Srinagar, March 16 -- London, March 16 () Troubled banking giant Credit Suisse says it will borrow up to $54 billion from the Swiss central bank to shore up its finances.

The lender said it was taking decisive action to strengthen its liquidity as it looked to become a simpler bank, the BBC reported.

Shares in Credit Suisse fell 24 per cent on Wednesday after it said it had found "weakness" in its financial reporting.

This prompted a general sell off on European markets, and fears of a wider financial crisis.

Credit Suisse said its borrowing measures demonstrated "decisive action to strengthen (the bank)".

"My team and I are resolved to move forward rapidly to deliver a simpler and more focused bank built around client needs," Credit...