The Biden administration on Thursday called recent problems at Credit Suisse CSGN, +19.15% a “distinct issue,” and unrelated to “the current economic situation,” after two U.S. banks failed last weekend.
White House press secretary Karine Jean-Pierre told reporters that the administration is glad the Swiss central bank gave a reassurance in the form of a loan facility, and noted that the U.S. Treasury is in touch with its Swiss counterparts. As MarketWatch reported, Credit Suisse shares surged Thursday, rallying as the Swiss banking giant said it will tap its central bank for 50 billion francs and launching an offer to buy beaten-up debt.
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