Stress within the U.S. banking system jumped throughout the Atlantic this week, sparking turmoil for embattled Swiss financial institution Credit score Suisse.
The European lender has lengthy been dogged by points. However on Wednesday, issues surrounding the financial institution exploded into plain view. After a whirlwind 24 hours marked by a dramatic fall within the financial institution’s inventory worth and monetary contagion issues,
Credit score Suisse stated it will borrow money from the Swiss central financial institution to shore up its liquidity. On Sunday, UBS supplied round $1 billion to purchase Credit score Suisse, based on individuals conversant in the matter.