Stress in the U.S. banking system has jumped across the Atlantic, sparking turmoil for embattled Swiss bank Credit Suisse.
The European lender has long been dogged by issues. But on Wednesday, problems surrounding the bank exploded into plain view. After a whirlwind 24 hours marked by a dramatic fall in the bank’s stock price and financial contagion concerns, Credit Suisse said it would borrow cash from the Swiss central bank to shore up its liquidity. On Sunday, UBS offered around $1 billion to buy Credit Suisse, according to people familiar with the matter.