Credit Suisse is to boost its capital reserves to try to restore investor confidence.
It will issue convertible bonds, sell assets and cut more costs to raise the equivalent of 7.24 billion euros
The moves are in response to damaging criticism from the Swiss central bank.
Credit Suisse’s shares tumbled last month when the central bank called for urgent action to improve its capital this year.
“The measures we have announced today should eliminate any of the doubt raised by the Swiss National Bank report,” Credit Suisse Chief Executive Brady Dougan told a conference call.
The SNB welcomed the move. “In an environment that remains particularly challenging for the international banking system, these measures substantially increase the resilience of Credit Suisse Group,” the central bank said in a statement.
Get a different perspective
Every story can be told in many ways: see the perspectives from Euronews journalists in our other language teams.