The below-market sale of Credit Suisse has spooked investors but other markets have held up well and central banks are working to keep money flowing
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So farewell to Credit Suisse. Founded in 1856, the bank has been a pillar of the Swiss financial sector ever since. Although buffeted by the financial crisis of 2008, Credit Suisse did manage to weather that storm without a government bailout, unlike its rival-turned-rescuer UBS.
The Swiss government said it would provide more than $9 billion "in order to reduce any risks for UBS" and "potential losses arising from certain assets that UBS takes over as part of the transaction."
Shares in major investment bank Credit Suisse plunged by nearly 30 per cent overnight as the financial institution teeters on the brink.
“The FDIC covers 250K, but am I going to recover my whole 8 figures?”
Recent bank failures have paled in comparison to today’s closures.
The firm’s stock drops over 20% as fears of a banking crisis mount
US President Joe Biden on Monday reassured Americans that their banking system is safe in the wake of the sudden collapse of Silicon Valley Bank (SVB) and the federal takeover of a second bank.
People and businesses who have money deposited with failed US bank Sillicon Valley Bank (SVB) will be able to access all their cash from Monday, the US government has said.
Next steps could have ripple effects through the financial system
Bank, the 16th largest in U.S., failed after depositors hurried to withdraw money
Number is lower than January’s 504,000 jobs but comes as Fed signals aggressive interest rate hikes in bid to tame inflation
Disgraced FTX crypto mogul Sam Bankman-Fried’s ex-girlfriend Caroline Ellison was facing up to 110 years in prison before she started talking.
OPEC is an intergovernmental organization founded in 1960 in Baghdad, and their decision to cut oil production is seen as potentially upsetting the US mid-term elections
Move by alliance will boost sagging crude prices
Planned layoffs follow reinstatement of annual performance reviews and a slump in Wall Street deal making
Bed Bath & Beyond chief financial officer Gustavo Arnal and Gamestop Chairman Ryan Cohen were named in a class action lawsuit alleging a pump and dump scheme
Retail giant says it is gaining market share in some categories such as grocery, and its efforts to clear out excess inventory are continuing
Private-equity firm says Kewsong Lee will step down as CEO immediately and leave the firm at the end of this year