Stress in the U.S. banking system jumped across the Atlantic this week, sparking turmoil for embattled Swiss bank Credit Suisse.
The European lender has long been dogged by issues. But on Wednesday, problems surrounding the bank exploded into plain view. After a whirlwind 24 hours marked by a dramatic fall in the bank’s stock price and financial contagion concerns,
Credit Suisse said it would borrow cash from the Swiss central bank to shore up its liquidity. On Saturday, Credit Suisse’s larger rival, UBS Group AG, was in talks to take over all or part of the bank.