Trouble is brewing in the European banking sector as one of the region’s leading financial institutions starts to show signs of weakness.
Credit Suisse is currently fighting for survival following months of rumors regarding its liquidity and capital position. According to reports over the weekend, a negative outcome for the Swiss banking giant could have similar repercussions to the Lehman Brothers fallout, which triggered the 2008 financial crisis.that bank executives have been attempting to reassure clients about its financial position.
Furthermore, Credit Suisse’s five-year credit default swaps jumped six basis points to close to 247 bps on Friday, this is their highest level in at least 10 years. A CDS is a financial agreement that the seller will compensate the buyer in the event of a debt default or other credit event.$2800 Billion: What Credit Suisse and Deutsche Bank control in AUM. 4.6x more.
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