The size of the century-old Credit Suisse “black hole” is still a mystery

【Legit News 247News】Credit Suisse has a history of 167 years. Like Switzerland, a neutral country, it is known for managing assets on behalf of clients. Credit Suisse’s strength is also its weakness. Over the decades, Credit Suisse has been exposed for its ties to notorious dictators and sanctioned countries. Even so, this international financial giant, which was classified as “too big to fail” after the financial tsunami, has been able to save the day. Until 2021, when the lender Greensill Capital collapsed and the American hedge fund Archegos “exploded its positions of the century” at the same time, Credit Suisse lost a total of more than 10 billion US dollars, and its financial situation began to attract attention. Until the fourth quarter of last year, Credit Suisse continued to experience outflows of client funds. The release of last year’s annual report was delayed earlier. Last week, PricewaterhouseCoopers issued a “negative opinion”. The Saudi National Bank, which rescued Credit Suisse earlier, said ” “Locking the hose” became the last straw that broke the camel’s back, triggering the Swiss government to borrow money to save the country. The market is worried whether this century-old store will become the next “Lehman incident”?

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