> Can someone with more knowledge of the situation provide one?

They lost money on Archegos and Greensill, had a run in November, have run through a bizarre set of CEOs (one had a PI follow a wealth manager who was suspected of defecting) and generally been the poster child of big bank mismanagement.

I think part of it is general laypeople (like myself) think Archegos and other failures we've heard about are in the past. I wonder if the reality is that Credit Suisse (or other banks) still hold onto whatever losses resulted from those failures and then try various things to shore up/mitigate those losses as a business should do. When they've exhausted those various methods and/or the value of other assets (securities, bonds, bundles of loans aka MBS, etc.) have gone down dramatically then their balance sheet is a mess. There could be a point of no-return somewhere along the line if they've been horribly mis-managed and taking on or permitting customers to take on too much risk. That point of no-return might mean contagion to other banks/financial firms.

they're also the poster child - over many decades - of letting fraudulent/organized crime money run through their systems, with the associated lack of controls and morals that comes along with that

Pecunia non olet

They're corrupt/mismanaged: https://www.reuters.com/business/uks-fca-puts-credit-suisse-...

I've been hearing for 9 years now that people think they're going under ...