The controversial rescue deal for troubled lender Credit Suisse and the continuing fallout from the collapse of Silicon Valley Bank indicates the world is sliding into a crisis “far worse” than the GFC, one analyst has argued. Following crunch talks aimed at stopping the stricken bank from triggering a widerContinue Reading
The $5 billion deal that will see Credit Suisse fall into the arms of arch rival UBS was a reaction to the ripples from the failure of two smaller banks in the US and jitters in the financial markets. But the seeds of the destruction of the 167-year-old Swiss institutionContinue Reading
Swiss bank UBS has agreed to take over its troubled rival Credit Suisse after doubling its offer to $US2 billion ($3 billion) amid crisis talks aimed at sparing the embattled bank — which was worth about 7.4 billion francs ($11.9 billion) on Friday — from a bloodbath when the marketsContinue Reading
A US bank that was teetering on the brink of collapse has been shored up after some of its rivals made deposits worth billions of dollars. In the past week, three American banks have collapsed – Silvergate Capital, Silicon Valley Bank (SVB) and Signature – sending the market into meltdownContinue Reading
Shares of embattled Credit Suisse skyrocketed on Thursday after announcing it would borrow up to $53.7 billion from the Swiss central bank, calming markets following the worst trading day in its history. Shares in Switzerland’s second biggest bank opened up 32.59 per cent to 2.22 Swiss francs a share, afterContinue Reading
Shares in major investment bank Credit Suisse plunged by 26 per cent last night as the financial institution teetered on the brink. Trading in Credit Suisse – the world’s seventh largest investment bank – was suspended several times as stock plummeted, sparking a worrying ripple effect that saw shares inContinue Reading