Credit Suisse Promises Overhaul in Wake of Rout as Regulators Offer Lifeline

Credit Suisse Group AG said it would borrow up to 50 billion Swiss francs, equivalent to $53.7 billion, from the Swiss central bank to shore up its liquidity, capping a day in which fears about the health of global banks leapfrogged to Europe from North America and the giant lender’s shares dropped as much as 24%.

The bank also said it would repurchase $3 billion worth of senior debt whose value has plunged along with the perceived health of banks on both sides of the Atlantic. The Zurich firm stressed in a press release issued in the evening in New York that it was intent on simplifying its structure and better serving customers.