Credit Suisse, the 167-year-old bank and the second-largest lender in Switzerland, is in deep trouble. Its struggles set off anxiety in Europe and across global markets, and what happens at Credit Suisse could impact the broader financial system.
The bank said it would borrow up to 50 billion Swiss francs from the Swiss National Bank, taking advantage of a lifeline late Wednesday after its stock crashed as much as 30%. It also said it would buy back some of its own debt. Its struggles set off anxiety in Europe and across global markets, and what happens at Credit Suisse could impact the broader financial system. Why does Credit Suisse matter? Credit Suisse is one of the biggest financial institutions in the world.
And over the past decade, the Swiss bank has been hit with fines and penalties related to tax evasion, misplaced bets and other issues. In 2014, Credit Suisse pleaded guilty to federal charges that it illegally allowed some U.S. clients to evade their taxes. The bank paid a total of $2.6 billion to the federal government and New York financial regulators as part of the settlement. The bank’s reputation was damaged by an accounting scandal at Luckin Coffee.
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