Credit Suisse chairman says Silicon Valley Bank crisis looks 'local and contained' - CNBC

The contagion effect from the recent collapse of Silicon Valley Bank is local and contained, Credit Suisse Chairman Axel Lehmann said Wednesday, who also declined to comment on whether his firm would need any sort of government assistance.

Concerns of contagion and increased regulation and just some general profit-taking caused European banks to post their worst day in more than a year on Monday.

It's a regulatory issue," Saudi National Bank Chairman Ammar Al Khudairy told Reuters Wednesday.

When asked by CNBC's Hadley Gamble at a panel session in Riyadh Wednesday if he would rule out some kind of government assistance in the future, Lehmann answered: "That's not the topic."

The Swiss lender on Tuesday revealed that it had identified "certain material weaknesses" in its internal control over financial reporting for the years 2021 and 2022.

The contagion effect from the recent collapse of Silicon Valley Bank is local and contained, said Credit Suisse Chairman Axel Lehmann.