The latest squall to hit the banking sectors in Europe could not have come at a worse time for Credit Suisse, Switzerland’s second largest wealth manager. Given developments over the past week, the bank may be on the verge of an existential crisis.

Beset by a string of compliance failings and scandals which have badly hit the confidence of both customers and shareholders, Credit Suisse has haemorrhaged deposits and client assets as well as recording losses during 2022 at n...