In principle, if Credit Suisse went bankrupt, the impact on the global economy would be much greater than that of the US regional banks that were in the spotlight last week. Credit Suisse has a much larger balance sheet than Silicon Valley Bank (CHF 530 billion as of the end of 2022), and Credit Suisse is much more closely connected to global companies, has multiple subsidiaries outside Switzerland (including in the US), and is a major US broker.
Credit Suisse's problem is not just a Swiss problem, it is a global problem.
If Credit Suisse fails, the fallout will depend largely on whether its resolution is orderly. As one of the global systemically important banks (G-SIBs), it should be prepared for a bankruptcy resolution, but these have not been tested since they were introduced during the global financial crisis.
It now depends on whether the authorities can take decisive action and protect priority debtors so that the problem can be resolved quickly without triggering a major financial contagion crisis.
