Near ‘cliff’s edge,’ Credit Suisse not seen as systemic risk

By JAMEY KEATEN and PAUL WISEMAN
Associated Press

GENEVA (AP) — Longtime troubles at Credit Suisse have come to a head this week with a record stock plunge that spread fears of a banking crisis jumping from the U.S. to Europe. But the problems have been building for years at Switzerland’s second-largest bank, ranging from bad bets on hedge funds to a spying scandal involving rival bank UBS. Experts say the upheaval is largely a byproduct of Credit Suisse’s troubles in recent years — making it look relatively vulnerable — and investor worries about the health of Western banks in general following the collapse of Silicon Valley Bank in the United States.