Credit Suisse CEO tells staff to focus on facts amid turmoil -memo

The bank on Thursday said it had reached an agreement with the Swiss National Bank to borrow as much 50 billion Swiss francs ($53.94 billion). Separately, its largest shareholder, Saudi National Bank , told CNBC that the market turmoil in its shares was "unwarranted".

Credit Suisse Group AG CEO Ulrich Koerner on Thursday told staff to focus on facts as he pledged to rapidly move forward with a plan to streamline operations. The bank would continue to focus on the transformation of Credit Suisse from a position of strength, citing an improved liquidity coverage ratio and recent capital raisings, Koerner said in a memo to staff.

Credit Suisse declined to comment. The bank on Thursday said it had reached an agreement with the Swiss National Bank to borrow as much 50 billion Swiss francs ($53.94 billion).

Separately, its largest shareholder, Saudi National Bank , told CNBC that the market turmoil in its shares was "unwarranted". ($1 = 0.9269 Swiss francs)