Switzerland-A spate of banking crises around the globe is of more than just passing interest to big U.S. banks.

Many U.S. banking companies, for example, are actively stepping up underwriting bonds and lending to banks and corporations in emerging markets. They assume that risks in these markets are decreasing. But with banking crises on the increase worldwide, a growing number of U.S. bankers and analysts question whether pricing on the loans they make and bonds they underwrite adequately reflects the risks being taking on.

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