The Swiss lender, investors saw, was not only much bigger than the regional US banks that had failed in the past few days, but it was also an important cog in global financial plumbing and deemed systemically important. They worried its problems could ripple through global markets in unexpected and devastating ways.
“The thing that’s keeping markets on their toes is we had SVB, then Signature Bank closing down; now it’s Credit Suisse,” said Robert Carnell, ING’s head of research for Asia Pacific. “What next?” Large corporate clients had calls and meetings with bankers to assess and understand the evolving situation with the bank and the sector in a so-called “welfare check,” the sources said.“People are nervous, but everyone is still doing their job,” said one source familiar with the matter.Not all clients said they were concerned. A corporate treasury executive at a major US firm with hedging business with Credit Suisse reported feeling comfortable with the bank despite what was going on.
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