U.S. Treasury Says It’s Monitoring Credit Suisse Situation
The US Treasury Department is monitoring the Credit Suisse situation, a spokesperson said Wednesday.
(Bloomberg) -- The US Treasury Department is monitoring the Credit Suisse situation, a spokesperson said Wednesday, after the bank’s biggest shareholder ruled out boosting its stake and the stock fell the most on record.
The Treasury is in touch with its global counterparts, the spokesperson said.
For global investors still on edge after the rapid-fire collapse of three regional US banks, the growing crisis at Credit Suisse Group AG has added to concerns about financial stability.
The Zurich-based lender, which is in the middle of a complex three-year restructuring, has been struggling to contain deposit outflows. The cost of credit derivatives linked to Credit Suisse are blowing out to levels reminiscent of the financial panic of 2008.
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