I don’t think that’s fair. CS is a GSIB. We can wipe shareholders, but (unlike SVB) it’s a lot less clear what can be done with bond holders without threatening

I don’t think that’s fair. CS is a GSIB. We can wipe shareholders, but (unlike SVB) it’s a lot less clear what can be done with bond holders without threatening the stability of the global financial system. Probably the central bank will have to buy the bonds at a bargain and hold them to maturity.