What happened with Credit Suisse, is it connected to Silicon Valley Bank, and what does it mean for Australia?

Credit Suisse is the latest foreign bank to experience a crisis, but how is it affecting Australia?  (AP Photo: Keystone/Walter Bieri)

After a string of scandals and major investors withdrawing their finances, global investment bank Credit Suisse is in turmoil.

After the collapse of Silicon Valley Bank and Signature Bank in the United States last week, fears are spreading over the stability of the global banking sector, and both investors and markets are on edge.