What happened overnight
Credit Suisse announced that it will borrow up to 50 billion Swiss francs (£44.5bn; $54bn) from Switzerland's central bank to reinforce the group after its shares plunged. In a statement, the troubled bank said it was also making buyback offers on about 2.8 billion francs of debt.
Asian markets dropped on Thursday, led again by banks, with contagion talk sweeping across trading floors owing to fears about European giant Credit Suisse.
Credit Suisse stock plunged as much as 30pc to a record low overnight. The Swiss franc suffered its biggest drop on the US dollar in seven years.
Already jittery investors have been in panic mode since the collapse of two regional US banks over the weekend sparked a sell-off across equities and ramped up concerns of a global recession.