Crisis in the making: Credit Suisse on the verge of Collapse
Key background: Credit Suisse is the 45th-largest bank in the world, second-largest Swiss-based bank and 17th-largest in Europe, according to S&P Global Market Intelligence. The bank installed Körner as its top executive in July after the bank missed on earnings, and Credit Suisse has been marred in recent by billions of dollars in losses from financial penalties and the collapse of asset manager Archegos and financial services firm Greensill. Credit Suisse has $100 billion available to cover any losses, according to talking points sent to executives viewed by the New York Times , and the memo said, “Speculating that we have a liquidity issue simply would be completely false.” Since its foundation in 1856, Credit Suisse has played a central role in the history and development of Switzerland. It was set up by Swiss politician and businessmen Alfred Escher to finance the country's railways and support industrialization. ...