Credit Suisse Offers $3 Billion Debt Buyback to Calm Nerves (1)

Credit Suisse Group AG offered to buy back up to $3 billion of its own debt, in a move aimed at calming investor jitters ahead of the unveiling of a crucial strategy revamp.

The announcement is a signal of confidence, in that the bank has enough liquidity to take advantage of the recent slump in debt markets and scoop up its own debt at a discount. Credit Suisse shares and bonds rose in Friday trading, while the cost of insuring against default fell.

The Zurich-based bank has suffered a tumultuous week as markets questioned its stability amid a broader sell-off. ...