Stress in the US banking system crossed the Atlantic this week, causing turmoil for a struggling Swiss bank Swiss credit.
The European lender has long been plagued with problems. But on Wednesday, the issues surrounding the bank exploded into the open. After a 24-hour whirlwind marked by a dramatic drop in the bank’s share price and financial contagion concerns,
Credit Suisse said it would borrow cash from the Swiss central bank to bolster its liquidity. On Saturday, the great rival of Credit Suisse, UBS Group HER, was in talks to take over all or part of the bank.
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