One of Switzerland’s legendary and largest banks, Credit Suisse, is in big trouble.
The bank racked up billions of dollars in losses from the 2021 collapse of hedge fund Archegos and financial services firm Greensill, and in the last six months its stock dropped by 50%. Amid talk in the financial media about a new Lehman Brothers moment, the bank yesterday offered to buy back up over $3 billion of debt securities.
