If a week is a long time in politics then just a few hours – let alone days – can be an eternity in the world of finance. On Friday last week, Credit Suisse was having a relatively boring day despite having one of the roughest years in its 166-year-old history. Yet by Sunday night the Zurich-based bank was rumoured to be the next Lehman Brothers.

Here’s, more or less as far as we know, what happened. Credit Suisse has been having a tough time: its shares have tanked by 50% over the last year after a number of scandals including the collapse of supply chain finance group Greensill Capital and the family office of Archegos. These twin hits led to $10bn – some £8bn – of its clients’ assets being frozen and a $5.5bn trading loss.

While the rest of Wall Street has been posting profits, Credit Suisse has lost money for three straight quarters but the market has taken this on board. If you like, the bad news has already been discounted into the share price.