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A slogan is written on the sidewalk in front of the global headquarters of Swiss bank Credit Suisse the day after its shares dropped approximately 30% on March 16, 2023 in Zurich, Switzerland. Arndt Wiegmann | Getty Images News | Getty Images The collapse of US-based Silicon Valley Bankthe biggest bank failure since the global … Read more
“What’s unclear for us is how much of these banking stresses are leading to a widespread credit crunch. And then that credit crunch, just as you said, would then slow down the economy,” Minneapolis Fed President Neel Kashkari said in an interview with CBS ‘ Face the Nation. John Lamparski | Getty Images Entertainment | … Read more
A Deutsche Bank AG branch in the financial district of Frankfurt, Germany, on Friday, May 6, 2022. Alex Kraus | Bloomberg | Getty Images This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they … Read more
Germany’s Chancellor Olaf Scholz said Deutsche Bank is profitable after shares dipped more than 10% during European trading. Ludovic Marin | Afp | Getty Images BRUSSELS — European leaders on Friday were keen to stress that the region’s banking sector was stable and sound following Deutsche Bank‘s sudden slide as markets opened for trade. German … Read more
Aerial view of shipping containers sitting stacked at Yangshan Deepwater Port, the world’s largest automated container terminal, on May 21, 2021 in Shanghai, China. Vcg | Visual China Group | Getty Images The recent turmoil surrounding the banking sector in the US and Europe has highlighted China as a “relative safe haven” this year, economists … Read more
US Treasury Secretary Janet Yellen testifies before a Senate Finance Committee hearing on Capitol Hill in Washington, March 16, 2023. Mary F. Calvert | Reuters WASHINGTON — Treasury Secretary Janet Yellen said Thursday that the federal emergency actions to back up Silicon Valley Bank and Signature Bank customers could be deployed again in the future … Read more
A man waves Sri Lanka’s national flag after climbing a tower near the presidential secretariat in Colombo on July 11, 2022, after it was overrun by anti-government protestors. (Photo by ARUN SANKAR/AFP via Getty Images) Arun Shankar | Afp | Getty Images The International Monetary Fund has finally approved a $3 billion bailout for Sri … Read more
The logos of Swiss banks Credit Suisse and UBS on March 16, 2023 in Zurich, Switzerland. Arndt Wiegmann | Getty Images News | Getty Images UBS Shares staged a remarkable rally Monday afternoon, reversing steep losses after the bank’s 3 billion Swiss franc ($3.2 billion) “emergency rescue” of embattled domestic rival Credit Suisse, Shares of … Read more
Axel Lehmann, chairman of Credit Suisse Group AG, left, and Colm Kelleher, chairman of UBS Group AG, during a news conference in Bern, Switzerland, on Sunday, March 19, 2023. Pascal Mora | Bloomberg | Getty Images In equal parts “shotgun wedding” and arranged marriage, UBS agreed to buy stricken domestic rival Credit Suisse for 3 … Read more
Jakub Porzycki | Nurphoto | Getty Images Regulators in Asia issued reassuring statements Monday that their banking systems remained robust and stable after Swiss banking giant UBS agreed to buy its rival Credit Suisse for $3.25 billion. Swiss regulators played a key role in orchestrating the forced takeover, to stem a larger banking crisis that … Read more
A Credit Suisse Group AG office building at night in Bern, Switzerland, on Wednesday, March 15, 2023. Stefan Wermuth | Bloomberg | Getty Images Credit Suisse shares fell 8% on Friday, after soaring over the previous session as the embattled lender said it would borrow up to 50 billion Swiss francs ($54 billion) from the … Read more
Christine Lagarde, president of the European Central Bank (ECB), pauses during a rates decision news conference in Frankfurt, Germany, on Thursday, March 16, 2022. Alex Kraus | Bloomberg | Getty Images The European Central Bank on Thursday announced a further rate hike of 50 basis points, signaling it is ready to supply liquidity to banks … Read more
Nikolas Kokovlis | Nurphoto | Getty Images Shares of Credit Suisse surged Thursday, rebounding from a fresh all-time low after the beleaguered lender announced it would tap central bank support to shore up its finances. Switzerland’s second-largest bank said it would borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank, … Read more