Credit Suisse explodes into full-blown crisis as stocks, bonds crater

The long-brewing troubles at Credit Suisse Group AG exploded into a full-blown crisis Wednesday as its stock and bonds cratered and some of the world’s biggest banks raced to shield their finances from the potential fallout.
 

The stock fell as much as 31%, hitting record lows, and prices on its benchmark bonds sank to levels that indicate the Swiss lender is in deep financial stress — something rarely, if ever seen at a major global bank since the throes of the 2008 crisis. Meanwhile, banks that trade with Credit Suisse snapped up contracts, known as credit-default swaps, that will compensate