SVB's collapse has fueled worries that other banks are carrying heavy losses on their bond portfolios, as rates have jumped in both the US and Europe.
Investors may also be bracing for further bank runs that could topple lenders, especially as a one-two punch of historic inflation and soaring rates squeezes consumers and businesses, and companies brace for a potential global recession.There appears to be growing concern that Credit Suisse might default on its debts, based on the soaring cost of insuring the bank's bonds.
There's no clear reason to believe Credit Suisse is at risk of failure. But its checkered past, plunging stock, soaring CDS prices, the recent string of bank failures, and previous cases of lenders collapsing with massive repercussions, appear to be worrying some investors greatly.Here's a quick summary of the controversies that have plagued Credit Suisse in recent years:private detectives to spy on former executives, leading to the departure of its CEO in February 2020.
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