Credit Suisse Chairman worries about spread of Silicon Valley crisis worldwide

Axel P. Lehmann, Chairman of Credit Suisse Group, Switzerland

Axel P. Lehmann, Chairman of Credit Suisse Group, Switzerland, said there are worries that the Silicon Valley Bank collapse would spread worldwide.

He told the second edition of the Financial Sector Conference (FSC) today that the crisis gives warning signs for the coming years.

Last year witnessed significant increase in inflation rates, Lehmann said, adding that the interest-rate hikes reflect the extent of fragility.

He stressed that the crisis was due to the business model of certain sectors and lack of focus, noting that efforts should be intensified to avoid risks.