Credit Suisse’s woes deepened on Thursday, with the cost to insure the bank’s debt against default rising as its bonds fell deeper into distress. Bloomberg’s Oliver Crook reports from Zurich.
Switzerland’s role as banker to the world’s rich was built on a reputation for institutional discretion and dull reliability. That only makes the scandals, public legal battles and mounting losses at Credit Suisse Group AG more striking and hard to comprehend.
By mid-March, unease about the bank’s problems had turned into full-blown panic, its shares slumped and management was forced to call for help from the country’s central bank.
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