Banking authorities in Switzerland pledged to provide CreditSuisse with financial support if necessary as doubts rose about its viability. The bank is considered a global systemically important firm with roughly $570 billion in assets at the end of 2022
The statement, put out by the Swiss Financial Market Supervisory Authority and the Swiss National Bank, came after the megabank hemorrhaged value, raising fears that the fallout from Silicon Valley Bank’s collapse is spreading through the global financial system.
Credit Suisse incurred massive losses after the chairman of the bank’s biggest shareholder announced it would not be increasing its stake.Credit Suisse is considered a global systemically important bank and reported roughly $570 billion in assets at the end of 2022, though it has seen outflows in recent days as the markets have doubted its strength.
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